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Irish jobs market 'stable' despite tech layoffs

Written by Robert McHugh, on 24th Apr 2023. Edited on 25th Apr 2023 Posted in General

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The movement in professional job vacancies in Ireland in the first quarter of 2023 was relatively flat compared to the previous quarter, with a slight increase of 0.86%.

However, the number of jobs on offer has almost doubled since December 2022, recovering from the cyclical decrease that the market experiences at the end of every year.

This is according to the latest Morgan McKinley Employment Monitor which shows that compared to the same quarter in the previous year, there has been no significant change, with the number of professional jobs coming to market decreasing only marginally by 0.15%.

Highest Monthly Level

The monitor also recorded an overall increase of 13% in the number of professionals actively seeking new job opportunities between the fourth quarter of 2022 and the first quarter of 2023.

There are 38% more professionals actively seeking new opportunities than there was a year previously in the first quarter of 2022.

The number of professional job seekers has reached the highest monthly level over the last 18 months in March 2023 representing a 16% sequential increase from February 2023, and a 40% increase from the same month of the prior year (March 2022).

Salaries remain stable

Salaries have remained stable from the previous quarter. They remain competitive, although employers are less flexible than before to go above the market rate. 

Morgan McKinley claims employers are now putting more of a focus on retaining good talent, rather than attracting new candidates.

'Relatively Stable'

"The Irish job market has remained resilient despite recent layoffs in the technology sector," says Trayc Keevans, Global FDI Director, Morgan McKinley Ireland.

"Although the number of professional job vacancies has remained relatively stable, we have seen an increase in demand for certain skills, particularly in engineering, life sciences and construction sectors. The number of professionals actively seeking new job opportunities has increased significantly."

Source: www.businessworld.ie

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