There has been a rapid recovery in the Irish jobs market across most sectors, according to the quarterly Labour Market Pulse.
Published by IDA Ireland in partnership with LinkedIn and Microsoft, the Labour Market Pulse provides an overview of the latest insights and trends across the Irish labour market to help inform decision makers across business, academia and public policy.
The latest Pulse reveals a rapid recovery in the jobs market across most sectors, with the LinkedIn Hiring Rate rebounding and now exceeding the same period in 2019 by 15pc for two of the three months.
“Offering flexibility to current and prospective staff will be a key factor in retaining and attracting talent in the months ahead”
“Our latest insights, drawn from the activity of our 2m members in Ireland, clearly illustrates a resurgence in the jobs market with companies back in hiring mode and professionals evaluating the next stage of their careers,” said Sharon McCooey, head of LinkedIn Ireland..
“Our additional research also illustrates that businesses are actively considering the future of work, with digital transformation a key priority for many organisations over the next six months. Offering flexibility to current and prospective staff will be a key factor in retaining and attracting talent in the months ahead.”
Remote working revolution
According to the Pulse, one-in-seven jobs advertisements are now offering remote working, reflecting the growing number of businesses and organisations moving to a hybrid working model.
“While it’s been a challenging couple of years the fact that we’re seeing hiring rates now exceed pre-pandemic levels demonstrates the resilience of Irish businesses as they continue to innovate and transform”
The Labour Market Pulse also identifies the significant level of demand for positions offering remote work opportunities, with interest levels tripling in a year.
LinkedIn’s data shows that jobs that offer remote working now make up 15pc of all job views and 16pc of all job applications, compared to 5pc of views and 5pc of applications being made for similar positions in Q3 2020. The top three industries offering remote working opportunities include Software & IT Services (21pc), Corporate Services (19pc), and Financial Services (10pc).
“When the Labour Market Pulse was first established, we were in the height of the pandemic and employers and employees were facing into unchartered territory,” said James O’Connor, vice-president of International Operations at Microsoft.
“While it’s been a challenging couple of years the fact that we’re seeing hiring rates now exceed pre-pandemic levels demonstrates the resilience of Irish businesses as they continue to innovate and transform. It’s also really encouraging to see how so many are embracing hybrid working and reimagining Ireland’s workforce. Through the insights provided by the Labour Market Pulse, we can support policy makers, as well as organisations, to achieve an inclusive and sustainable recovery.”
To inform the Labour Market Pulse, LinkedIn commissioned independent research that showed:
- 71pc of the C-Level executives surveyed stated their plans to hire additional staff over the next six months to drive business growth.
- 68pc highlighted that they will invest in their Employer Brand to attract the best talent.
- 71pc plan to increase marketing spend over this period, suggesting confidence in the economy.
- 79pc of executives stated a key short-term intention was to invest in digital transformation to support new ways of working.
“It’s great to see some positive indications from this data today, although I’m aware that so many businesses are only getting back on their feet and are still struggling,” Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD, said.
“I’m always particularly interested in the statistics around working from home as making remote and blended working a bigger part of life after Covid is a priority for the Government. It’s clear that employers are recognising the benefits of making it permanent, with such an increase in remote job postings.
“I hope this continues and the Government is putting in place the infrastructure, policies and laws to facilitate that. I’m also heartened to see such a high proportion of executives planning to hire over the next six months, I know this is only a snapshot of the overall labour market but it is encouraging to see.”