Seasonal Factors cause Sharp Drop in Professional Job Opportunities

The Morgan McKinley Employment Monitor registered a 14.8% reduction in the number of new professional job opportunities in Q3 compared to the previous quarter and an 11% reduction compared to this time a year ago.

There was an increase of 15.5% in the number of professionals seeking new roles in Q3 compared to the previous quarter.

The monitor also recorded an increase of 13.5% in the number of professionals actively seeking new job opportunities compared to the same period a year ago.

Tracy Keevans, Global FDI Director, Morgan McKinley Ireland, said:

“This snapshot indicates a levelling off of hiring intensity that we saw in previous quarters. The summer period can bring a slowdown in activity with fewer opportunities available, so what we’re seeing in Q3 is the usual seasonal factors at play causing a lull in the marketplace.

“There was a slight reduction in the number of job announcements over the summer break, but this was offset by news of significant investments including relocations to larger office spaces and second site expansions by the multinational sector. This was seen across a mix of industry sectors including cybersecurity, cloud services, engineering, eCommerce, fintech, financial services, manufacturing and healthcare.

“One of the prevailing trends sees employers continuing to struggle with niche skills shortages and difficulties recruiting staff in a number of industries. Given that digital transformation is now an integral part of today’s evolving workplace, the competition for talent with specific IT skills is particularly fierce. The IT market remains buoyant and shows no sign of slowing down with a massive demand over the last quarter for Cloud Architects, .Net Developers, QA Developers and IT Project Managers.

“There is also an overall shortage of tax professionals where tax managers with international tax experience are in high demand reflecting increasing complexity in the field of international tax. We’re also seeing strong demand for financial and data analysts.

“It is also not unusual over the summer period to see more job seekers coming to market. This time affords potential applicants the opportunity to look around and see what vacancies are available. The lead time for senior-level positions can be up to six months, when you factor in interview timelines and notice periods, so the summer holiday period is the ideal time to start that process. Incoming talent from overseas is also adding to the available skills pool and there has been a marked increase in the number of employment permits issued which is a welcome development.

“As the unemployment rate hovers at the lowest levels of recent decades, hiring managers have been feeling the pinch, especially in sectors that are already relatively competitive. Organisations are taking a number of different approaches to counter this situation and retain talent. As a consequence, in-house learning and development departments have grown with the remit to develop and position transferrable skills within their organisations to address the imbalance of those who are academically qualified with those qualified to perform relevant roles within their organisations.

“We have seen an increase in hiring temporary and contract staff to address immediate skills shortages, followed by a sharp focus on retention strategies including flexible work arrangements, the implementation of family-friendly policies, important diversity and inclusion strategies and the welcome addition of new wellness programmes. Employers now need to develop strategies that make sure they stand out with a distinct offering that appeals specifically to their targeted employment audience.”