Dublin: Ireland is currently contending with a significant challenge in its job market, driven by the escalating cost of living, particularly housing affordability. Reports indicate that many individuals are seeking opportunities abroad, with Dublin-based companies facing difficulties in recruiting suitable staff, largely due to the housing shortage.
The situation is further exacerbated by relatively low salaries across various sectors as inflation and skill shortages take their toll. The Morgan McKinley report, which gauges the health of the Irish professional labour market based on quarterly statistics of new job openings and applicant numbers, underscores the hurdles faced by firms that traditionally require onsite work.
The report reveals a 6.9% increase in the number of new professional job openings in 2022, yet it also indicates a 3.3% decrease in the number of professionals actively seeking fresh job opportunities compared to the previous quarter.
Candidates are increasingly leaning towards flexible work arrangements, with a preference for hybrid working models. Consequently, employers are grappling with the challenge of filling entry-level and graduate positions. The ongoing housing crisis and cost of living issues are prompting many individuals to explore opportunities abroad.
The report highlights that candidates are primarily migrating to destinations like Australia, the UK, and Canada. Additionally, locations such as Singapore, Dubai, Bermuda, and the Cayman Islands are gaining popularity. Continental European countries like Spain, France, and Germany are also emerging as favoured destinations for new graduates.
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