Employment opportunities are expected to grow by 8% during the course of 2024. We are anticipating particularly strong demand for accounting, insurance, engineering, science, construction, cybersecurity and social care personnel in the coming year.
It is also expected that upward pressure on salaries will continue over the next 12 months.
The analysis is included in FRS Recruitment’s 2023 Review & 2024 Trend Forecast report. Over the course of 2023, FRS Recruitment advertised a total of 88,964 opportunities. There was also a strong level of response to the openings that came on market, with FRS recording a 32% rise in the average number of applications received per opportunity.
On a regional level, 20 of the 26 counties experienced a decline in job opportunities in 2023. The number of roles reduced in all the main urban areas with Dublin (down 24%), Cork (down 19%), Galway (down 18%) and Limerick (down 20%). Proportionately the largest decline was experienced in Monaghan (down 51%).
However, six counties also saw the number of opportunities rise in 2023. There was significant growth in activity in the North-West part of the country in particular, with the largest county by county increases occurring in Donegal (up 43%), Leitrim (up 40%), Mayo (up 36%) and Sligo (up 13%). Additional increases in the number opportunities were also seen in Tipperary and Wicklow.
.png?width=750&height=563&name=Copy%20of%20Blog%20images%20(15).png)
Despite the more difficult recruitment market experienced in most counties last year, we anticipate that the national rise in opportunities coming in 2024 will also be positively felt throughout the regions over the year ahead.
With the economy at full employment and cost of living challenges still being felt by employees, we also expects to see further upward pressure applied to salaries.
Speaking about the report and the outlook for the year ahead, Lynne McCormack, General Manager with FRS Recruitment said, “If 2023 was a year of turbulence in the recruitment market, we are anticipating a steady rise in opportunities for the year ahead. We are already seeing green shoots of recruitment appear across multiple sectors, several of which experienced a challenging 12 months".
“It is fair to say that in 2023, the market got jittery, certainly in the first half of the year. The large job losses announced by the major tech companies seemed to resonate across the market, with implications for opportunities coming on stream for multiple industries far beyond the IT sector. Rising costs relating to energy, supply chain expenses and salaries also impacted on the recruitment outlook as many employers opted to work with their available workforce rather than going to the market with new openings".
“Thankfully the market recovered in Q3 and was firing strongly again by the end of the year. The signs point to that approach continuing into 2024. The market is already showing significant need for skilled personnel in several sectors. Employers are actively seeking out individuals with qualifications and experience in accounting, insurance, science, engineering, cybersecurity, social care and construction. Such is the pent up demand for this talent we see no shortage of opportunities arising in the next 12 months".
“There are also a lot of temporary roles coming to the market, especially for those interested in manufacturing and production positions, customer service jobs as well as a wide range of opportunities for drivers".
“As long as the economy maintains such high levels of employment, there will also be significant upward pressure on salaries, as talented employees seek out the most favourable conditions. Leveraging offers of new employment to secure better terms from their existing employers became a regular part of the hiring dynamic in 2023 and we expect that will continue in the next 12 months. Coupled with the significant expenses associated with accommodation and commuting, most employers in most sectors can expect to see a push for better remuneration, especially from employees who know there are plenty of other openings available on the market,” Ms. McCormack concluded.
