Dublin: Ireland’s pandemic-era surge in recruitment across the banking, technology and science sectors has come to an end, with job vacancies returning to levels last seen before COVID-19, according to a new report from recruitment platform IrishJobs.
The report shows that overall job vacancies have fallen by 25%, despite Ireland’s unemployment rate reaching a historic low in May, signalling a shift towards a more balanced labour market.
Sharp Decline in Banking, Technology and Science Recruitment
Data from IrishJobs shows that vacancies in the banking, technology, science and travel sectors declined significantly between March and June, compared with both the same period last year and the previous quarter.
Technology Sector Continues to Slow
The technology sector has been among the hardest hit, with vacancies continuing a downward trend that began in the third quarter of 2022.
According to the report, IT job openings declined by 30% year-on-year during the second quarter. The sector now ranks fourth in terms of overall job opportunities.
The survey also found that 27% of technology professionals are actively seeking new employment, with salary concerns cited as a key reason for considering a move.
Hospitality, Management and Healthcare Lead Hiring
Despite the slowdown in several industries, the strongest recruitment demand during the second quarter was recorded in the hospitality, management and healthcare sectors.
These industries continue to experience significant demand for workers amid ongoing labour shortages.
Cost of Living Influencing Job Market
The report highlights that continued inflation and the rising cost of living—expected by economic analysts to remain a challenge until 2027—are having a significant impact on job seekers and employment decisions.
Orla Moran, Managing Director of IrishJobs and the Stepstone Group, said that while economic pressures are influencing the labour market, Ireland’s employment outlook remains fundamentally strong.
Many Employers Still Planning to Recruit
Separately, a survey by consultancy Accenture found that 64% of employees in Ireland’s private sector expect to receive pay increases.
The survey also found that 30% of businesses intend to recruit additional staff during the coming year.
However, it warned that the services sector is expected to experience the greatest job losses, followed by the construction industry, reflecting changing economic conditions and business priorities.
Irish Samachar English