May 2009
“Monitoring the pulse of the Irish professional jobs market” Extremely challenging conditions continue within the Irish professional jobs market Highlights - During May 09, the number of new professional vacancies which came onto the Irish jobs market increased slightly for the third consecutive month this year, rising 2% versus April 09
- However, new job vacancy numbers were still significantly suppressed compared to the same month the previous year (May 08), falling 67%
- The number of Irish professionals who began their search for a new role in May 09 remained steady compared with the previous month (April 09), registering a marginal dip of 1%.
- Compared to the same month the previous year (May 08), the number of professionals looking for a new career opportunity was down 48%.
- Employers continue to adopt a wait-and-see approach to hiring
Figures from the second edition of Premier Group’s Irish Employment Monitor highlight that the professional jobs market in Ireland remains under considerable pressure. The Monitor tracks the flow of new professional job vacancies coming on to the market and the number of individuals looking for new career opportunities each month. While May 09 registered the third consecutive month on month increase in new job vacancies, up 2% on April 09, numbers were still significantly lower than the previous year. With employers continuing to take a cautious approach towards recruiting, the year on year comparison showed a drop in new roles of 67% in May 09 versus May 08.
With the low level of job opportunities within the Irish jobs market, professionals remained extremely hesitant to enter the jobs market voluntarily if they were already in a secure role. As a result, the number of new candidates who began their search for a new job during May 09 was down 48% compared with a year ago (May 08). This was a 1% increase versus the previous month (April 09).
Brian Murphy, Managing Director of Premier Group in Ireland comments: “Despite the volume of new professional job vacancies levelling out over the last three months, there is still a severe lack of confidence within the wider economy and, in turn, the Irish employment market. Many organisations are reducing or holding their headcount levels to reflect operational requirements and inevitably this is affecting jobseekers’ appetite to voluntarily enter the jobs market. “Generally, organisations are still extremely cautious about bringing on new staff due to the current economic situation and are therefore, continuing to adopt a wait-and-see approach towards recruitment. The situation does differ from sector to sector, for example, the sentiment amongst financial services employers, particularly within the fund accounting and insurance areas, has improved slightly in May 09. However, there are still significantly suppressed levels of hiring occurring compared to this time last year. Where recruitment is happening, it is primarily replacement hiring rather than expansion hiring. “Obviously professional workers are aware of how competitive the jobs market is at the moment and are therefore hesitant to begin their search for a new role if they are already in what they consider to be relatively secure employment. While the new job vacancy figures have shown signs of stabilising over the last few months, it remains to be seen whether this activity can be maintained, particularly over the traditionally quieter summer period.”
Premier Group currently publishes a similar monitor in London under its subsidiary brand name, Morgan McKinley. The highly regarded Morgan McKinley London Employment Monitor 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 for details.
Notes to editors
Further press information: Allira Carroll
Tel: +353 212426094
Email: acarroll@premiergroup.ie About the Premier Group Irish Employment Monitor
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 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 eight countries. Subsidiary brands within Premier Group in Ireland include Accreate, Brunel, la crème, Premier, and Verkom. Morgan McKinley and iQ selection also form part of the Premier Group outside of Ireland.
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