Summary

I think we can all agree on a less than fond farewell to 2020, and a warm, but cautionary welcome to 2021! While I’m not one to dwell on the past, I think it can be useful to reflect on the hiring trends of last year in order to understand and anticipate some factors that may impact the market this year. As we know, when the pandemic hit last year, everything went on pause - pretty much all hiring processes went on hold as we all tried to understand the economic impact - cue no hiring! As time went on and restrictions eased, this abated slightly, however it was only in Q4 2020 when employment opportunities began to return across finance, technology, project management and consultancy. A trend we are noticing now is that expectation levels on job fit have jumped considerably, clients are being more particular than usual. The consensus from clients is that unemployment is high, which is the case for some industries and demographic groups,  however, that has not translated drastically into the realm of professional job opportunities, where it’s business as usual to a large extent. January 2021 sees us still in a “full employment” market across the professional services landscape." I am pleased to report that our business has enjoyed a very strong start to the year with plenty of jobs and activity. Throughout Q1, we would expect to see investment return, projects to gear up once again, and digital transformation will restart, or start at pace.  Coupled with the above, pent up demand will likely see a sizeable increase in hiring levels from March/April onwards as the vaccine roll-out begins to take hold. An influx of professionals We are likely to see an influx of professionals returning to Irish shores throughout H1 this year. From speaking to candidates who are based abroad at the moment, the pandemic has given impetus to return home, perhaps a little faster than they originally planned. We are expecting to see a similar trend with candidates returning from the UK, driven by Brexit finally coming to fruition. EU regulators want certain business conducted in the EU, meaning Ireland’s financial services industry could have much to gain.  In summary, there will be a demonstrable increase in opportunities in the Irish professional jobs market which we believe will coincide with strong talent returning to the country from overseas, where they will have gained invaluable experience. These factors point to a busy period of business and economic growth as we begin to get back on track in 2021 and beyond. Professionals will have plenty of opportunity, and firms will need to be agile in their hiring practices to secure the talent that is required to deliver on ambitious plans.

Summary

According to the Economic Survey of Ireland, released by the OECD (Organisation for Economic Co-operation and Development) in Feb 2020:  The country is well positioned to take advantage of the opportunities presented by technological change, though there are various challenges that need to be carefully navigated. ” This outlook is positive, and my initial thought is we will certainly put the above to the test!While I appreciate that large swathes of the domestic market have been extremely challenged, I have been pleasantly surprised and impressed by how well the professional labour market has adapted to the changing workforce landscape in Ireland. Embracing working from home, increased productivity and looking for genuine growth opportunities are all the hallmarks of a functioning and performing economy.Since September 2020, there has been very encouraging signs across certain sectors here in Ireland, namely Tech, ICT, pharma and consulting, as well as the bellwethers of this pandemic – FMCG, logistics and online retail.  Our job opportunity statistics are indicating that there is pent up demand in terms of hiring strong finance, consulting and technology professionals, with companies keen to “get a move on”.There is however, a continued lack of available professionals, which is unusual in a recession or as David McWilliams of The Irish Times has coined it - “pandession”. With the above in mind, there is ample opportunity for those with specific skill sets across finance, consulting and technology in the Irish market, where there is the reluctance to move roles in the current economic climate, and understandably so.As the advent of Brexit draws ever closer, those across the British isles may find exactly what they are seeking in Ireland as the Irish Protocol predicts a rebounding economy in 2021/2022. Relocating or returning to Ireland is already proving an attractive option for international and UK professionals living in a post pandemic and post Brexit Britain!For further updates on the Irish market feel free to get in touch with myself, or visit the Marks Sattin Ireland homepage to browse opportunities in Ireland.