The annual rate of growth in job vacancies slowed to 44% in the first quarter, highlighting growing stabilisation in the jobs market following two years of volatility, according to the latest IrishJobs.ie quarterly jobs index.
The rate of growth fell from 86% in the fourth quarter of 2021, although jobs numbers have increased 3% on a quarterly basis, and the overall volume of vacant jobs remains high amid widespread complaints of recruitment difficulties from employers.
Tourism, travel & airlines (+763%) and hotels & catering (+396%) saw the highest rate of job growth, reflecting a surge in international travel and tourism following the lifting of restrictions, while roles offering remote work have risen by 130%, showing a lasting impact of the pandemic on the jobs market.
Orla Moran, general manager of IrishJobs.ie, said the index had reflected the variable nature of the pandemic in the past year as well as Covid-19's roles as a key driver of hirings surges nationwide towards the end of 2021.
"With the lifting of all public health restrictions earlier this year, the first Jobs Index of 2022 suggests some stabilisation in the market with the number of job vacancies levelling out compared to the high year-on-year growth we saw last quarter," Moran added.
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"That said, we are still seeing growth in job vacancies with an increase of 44% compared to this time last year. This shows that the market for employment remains strong for job seekers around the country and employers need to remain competitive in order to retain and recruit talent.”
Other sectors showing strong year-on-year growth in Q1 include the public sector (+119%), secretarial & admin (+101%), HR & recruitment (+98%), security, trades & general services (+86%), and construction, architecture & property (+71%).
On a quarterly basis, the largest increases in vacancies are evident in environmental, health and safety (+68%), legal (+39%) and banking, financial services & insurance (+25%).
Meanwhile, job vacancies are growing much faster outside the capital than in Dublin, where jobs postings have increased 38% year-on-year and 3% quarter-on-quarter, with triple digital annual growth in Wicklow (+134%), Kilkenny (+129%), Kildare (+114%) and Carlow (+116%).
“Today’s results show that it is still very much an employee’s market,” Moran continued. “HR departments will continue to have to work hard to fill key talent gaps in their organisation.
"One bit of good news for beleaguered recruiters is that, according to research carried out by iReach, 30% of people in March 2022 say they were looking to move job within the next 12 months compared to 23% of people surveyed in December 2021."
Moran also predicted that employees would be encouraged to move jobs to try and attain higher salaries to keep up with inflation, which is expected to run at around 6.7% this year.
"It’s possible that inflation may, in time, replace Covid-19 and a better work-life balance as a key factor driving up the number of roles offering remote work, as people try to cut down on commuting and other costs associated with working from the office,” Moran added.
“In fact, working from home vacancies continue to grow at a faster rate than overall vacancies. However, as the Great Re-Evaluation, impact of inflation and competition for the best talent continues, it’s clear that employers looking to attract and retain people in today’s market should continue to prioritise flexible working within their recruitment strategies in order to meet the evolving needs of existing employees and prospective candidates within their field.”
(Pic: Getty Images)
