Irish Employment Monitor - August 2011

Irish IT sector remains buoyant despite global financial turbulence

Highlights

• The Morgan McKinley Irish Employment Monitor held relatively steady from July 11 to August 11, with only a slight dip (2%) recorded in the number of new professional job opportunities
• There was however a 47% increase in new professional job vacancies compared to the same month last year
• There was a 19% rise in the number of professionals seeking new job opportunities from July 11 to August 11
• When compared to August 10, there was a minor decrease (1%) in the volume of new professional job seekers.

The latest Morgan McKinley Irish Employment Monitor registered a slight decline (2%) in the number of new professional job opportunities from July 11 (7,900) to August 11 (7,767). However, the number of new professional jobs available in August 11 continued the trend of being considerably higher (47%) than the same month last year (5,300).

With regard to new professional job seekers in the Irish market, the Employment Monitor recorded a 19% increase, from 9,210 in July 11 to 10,965 in August 11. There was a negligible decrease (1%) when compared to the same month last year, when 11,070 people were looking for new professional job opportunities.

Karen O’Flaherty, Chief Operations Officer, Morgan McKinley commented:
“The latest figures are as expected; August is traditionally a subdued month for the Irish professional jobs market as many hiring managers and job seekers take time off over the holiday period. This slowdown was also set against a backdrop of global financial volatility. These conditions were reflected by a slight dip (2%) in the number of new professional jobs available compared to July 11, however increased momentum in the second half of the month was cause for cautious optimism.

“The IT market continues to set the pace – demand for IT professionals in design and development currently exceeds supply in many areas, and companies with slower recruitment processes are currently at risk of losing out on top talent. New IT jobs coming onto the market in August 11 were from a healthy mix of multinational corporations and indigenous companies, to support a variety of start-up and ramp-up projects.

“Confidence is also building within the accounting and finance market and there was an improvement in the quality and volume of job roles in August 11. There was a significant pick up in demand for recently qualified accountants and sustained demand for qualified accountants with 2-5 years’ experience, particularly those with proven audit, compliance and regulatory experience. This was a strong build up to what looks to be a very positive September for this area of the hiring market.

“August 11 was a challenging month for the financial services sector as uncertainty in the market and several global redundancy announcements from world banks produced a ‘knee jerk’ effect in Ireland. With four months still to go in 2011 and a real lack of clarity on how the rest of the year will play out, some financial institutions withdrew or froze new roles, or adjusted their strategies to focus on more flexible temporary and contract positions.

“The number of professionals seeking new career opportunities increased by 19% from July 11 to August 11. The majority of this pick up was in the second half of the month, which is hopefully predictive of a busier hiring market in September 11.”

- ENDS -
Notes to editors

Further press information:
Tim Kinsella, MKC Communications, Tel: 086 813 7512, Email: tim@mkc.ie

About the Morgan McKinley Irish Employment Monitor

The Morgan McKinley Irish Employment Monitor (previously known as the Premier Group Irish Employment Monitor) measures the pulse of the Irish professional jobs market by tracking the number of new job vacancies and new candidates within the Republic of Ireland each month. The first Premier Group Irish Employment Monitor was launched in May 2009 with data from April 2008 onwards.
 
Statistical methodology

Monthly new jobs and new candidates:
Monthly new jobs and new candidate figures are based on Premier Group’s own monthly records of new permanent job vacancies and new candidates registering with the firm for permanent employment. Statistics for the full market are derived using Premier Group’s own market share.

Job classification:
Job vacancies are professional level roles within the following sectors and functions: banking & financial services, commerce & industry finance, insurance, public practice & tax, legal, HR, IT, life sciences, engineering, process & manufacturing, professional services, sales & marketing, customer service, secretarial & office support.

Geography:
The data is based on new job vacancies and new candidates registered with Premier Group’s network of Irish offices in Cork, Dublin, Kilkenny, Limerick and Waterford.

About Morgan McKinley in Ireland

Morgan McKinley is an Irish owned global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.

With offices across Ireland, the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans the Accounting and Finance, Financial Services, Technical and IT sectors. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors and thousands of smaller local firms.

Morgan McKinley recently ranked 7th in the Irish Independent’s listing of Best SME Workplaces in Ireland and was also named in the 50 Best Small and Medium Workplaces in Europe by the Great Places to Work Institute. We are also proud to be ranked in Deloitte’s Top 20 Best Managed Companies in Ireland for 2011.

Morgan McKinley London Employment Monitor

Morgan McKinley currently publishes a similar Employment Monitor in London. It was launched in 2004 and reports on the new roles, candidates and salaries within the financial services jobs market in London each month. Visit www.morganmckinley.co.uk.

About Premier Group

Premier Group is Ireland's leading recruitment consultancy with offices in Cork, Dublin, Kilkenny, Limerick, and Waterford. Internationally, the Group operates from 24 offices across 10 countries. The specialist recruitment brands within Premier Group are Morgan McKinley, la crème and Accreate. Visit www.premiergroup.ie.