There has been a fall in job vacancies according to two separate reports out today.
The latest Jobs Index from hiring platform IrishJobs shows that in the third quarter of the year, the number of new job vacancies decreased by 13% year-on-year and fell by 4% on a quarterly basis.
Morgan McKinley’s latest Quarterly Employment Monitor for the third quarter of the year also shows an overall decline in job vacancies, with a 2.1% drop compared to the previous quarter and a 4% decrease year-on-year.
The IrishJobs data shows that the share of job vacancies offering fully remote working has fallen to its lowest level in nearly four years.
However, the figures indicates that hybrid working vacancies remain stable.
According to IrishJobs, sectors associated with the domestic economy tended to outperform internationally traded sectors.
There was positive quarterly vacancy generation in property and retail, with quarterly decreases in vacancy rates in manufacturing, banking, finance and IT.
“With moderate economic growth forecast by the ERSI over the rest of the year and into 2025, this sustained performance of the Irish economy is reflected in the labour market,” said Sam Dooley, Country Director of The Stepstone Group Ireland with responsibility for IrishJobs.
“Unemployment levels are expected to remain under 4.5% into 2025, a clear indicator that the labour market is operating at or close to capacity,” Mr Dooley said.
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The Morgan McKinley Quarterly Employment Monitor shows that while there was a decline in professional job seekers in July and August, the numbers surged between August and September.
“While the labour market shows signs of contraction, it remains resilient,” said Trayc Keevans, Global FDI Director, Morgan McKinley Ireland.
“The slight decrease in job opportunities reflects an economy adapting to challenges, particularly around regulatory compliance and digital transformation,” Ms Keevans added.
She said that companies are positioning themselves strategically, especially in sectors like technology and financial services, where compliance and operational resilience are essential.
“We are seeing increased demand for specialists who can manage these regulatory shifts effectively,” she added.
In the technology sector, Ms Keevens said that hiring remained steady, with a noticeable increase in permanent roles from late August to September, driven by anticipated headcount needs for 2025.
“Recent redundancies at large multinationals have also brought senior-level candidates into the market, many now open to contract roles, expanding the available talent pool,” she noted.
“As companies prepare for the Digital Operational Resilience Act (DORA), effective in January 2025, demand for cyber security and technology risk professionals has grown significantly. Employers are also enhancing data governance and compliance efforts, often leveraging AI and automation to streamline processes,” she added.
Today’s research shows that financial services followed a similar pattern, with increased hiring in compliance and risk management roles, particularly as companies prepare for the impact of DORA.
Meanwhile, the renewable energy sector continues to create opportunities for finance professionals, particularly in project financing.
At the same time, demand for ESG reporting experts is rising, driven by EU legislation focused on transparency and sustainability.