Significant Decline in Job Vacancies in Banking, Technology, and Science Sectors…
Dublin: Ireland’s banking, technology, and science job sectors have experienced significant employment growth during the pandemic, as reported by a leading recruitment agency. Despite this growth, overall vacancy levels have returned to 2019 figures, revealing a 25% drop in job openings compared to the previous year. The country’s unemployment rate, however, hit a record low in May.
Sector-Specific Trends
Data from Irish Jobs indicates that vacancies in the banking, technology, science, and travel sectors between March and June have declined significantly compared to both last year and the previous quarter. Notably, the IT sector, previously in high demand, saw a 30% decrease in job vacancies in the second quarter compared to the previous year. This decline started in the third quarter of 2022. According to the survey, 27% of employees in the IT sector are currently seeking new job opportunities, primarily due to lower salaries.
In contrast, sectors such as catering, management, and healthcare reported the highest number of job openings in the second quarter.
Economic Outlook and Job Market Impact
Rating agencies predict that rising living costs and inflation will persist until 2025, significantly impacting job seekers. Orla Moran, Managing Director of Irish Jobs and Stepstone Group, emphasised the profound effect of these economic factors on the job market.
A survey conducted by consultants at Accenture found that 64% of employees in the Irish private sector anticipate a pay rise. Additionally, almost a third (30%) of firms plan to hire more staff this year, with most vacancies expected in the service sector, leaving the construction sector behind.
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