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Millennial effect shows 4% more professionals seeking job opportunities

High demand among employers for native German speakers and growth in demand for cyber security specialists

The number of professional job vacancies in February 2017 decreased 13% nationally compared to the previous month according to the February 2017 Morgan McKinley Ireland Employment Monitor. There was a 4% month on month increase in the number of professionals active in the job market.

Morgan McKinley Ireland, Director of Inward Investment, Trayc Keevans commented:
“Our monitor shows an increase in the percentage of job seekers on the market this month which could be a result of the ‘millennial effect’, with many younger professionals eager to explore new opportunities as they look to develop their skills beyond their current position outside their current organisation.

We continue to monitor professionals returning from overseas as the improving job market attracts people back from the US, Canada and Australia. Given the experience and expertise many of these young professionals have gained, all initiatives and programs supporting the returning diaspora are welcomed.

Due to the high demand for native German, Dutch and Nordic language skills required by many employers, more businesses are focused on implementing retention strategies which include monetary and developmental reward and recognition programmes.

We believe the outcome of Brexit for the multilingual sector will be positive specifically in the German and Dutch markets. An easing of this shortage would also likely encourage further FDI into Ireland which would put a corresponding demand on the language skills required.

In the larger urban locations in Ireland, there is a continuing trend where existing companies are expanding beyond their original location to build out capacity and more businesses are availing of the growing number of co-working spaces that are available around Ireland.

Highlights

Jobs
• Morgan McKinley Ireland Employment Monitor recorded a 13% decrease in professional job vacancies in February when compared to January 2017.

• Availability of professional jobs fell nationally by 12% in February 2017 compared to the same month last year.

• The monitor recorded a 4% month-on-month increase in the number of professionals active in the job market between February and January 2017 and a 12% increase since the same period last year.

Language Skills
• There is a high demand for native German speakers followed by Dutch and Nordic languages currently in the Irish market. With multiple employers expanding markets in these areas, native speakers have significant opportunities in customer service, inside sales and tech support. However there is a good population of native Spanish, Italian, Portuguese, Russian, and Polish & French speaking professionals available.

IT
• In IT, there has been month on month growth in demand for SAP and Oracle professionals, reflecting growth among companies investing in bigger capability ERP systems to facilitate ongoing mergers and acquisitions on a single platform.

• With many businesses moving to digitalise their operations the biggest growth area in ICT is global cyber security, as organisations look to ensure that business and customer data is securely stored, processed and protected.
HR
• Among HR professionals there is a heightened requirement for Total Reward specialists. International experience and a strategic understanding of compliance as well as expertise in delivering initiatives and programmes for attracting and retaining employees is becoming more prevalent as the skills shortage continues.

Finance
• The professional services space is continuing to grow regionally. Many of the top ten firms are further expanding their presence outside of the capital which is having a knock on effect in demand for talent among newly qualified Accountants across Audit, Tax, Corporate Finance and Consulting. This is opening up opportunities for professionals looking to relocate across Ireland.

• At this time of year a continuing surge in Chartered Accountants looking to move away from practice to one in industry is more evident. It is also more common for newly qualified professionals to consider a career or travel gap at this time so graduate programs and career guidance facilities are in high demand.

• In Banking, there is an increase in demand for Financial Planning, Pension, Mortgages and Compliance roles.