Hiring rates have slowed from post-pandemic highs, new report shows

The report also highlighted the growing demand for what are called green jobs. These roles require skills needed for companies to achieve climate objectives and secure investment in the green economy.

Dublin's Docklands where many multinationals have based their European Headquarters. Photo: Gareth Chaney Collins

Hiring rates have started to decline from post-pandemic highs, at 12.7% lower in October than the same month last year, new analysis shows.

However, this figure is still above hiring rates during the same period in 2019 pre-pandemic, the IDA’s Labour Market Pulse found.

“There are numerous challenges facing the global economy, however Ireland is approaching them from a position of high employment, strong economic growth, and robust public finances,” IDA Ireland said in the report.

IDA reported the highest foreign direct investment (FDI) employment level recorded in Ireland, an increase of 9% on 2021.

Employment in Ireland hit a record high in Q2, with 2.5m people employed, the highest number in the State’s history.

This was maintained in Q3 before dipping at the same time a downturn in the global tech industry began.

The report also highlighted the growing demand for what are called green jobs. These roles require skills that companies need to achieve climate objectives and secure investment in the green economy.

“A pronounced shift to green skills and jobs is already underway as evidenced by our latest data and recent IDA projects,” said Sharon McCooey, head of LinkedIn Ireland.

“With over 20,000 roles to be filled by 2030 in order to meet demand by companies in Ireland hiring for green skills, this presents a sizeable opportunity for businesses and job seekers alike,” she added.

The Labour Market Pulse is a project carried out by the IDA, Microsoft Ireland and LinkedIn. It combines LinkedIn’s real-time insights on its 2m Irish members with publicly available information from IDA Ireland and the CSO.

The report showed that the need for green jobs has particularly grown since 2019, coinciding with the implementation of climate targets and policies such as the Climate Action Plan.

Irish businesses are still slow to recognise the importance of sustainability though despite the growing demand for skills. On average, 75% of businesses lack dedicated resources for identifying sustainability strategies and environmental, social, and governance (ESG) implementation, according to a recent University College Cork (UCC) report.

The increasing focus on ESG investment could also lead to a rise in demand for workers with IT skills.

In its latest technology predictions, Dell Technologies said IT will play an “ever-greater role” in helping organisations achieve ESG goals.

“Applying AI and Machine Learning can help to identify opportunities within an organisation to reduce waste or to promote more efficient farming practices,” the company said.