Despite a slight decrease in the number of new professional jobs in the Irish market from April 11 to May 11, the Morgan McKinley ‘Irish Employment Monitor May 2011’ has logged a 35pc increase in new professional job vacancies compared to May 2010.
It was also the third-highest number of available roles recorded since 2008. May 2011 also saw a 43pc month-on-month increase in the number of professionals looking for new job opportunities.
Karen O’Flaherty, chief operations officer, Premier Group Ireland, commented: “Despite a slight month-on-month dip (3pc) in new Irish professional job opportunities in May 11, there is a sense that the hiring market is stabilising. Following a somewhat disjointed month in April due to the number of bank holidays, many companies took the opportunity to ‘close off’ roles in May, some of which had been active since the start of the year.
Financial services sector hiring again
“May’s more ‘settled’ mood was also felt in the financial services sector. With the bank stress testing behind them, many indigenous banks began hiring again, albeit at low volumes. There is currently a strong focus on asset management, portfolio management and restructuring, so professionals with expertise in these areas and backgrounds in banking are in demand.”
O’Flaherty also said there was a slight increase in hiring activity from the insurance sector in May 11, in particular for heads of finance and compliance specialists.
“This was a follow-on effect from the financial regulator’s continued tightening of existing controls and the requirement for these heads of functions to be based in Ireland rather than run from overseas. There has also been a lift in job opportunities in marketing, especially within the specialisms of online marketing and social media. This is positive news for marketeers, and shows recognition of the effect they can have on companies’ bottom lines,” she said.
Momentum to continue
It is anticipated that this momentum will continue into June, for what is traditionally a busy time for recruitment leading up to the summer holiday period.
“Another positive sign for the market is that many professionals who are available immediately and are open to interim roles have been able to secure multiple interviews. Candidates with one or more European languages – especially those with finance and accounting, sales or IT experience – also remain in high demand and are often able to apply upward pressure on salary and benefit offers.”