Students should consider future not present

Two very different economies are juxtaposed in Ireland today, and the one in which you exist has a strong bearing on morale, self-confidence, and economic wellbeing.

Positioning yourself for a positive future is something worth thinking hard about.

Those working in sectors inextricably linked with the construction industry or domestic consumption are suffering most.

Aside from the threat of redundancy, pay has been cut and managers struggle to bring any positive momentum to their employees. Construction has been in contraction for over four years. Retail has been mired in an environment defined by lower take-home pay, high unemployment, and excess capacity.

The tourism industry has been held back by a weak global economy, some self-inflicted policy mistakes, and — to add insult to injury — dire weather. Optimism is in short supply.

The state sector may be relatively better off, given its employment protections (no forced redundancy) but I suspect morale is poor there too. The presentation of civil servants as some breed of money-sucking leeches has become the conventional wisdom, and no matter how tough you are, it cannot be easy to deal with such virulent criticism.

Moreover, remuneration and terms of employment are under the microscope of the troika and, whatever about the inability of politicians to get to the root of problems, I suspect detached analysts from the IMF and ECB are scientific and clinical. Expect more pressure on that front.

So, do we write off Ireland accordingly?

Not so fast. Companies working in sectors that are proving their competitiveness globally are in rude good health. It was disclosed last week in a study quoted by the Financial Times that Ireland’s labour competitiveness has improved the most among all EU states since 2008.

Factor in the euro weakness to increase the appeal of Irish goods and services across global markets. This helps explain why food manufacturers, IT software companies, certain pharmaceutical producers, and financial service specialists such as aircraft lessors are booming. Not only are they growing but details continue to emerge of expansion strategies using their bases in Ireland.

Imagine now that you are a well-qualified Leaving Certificate student in this milieu. What should you do? Jump into industries that are growing today or target those sectors in the quicksand? The knee-jerk reaction is, of course, to pick sectors that are buoyant and expanding. I’m not so sure.

It is only four years since construction was a boomer in Ireland’s economy and, although it feels awful at home, building and infrastructure will be huge growth sectors worldwide for the next few decades.

Furthermore, it may be easier to access third-level construction-related courses on points and costs, as they are being shunned by so many right now.

Meanwhile, those who focus on internet-centred strategies can serve a global market from Ireland inexpensively.

Even the state and semi-state services remain areas of worthy employment. Qualified nurses, teachers, and civil servants who work hard and gain top marks will find work outside of Ireland if not within. If these sectors are offering third-level education with smaller class sizes and educators who have the time and knowledge to provide world-class teaching, it is a choice worth contemplating.

While you are standing in a boat on very choppy seas it is hard to think straight. Taking the obvious option can provide short-term relief but students need to think about 30-year stretches and not just the here and now.

It is incumbent on any of us who have the experience of ebbing and flowing with the Irish economy over a number of decades to be objective and long-termist in perspective when advising those who are emerging amid a firestorm.