38% of Irish Companies Planning on Hiring New Staff in Q2 2024
Positive hiring trends are anticipated in Ireland for the second quarter of 2024, boasting a Net Employment Outlook of 20%. Despite a slight decrease of 3 points compared to the previous quarter, Ireland maintains its position in the top half of the EMEA region for employment prospects, standing 5 points above the regional average.
Despite facing a technical recession with three consecutive quarters of negative economic growth, Ireland's economy, traditionally driven by multinational corporations, is showing resilience. The Economic and Social Research Institute (ESRI) indicates a stronger domestic economy than GDP figures suggest, though the slowdown in multinational-dominated sectors is evident through decreased exports and investment. This has impacted larger companies with 5000+ employees, leading to a dip in employment expectations. However, the overall employment outlook remains robust, showcasing Ireland's ability to weather economic challenges.
Some of the main findings of the report include:
Net Employment Outlook is 20% seasonally adjusted meaning this percentage of companies are planning on expanding their workforce in Q2.
Hiring optimism among Ireland’s multinational corporations has declined from +42% a year ago to just +12% in Q2 2024.
The large enterprise downturn is most pronounced in Dublin, where mega corporations report a Net Employment Outlook of +0%, down from +39% two years ago.
Dublin reporting the highest hiring intention of any region going into Q2, at +27%, driven by a hawkish rebound in hiring by medium-sized businesses (+40%).
The Healthcare & Life Sciences sector reports a Net Employment Outlook of 32%. The sector remains the keenest to hire across Ireland.
Record skills gaps in the labour market make optimistic hiring intentions difficult to turn into filled vacancies. To tackle the talent shortage, ManpowerGroup Ireland is advising businesses to re-evaluate how they approach job vacancies and focus more on skills-based hiring rather than solely on industry experience.
One of the most competitive regions in Ireland is the Connaught region with a NEO of 27, rising by 27 points from last quarter. This region reports the greatest growth in expectations out of the Irish regions.
