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Caution creeps into jobs market

Oct 17, 2018
There was a reduction of 2.15% in the number of new professional job opportunities available in September compared to the previous month, according to the latest Morgan McKinley Employment Monitor. Overall, the availability of professional jobs increased by 11.6% in September 2018 compared to the same month a year ago.

There was also an increase of 16.7% in the number of professionals seeking new roles in September compared to the previous month. September was the third consecutive month of robust job search activity among professionals. However, the monitor recorded a decrease of close to 3.9% in the number of professionals actively seeking new job opportunities in September 2018 compared to September 2017, reflecting current economic conditions and near full employment.

Trayc Keevans, Global DFI Director at Morgan McKinley Ireland, said: "Hiring activity in September was characterised by a degree of caution. This is the second month in a row that we have seen a decline in the number of new roles coming to the market. It is too early to tell, but it would indicate a certain level of caution creeping into the marketplace. There were more professionals seeking roles this month than previous, including retuning Irish talent, but a slower decision-making process around hiring activity has impacted pace. With Brexit on the horizon and the as yet unknown implications, we anticipated that the ensuing complexities and uncertainty would impact company forecasting and resource planning activity in the short- to medium-term and we believe this has been in evidence this month.

"However, a significant number of positive job announcements in September indicate the underlying health of the professional jobs market particularly within growth areas which include financial services, technology, pharma and life sciences, artificial intelligence and machine learning. In the area of accountancy and finance, demand has remained consistent and widespread across a variety of industry sectors. Positions have been generated as a result of business expansion, new business development, capital investment and business process improvement projects. Industry sectors with significant demand spikes include tech, pharma, medical devices, outsourcing and FMCG. The greatest challenge posed to companies right now in this area is the ability to attract experienced financial talent faster than their competitors."

Source: Morgan McKinley Ireland.