2014 Sees Greatest Increase in Year on Year Job Creation Since 2008

2014 witnessed the most significant increase in year on year job creation since 2008 according to the December 2014 Morgan McKinley Ireland Employment Monitor. The Monitor recorded a 49% increase in professional job vacancies in December 2014 compared to the same month in 2013.

2014 Insights Overall

• There was a 49% increase in the number of professional jobs available in December 2014 over December 2013.
• Overall 2014 witnessed the most significant increase in year on year job creation since 2008.
• Life sciences and pharma were particularly dynamic sectors in 2014. Graduates in these areas were in high demand.
• The SME sector actively recruited across the year, in stark contrast to 2013 and was competing with multinationals for talent.
• Overall there was an uplift in 2014 in the number of people returning to Ireland for work, primarily due to family considerations. Many returning professionals were willing to take a reduced remuneration package (relative to the market they were leaving) to facilitate their return.
• Anticipate a more competitive candidate led jobs market for those with specialist skills in 2015.

December Highlights Overall

• There was a 12% decrease in the number of professional jobs available in December 2014 compared to November 2014.
• A 20% decrease in professionals seeking employment was also recorded.
• Due to seasonal factors, December is typically a quieter month for job activity and candidate availability.
• Market indications are that employers are more likely to be in a position to pay year-end bonuses, (often paid out in January or early Quarter1), contributing to the fall in professionals actively seeking new positions. Job seekers equally are less active and more risk averse during the holiday season.
• Continued demand across sectors in December for candidates with multilingual skills

Morgan McKinley Ireland Chief Operations Officer, Karen O’Flaherty, commented: “The December edition of the Morgan McKinley Employment Monitor confirms that job creation for professionals has continued to grow steeply in 2014. Life sciences and pharma were particularly dynamic sectors, with students and recently qualified graduates in high demand. This was underlined by the significant investment in this area announced last week by Enterprise Ireland and its partners, indicating the potential that this sector holds for the economy. We predict it will be a candidate led market for professionals in these areas in 2015.”

“The financial services sector also performed well across the year with a steady flow of professionals required across all areas as confidence returned and hiring post restructuring commenced. There was also an increase in more specialist roles in this area, particularly in banking and financial services and aviation leasing.”

“SMEs were more active in 2014 and are now competing with multinationals for similar talent. We forecast that this will continue into 2015. It was also evident that employers who had hired contractors in 2014 are more likely to offer permanent roles in 2015 in order to secure talent. This is a strong indicator of business confidence returning to the market.”

“More professionals returned from overseas in 2014 as the positive Irish economic story grew internationally. The majority of those returning were doing so for family considerations and in some cases were willing to take a reduced remuneration package to achieve this.”

“There was a strong demand in 2014 for candidates with multilingual skills, in particular Nordic, German, Dutch, Russian, Arabic and Hebrew. This reflects the growing presence of EMEA organisations whose HQ are based here.”

You can read more about the findings of the report here.