Hiring in Ireland will be “record-breaking” in the third quarter of 2022, according to an employment outlook survey by ManpowerGroup, with half of banking and finance employers planning to expand headcount.
The overall employment outlook in the Irish labour market is the strongest in Europe, the recruitment group said, with 42 per cent of employers intending to hire between July and the end of September.
This is the highest rate of hiring intentions since its survey, based on the responses of 425 employers, began in 2006. The rate has climbed 10 percentage points since the second quarter outlook, while it is also 24 percentage points higher year on year.
The banking, finance, insurance and property sector is out in front with its 50 per cent hiring intention rate. This is up 17 percentage points since the second quarter and 40 percentage points year on year.
“The finance sector is a leading player in the thriving Irish employment market” said John Galvin, managing director of ManpowerGroup Ireland.
“Dublin’s financial sector – home to over 400 financial institutions operating globally – has become known internationally as a business-friendly hub for finance firms,” he said.
“Just a year on from Ulster Bank and KBC announcing they would be leaving the Irish banking market by the end of 2022, and amidst rising inflation, pandemic aftershocks and the economic impact of the conflict in Ukraine, the strong hiring intention in this sector is a huge vote of confidence in both Ireland’s financial market and in business across the economy.”
In part because of the finance boom, but also because of an “ever-strong” IT and technology sector and activity in construction and hospitality, the hiring outlook in Dublin was notably strong, with a hiring intention rate of 48 per cent for the third quarter. This was also the highest rate in the history of the survey.
“Dublin is continuing to cement its position as a global city of business activity,” Mr Galvin said.
The competition for workers in the strong labour market means some 79 per cent of employers are having difficulties filling vacancies, up seven percentage points on the last survey, ManpowerGroup said.