A record number of employers in finance intend to hire more staff in the third quarter of this year, with the sector recording a hiring intention score of +50% in ManpowerGroup’s latest employment outlook survey.
The study, the results of which are derived from the difference between the number of employers anticipating increased and decreased hiring activity, shows Ireland has the highest employment outlook in Europe, with +42% intending to hire in Q3.
The +42% score is an increase of 10 percentage points quarter-on-quarter and 24 points year-on-year and puts Ireland just ahead of Finland (+36%) and the Netherlands (+35%), with 425 employers across Ireland responding to the survey.
The banking, finance, insurance and property sector was the leading industry in terms of hiring sentiment, with a score of +50%, the highest net employment outlook since records began in 2006, a quarterly increase of 17 points, and an annual lift of 40 points.
“The finance sector is a leading player in the thriving Irish employment market” said John Galvin, managing director of ManpowerGroup Ireland. “Dublin’s financial sector – home to over 400 financial institutions operating globally – has become known internationally as a business-friendly hub for finance firms.
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“Just a year on from Ulster Bank and KBC announcing they would be leaving the Irish banking market by the end of 2022, and amidst rising inflation, pandemic aftershocks, and the economic impact of the conflict in Ukraine, the strong hiring intention in this sector is a huge vote of confidence in both Ireland’s financial market and in business across the economy.”
Employers in Dublin (+48%) had the best outlook, up 19% from the second quarter and the city’s strongest hiring intention on record, but in terms of provinces, Leinster, Connaught and Ulster (all +30%) lagged behind Munster (+51%).
“The capital’s record hiring is driven by the ever-strong IT & Tech sector holding its strong performance from last quarter and is boosted by all-time high hiring outlooks from the Dublin-based finance sector, hospitality sector, and construction sector,” Galvin continued.
“This strong performance is echoed across Ireland’s regions, nowhere more so than in Munster. We see this as a big vote of confidence in the Irish economy as we enter the third quarter.”
Despite record-setting hiring intentions, +79% of employers are having difficulty filling job vacancies, an increase of seven points from the previous quarter, with candidates in high demand and wielding increased leverage.
“Candidates with in-demand skills have more choice and bargaining power than ever before, and employers need to look at talent-sustainable solutions if they want to attract and retain these candidates,” Galvin said.
“That means improving their attractiveness to skilled candidates by investing in new training and advancement opportunities, upskilling employees, and making new job opportunities more candidate friendly with benefits like hybrid working and flexible hours.”
Similar to finance, restaurants and hotels (+41%) and construction (+55%) both reported record-breaking net employment outlook for Q3, while primary production (+65%), other industry (+58%), IT, tech, telecoms, communications and media (+42%), other services (+40%), manufacturing (+35%), education, health, social work and government (+32%), and wholesale and retail trade (+27%) all reporting widespread net hiring intention.
From an employee size perspective, +39% of micro-enterprises (1-9 employees) intend to hire in Q3, compared to +36% of small businesses (10-49 employees) +36%, +42% of medium-sized firms (50-249 employees), and +45% of large employers (250+ employees).
(Pic: Getty Images)
