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Job Vacanies Up 21%

The number of professional job vacancies through July 2014 was up 21% year on year, according to Morgan McKinley's employment monitor for the month.

Almost 9,300 professional jobs came on to the market in July this year, up from 7,700 in the same month last year.

However, July's performance is slightly down on the amount of vacancies recorded in June 2014 (9,500), which Morgan McKinley say is a normal trend that occurs during the summer months.

The number of new professional jobseekers entering the market in July this year was also up on the same period last year – 9,500 compared with 9,240. A month-on-month increase of 3% was recorded among professional jobseekers from June (9,125) to July.

Sectoral trends identified by Morgan McKinley in July's monitor indicate that the property sector has rebounded strongly with knock-on positive effects for professional jobs in areas of finance and back office support.

Major talent shortages are also evident in niche areas in financial services and pharma, such as regulation and compliance.

According to Morgan McKinley Ireland's chief operations officer, Karen O'Flaherty, many employers are recognising the changes in the jobs market and are endeavouring to attract top talent with packages that focus on more than traditional pay and benefits.

She adds: “Ireland's revival is taking hold, as evidenced by the swell in the number of professional jobs vacancies across industries from financial services to pharma to ICT, engineering, science and back support, compared to this time last year.”

O'Flaherty says that the shortages of talent in certain niche areas of financial services may be a long-term trend. “These 'niche positions' will become more important in the coming years but our analysis shows that the lack of supply of suitable professionals will continue for some time.

“As a result, companies will need to put in place internal upskilling programmes to meet their firms' needs. To ignore this will result in adverse effects for companies growth and survival prospects.”

Morgan McKinley's report is available here. (August 2014)

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