Signs of Labor Market Stabilization

The jobs market is showing signs of stabilizing according to the first quarterly jobs index of 2022 from IrishJobs.ie, with the number of vacancies stabilizing compared to last year.

While the index shows a 44% year-on-year growth in job vacancies, it is down from last quarter’s 86% growth rate.

While year-over-year numbers have slowed, jobs are up 3% quarter-on-quarter and the overall volume of job vacancies remains high, reflecting the continued normalization of the economy.

The level of job growth in the tourism, travel and airline industry is over 700%. At the same time, the number of positions offering the possibility of working remotely is increasing by 130% year over year – another lasting impact of the evolution of the employment market over the past two years.

Orla Moran, managing director of IrishJobs.ie, said the index is an important quarterly barometer which constantly assesses what is happening in the labor market. “Over the past year, the index has reflected the variable nature of the pandemic and its role as a key driver of hiring increases across the country towards the end of last year.

“With all public health restrictions lifted earlier this year, the first employment index for 2022 suggests some stabilization in the market, with job vacancies stabilizing from strong year-on-year growth. the other we had last quarter,” she said. mentioned.

“That said, we are still seeing growth in job vacancies with a 44% increase over the same period last year. This shows that the job market remains strong for job seekers across the country. and that employers must remain competitive in order to retain and recruit talent.”

Of the 30 sectors analyzed in this quarter’s index, 22 recorded year-on-year increases in vacancy creation in the first quarter of 2022, while 15 sectors recorded quarterly increases in vacancy creation.

Jobs rebounded significantly in the sectors most affected by Covid-19, with tourism, travel and airlines and hotels and restaurants posting significant increases of 763% and 396% respectively.

Other sectors showing strong year-over-year growth in Q1 2022 include public sector (+119%), secretarial and administrative (+101%), human resources and recruitment (+98%), security, trades and general services (+86%). %) and Construction, Architecture & Real Estate (+71%).

On a quarterly basis, the largest increases in job vacancies are evident in the environmental, health and safety (+68%), legal (+39%) and banking sectors. financial services and insurance (+25%).

Meanwhile, an increasing number of job vacancies are becoming available outside of Dublin.

While almost all but three counties in Ireland saw double or triple digit year-on-year growth, Wicklow (+134%), Kilkenny (+129%), Kildare (+114%) and Carlow (+116%) saw the biggest increase in vacancies, with vacancies in the capital Dublin increasing by +38%.

“Today’s results show that this is still an employee market,” continued Ms. Moran.

“HR departments will need to continue to work hard to fill the major talent gaps in their organization. Good news for struggling recruiters is that, according to research conducted by iReach, 30% of people in March 2022 said they were looking to change jobs in the next 12 months compared to 23% of respondents in December 2021.

This period is being billed as the “great reassessment” as employees weigh their career options and reflect on what is important to them.

The hiring platform is also starting to see the impact of inflation, which ESRI predicts will average 6.7% for the year, and is likely to encourage employees to switch jobs. job to try to get higher wages in order to keep up. soaring consumer prices.

“This puts even more pressure on HR teams and employers to ensure they have the right internal strategies and resources in place to support their recruitment and retention ambitions in 2022,” she said.

“It’s possible that inflation could eventually replace Covid-19 and better work-life balance as the key factor driving up the number of jobs offering remote work, as people try reduce travel and other costs associated with working from the office.”

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