Economic uncertainties contribute to nearly 30% drop in professional job openings

As of the end of March there were 15,804 professional job openings across the country — down from 22,393 last year.

The number of professional job openings in Ireland has declined by nearly 30% in the year to the end of March as employment expectations shift and economic uncertainties emerge, a new report has found.

The report, published by global recruitment consultancy firm Morgan McKinley, found that as of the end of March there were 15,804 professional job openings across Ireland — down from 22,393 last year.

According to the firm, the technology sector has seen a “significant uptick” in demand for permanent jobs due to the initiation of long-term projects mainly in Dublin while the finance sector is showing signs of “steady hiring” in roles such as regulatory compliance analysts and data governance managers due to new regulations.

Engineering also continues to see strong demand across various roles particularly in the areas of automation, maintenance, and reliability.

In Dublin, demand for accounting and finance professionals remains strong but regional markets have seen a slight decline in hiring in this area. Recruitment remains challenging due to ongoing shortages as well as qualified accountants migrating to countries like Australia.

The legal sector saw a “moderate decrease” in demand due the slower pace of mergers and acquisitions activity.

Between January and March, the number of professionals also seeking a new job declined by 31.3% compared to last year with the report saying this points to a “more conservative approach” which is marked by a reluctance among professionals to change jobs without secured offers.

The report said salaries in general are expected to remain stable across various sectors but with exceptions in some areas where there is a shortage including quantity surveyors, tax professionals, pension specialists, and cybersecurity experts.

While the number of job openings and job-seekers may have declined, the report found that foreign direct investments (FDI) announced by IDA Ireland across financial services, life sciences, manufacturing, and technology are expected to spur job creation and sectoral growth.