Job vacancies stabilise as caution enters the market
New data from hiring platform IrishJobs.ie shows a continued stabilisation in the number of job vacancies across the country.
While the Index reveals 15% year-on-year growth in the number of jobs available this quarter, this is a deceleration of growth compared to the year-on-year figure for last quarter of 44%.
In addition, quarterly growth is levelling out, with 4% job vacancy growth in the second quarter of 2022, slightly up from 3% growth in the first quarter of the year.
Of the 30 sectors analysed in this quarter’s Index, 20 posted year-on-year increases in job vacancies in the second quarter of 2022, down from 22 posting year-on-year increases in the last quarter.
Certain sectors have begun to experience a stabilisation in the number of job vacancies, following an acceleration in demand during the pandemic.
These include jobs in IT, which have increased by just 1% quarter-on-quarter and decreased by 12% year-on-year.
Demand has also begun to slow in Science, Pharmaceutical & Food, as well as Production, Manufacturing & Materials.
Meanwhile, jobs in Banking and Financial Services are growing at a steady rate as remaining banks fill the hiring gap left by the departure of KBC and Ulster Bank from the Irish market.
Industries worst impacted by Covid-19 public health restrictions continue to experience the greatest demand for talent.
Jobs in Hotel & Catering are up by 61% year-on-year, with a specific need for chefs.
In addition, job advertisements in the Tourism, Travel & Airlines sector are up by 107% year-on-year and 15% quarter-on-quarter.
“Our first Index of 2022 indicated a continuing stabilisation in the market following the pandemic-driven surge in job postings across the country towards the end of last year,” said Jane Lorigan, CEO of Saongroup, parent company of IrishJobs.ie.
“With economic and geopolitical uncertainty dominating today’s news agenda, it’s clear that employers are becoming more cautious when it comes to expansion in order to counteract the effects of growing inflation, while others are simply responding to a decreased need for services in the wake of the pandemic.
“That said, the overall volume of jobs available remains high, with a number of industries, including tourism, travel and hospitality, still trying to recover staff numbers, as well documented in the media, following the impact of public health restrictions over the last two years,” she added.
Meanwhile, the data shows the trend towards remote work continuing, with an 11% increase in the number of jobs advertising remote work on a quarterly basis.