Opportunities ahead for Irish employment with Brexit [infographic]
Thursday 8th March 2018: The number of professional job vacancies in February 2018 decreased by 12% nationally compared to January 2018 and also by 9% compared to February 2017 according to the February 2018 Morgan McKinley Ireland Employment Monitor. There was also a 5% month on month decrease in the number of professionals active in the job market. This adjustment is in line with economic growth and low unemployment rates.
Morgan McKinley Ireland, Director of Inward Investment, Trayc Keevans commented:
“January 2018 represented a strong and confident start to the hiring outlook. The February snap shot indicates a levelling off of that intensity but all economic indicators remain positive for steady job growth and a buoyant hiring market.
“There has been vast speculation for some time now on what impact Brexit will have on recruitment in Ireland and last week we got a glimpse at what a post-Brexit future might look like. In a landmark speech, the UK Prime Minister Theresa May ruled out keeping financial passporting with the European Union after Brexit. This provided, for the first time, an acknowledgement that passporting is at risk and this will clearly have an impact on the financial services sector in London.
“Certain financial institutions have already announced the movement of some functions such as product control, client on-boarding and regulatory and compliance. Many companies are also in the process of establishing regulated subsidiaries in Dublin to hedge against the risk of disruption to their business. This has led to a continued demand for risk and compliance professionals with the roles of Chief Risk Officer (CRO) and Chief Financial Officer (CFO) proving the most in demand pre-approved control function positions for establishing compliant structures for Brexit related entities in Ireland in the Financial Services space.
The life sciences sector is not without impact. To date the marketing authorisations for Pharmacovigilance have primarily been held in the UK, but in a post-Brexit world, they will have to move out of the UK to an EU location creating a surge in demand for EU QPPV (Qualified Person for Pharmacovigilance) who would be required to move with these authorisations. Responsible Persons (RPs), Heads of Clinical Development and/or Operations are also affected positions in the UK which will need to transition to an EU location and Ireland is proving an attractive location for these functions creating high demand for these professionals locally.
“We are already seeing a marked increase in the number of professionals returning from overseas and namely from the UK and across all professional sectors, but particularly financial services. We expect that once a definitive outcome has been reached in the Brexit negotiations we will see an upsurge in hiring in Ireland.
“Overall the market remains buoyant with solid recruitment and employment at all levels. The positions for which we are seeing the most demand this month include legal administrators, audit professionals, clerical officers, automation engineers, pension administrators and recruitment administrators, which are positive indicators that businesses are on a growth trajectory.”
About the Morgan McKinley Irish Employment Monitor
The Morgan McKinley Irish Employment Monitor (previously known as the Premier Group Irish Employment Monitor) measures the pulse of the Irish professional jobs market by tracking the number of new job vacancies and new candidates within the Republic of Ireland each month.
Monthly new jobs and new candidates:
Monthly new jobs and new candidate figures are based on Morgan McKinley’s own monthly records of new permanent job vacancies and new candidates registering with the firm for permanent employment. Statistics for the full market are derived using Morgan McKinley’s own market share.
Job vacancies are professional level roles within the following sectors and functions: Banking & Financial Services, Commerce & Industry Finance, Insurance, Public Practice & Tax, legal, HR, IT, Life Sciences, Engineering, Process & Manufacturing, Professional Services, Sales & Marketing, Customer Service, Secretarial & Office Support.
The data is based on new job vacancies and new candidates registered with Morgan McKinley’s network of Irish offices in Cork, Dublin, Kilkenny, Limerick and Waterford.
About Morgan McKinley in Ireland
Irish-owned Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.
With offices across Ireland, the UK, Europe, Asia and Australia, its professional recruitment expertise spans the accounting & finance, financial services, technical and IT sectors. Morgan McKinley is a preferred supplier to most of the major employers in its specialist sectors and thousands of smaller local firms.
In 2016, Morgan McKinley was recognised as one of the top five Best Workplaces in Ireland, in the Great Place to Work Awards. The company also received an award for the best Learning & Development Organisation at the Irish Institute of Training and Development Awards and ranked sixth globally on LinkedIn’s list of the Most Socially Engaged Staffing Agencies.