Employers continue to snap up housing for staff, suggests report

The jobs market in the legal sector was overall quieter in the three months to the end of June, the survey said.

Employers continue to buy up housing stock to accommodate domestic and international workers amid a tight labour market and an ongoing housing crisis, a report suggests.

The housing crisis has also led to increased demand for construction workers and property lawyers, according to the report by recruitment firm Morgan McKinley.

Morgan McKinley's latest Quarterly Employment Monitor also showed that employers continue to face challenges in recruiting international talent due to visa issues and the chronic shortage of accommodation which has led some companies to acquire properties to house their employees.

What's your view on this issue?

You can tell us here

The jobs market in the legal sector was quieter overall in the three months to the end of June compared to the first three months of the year, but “there was a notable rise in demand for property lawyers, reflecting ongoing activity in the real estate market and companies’ efforts to secure housing for employees amid the housing crisis”, said Trayc Keevans, global FDI director at Morgan McKinley Ireland.

The report highlighted that the labour market in Ireland remains tight due to a significant increase in job vacancies in the second quarter while there was also a steady rise in job seekers.

The latest data from the Employment Monitor indicates a 14.4% increase in professional job openings compared to the first three months. This surge was primarily observed during April and May, with a slight downturn in June, said Morgan McKinley.

The number of professional job seekers rose by 6.9% in the period, suggesting the market continues to respond to candidate availability with job opportunities.

Unemployment

The unemployment rate crept upwards by 0.2% in June compared to the previous month, according to figures from the Central Statistics Office (CSO), suggesting the labour market is cooling somewhat.

Last month, the unemployment rate was 4.2% compared to 4% in May — however, the unemployment rate in June last year was higher at 4.4%, showing employment in Ireland continues to grow.

"The Irish professional employment market continues to show resilience and growth, even amidst global uncertainties,” said Ms Keevans. 

"The increase in job vacancies and job seekers suggests a dynamic market, but sector-specific trends indicate varying levels of activity and caution."

Tech sector

Elsewhere, the technology sector is still recovering from the slowdown the led to a tsunami of layoffs last year, and many companies in the sector continue to be wary about swelling their headcounts given the high-interest-rate environment and upcoming elections.

Ms Keevans said she is aware that some US tech firms are taking a “cautious approach” when operating in Ireland, “particularly concerning the hiring of software development talent”. 

“Companies are being prudent, awaiting clarity on the political and economic landscape,” she said.

Meanwhile, regulatory compliance and the development of artificial intelligence across industries has also led to higher demand for skilled workers, according to the Morgan McKinley’s Monitor.

The European Central Bank ECB continues to monitor wage growth and labour markets across the eurozone as it considers future interest rate reductions.