The number of new jobs available in the Irish professional jobs market fell 5pc between May 2011 (8,283) and May 2012 (7,890), marking the first such annual decline since November 2009, the Morgan McKinley Irish Employment Monitor reports.
There has also been a month-on-month decrease, of 12pc, in the number of new professional jobs available in May 2012. This reflects a second consecutive drop in the number of new professional job opportunities from April 2012 (8,919) to May 2012 (7,890).
However, the number of professionals seeking new job opportunities increased by 22pc from 10,390 in April 2012 to 12,645 in May 2012. This is a 39pc increase when compared to the 9,120 people seeking new career opportunities during the same month last year.
EU and financial markets instability
One reason behind the decreases could be the instability within the European Union and international financial markets, particularly the focus on Greece and Spain, said Karen O’Flaherty, CEO of Morgan McKinley, who added that the turmoil affected confidence in the Irish hiring market.
“This turmoil is reflected in a decrease in the number of new professional job opportunities coming onto the market as companies remain cautious about their hiring plans and indeed slow their recruiting processes to allow greater clarity to return to the markets,” O’Flaherty said.
“However, some positive news was the ratification by the Irish electorate of the EU Fiscal Compact Treaty, which will be seen as good news for investors and should help to maintain Ireland’s position as a destination of choice for foreign businesses.”
More contract and temporary jobs
O’Flaherty also said that recent market sentiment has shown an increase in the number of contract and temporary roles coming onto the market.
“This is not reflected in the Irish Employment Monitor, which only tracks Ireland’s permanent professional jobs. Temporary contracts are considered flexible, cost-effective hiring solutions and are popular during times of uncertainty or holiday periods.
“The month-on-month increase of 39pc of professionals seeking new jobs is reflective of confidence in the market as professionals are now weighing up their career options and seeking new opportunities,” O’Flaherty added.
New opportunities continue to abound for job-seekers in the IT, technical and multilingual sectors, with evidence revealing those jobs seekers are receiving multiple job offers, O’Flaherty said.
Image of job signs via Shutterstock