Recruitment specialists MCS Group has highlighted increased complexity in the jobs market as companies here balance flexibility and productivity in the hybrid world.
The company has published the inaugural edition of a new Northern Ireland Employment Monitor, this one covering Q2 2024.
Key points in the report include:-
Record Low Unemployment: Despite political pressures and economic uncertainty, Northern Ireland’s unemployment rate reached a record low of 2% in Q2 2024, demonstrating the local economy’s resilience.
Fluctuations in Job Vacancies: The first half of 2024 saw mixed performance in job vacancies, with Q2 experiencing a rebound following Q1’s decline, driven by the release of new budgets. However, the General Election in May introduced significant uncertainty, leading to an 11% drop in new roles in June.
Increased Time to Hire and Decision-Making Complexities: The recruitment process has become increasingly complex, with more decision-makers involved, leading to longer hiring times. As companies navigate the challenges of a remote and hybrid working world, finding the right cultural fit has become paramount. Organisations strive to balance flexibility and productivity, making the search for talent more intricate.
Industry-Specific Trends:
- IT & Digital Sector: This sector remains highly competitive, with a notable reduction in time-to-hire by 44% from Q1 to Q2, indicating a more agile recruitment process.
- Engineering & Manufacturing: Despite geopolitical challenges, these sectors performed strongly, with a growing demand for roles related to renewable energy and net-zero initiatives.
- Accountancy & Finance: This sector saw increased demand for temporary and contract positions as companies adjusted to new financial year budgets.
- Foreign Direct Investments (FDIs): FDIs are rising, with new market entrants in the technology, legal, and manufacturing sectors positively impacting the local labour market.
- “At MCS, we’ve always focused on helping companies understand the market by sharing insights on market trends, benchmarking salaries, and refining internal processes to attract top talent. But we felt it was time to share even more,” says Group Sales Director Sean Devlin.
- ” This report is designed specifically for business leaders, offering real-time insights into the job market. It provides a comprehensive analysis of current trends in the job market, availability of talent, as well as company strategies and candidate behaviour. We’ll also look ahead to the second half of the year. I believe this data is crucial for businesses to navigate the rapidly changing employment landscape, and I hope companies can use it to stay ahead of the curve.”