The housing and cost-of-living crises are having a major impact on hiring, with Dublin based companies particularly struggling to find talent due to limited accommodation. This is according to the latest Morgan McKinley Quarterly Employment Monitor which registered an overall 6.9% increase in the number of new professional job opportunities in the third quarter 2022 compared sequentially to the second quarter across all professional sectors.

However, the monitor also recorded a decrease of -3.3% in the number of professionals actively seeking new job opportunities compared to the previous quarter. The monitor measures the pulse of the Irish professional jobs market by tracking the number of new job vacancies and new candidates in the Republic of Ireland each quarter. In order to reflect the changing dynamics of the current employment market, Morgan McKinley are including both permanent and contract jobs in the employment monitor.
 
The data shows that housing and cost-of-living crises are having a major impact on hiring, with Dublin based companies particularly struggling to find talent due to limited accommodation. The market remains candidate driven as salaries continue to be under pressure across most sectors, pushed by inflation, skills shortages, and with candidates having multiple options to choose from. Flexible working remains a priority, with most candidates preferring a hybrid working model. Companies with fully onsite working models face deep challenges in staffing.

While the job market in accounting slowed down slightly, Morgan McKinley say candidate demand continues to outweigh candidate availability in many cases. This shortage is particularly present among newly qualified candidates as many young people emigrate to Australia, the UK, and Canada directly after gaining their qualification.

There is an anticipated increase in emigration expected in January 2023 after qualifications are completed. Morgan McKinley say the younger, newly qualified candidates present in Ireland frequently seek higher salaries, jobs with fewer demands, and remote work. Across age groups, it is typical for candidates to have 3-4 offers on the table while in the hiring process.
 
Commenting on the data, Global FDI Director at Morgan McKinley Ireland, Trayc Keevans said, "Employment permits are being processed at almost double the rate of last year due to a tripling of government staff to reduce the processing times to the current run rate of 2-3 weeks. There is evidence that the largest proportion of these employment permits are going to professionals already in Ireland as companies are more confident that acquiring accommodation won’t be a barrier to their taking up the position."

She added, "In addition, local relocations from the regions to Dublin and from Dublin to regional cities have been proving difficult. Employers are becoming more hesitant to offer a position to someone situated outside of their core location where they have an on-site or a hybrid working model in place."

Source: www.businessworld.ie