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Unemployment in Ireland is on the rise, but financial services is bucking the trend and recruitment numbers have actually increased from this time last year.
The figures from the Central Statistics Agency on unemployment in Ireland paint a bleak picture overall. Growth in the labour market has slowed from 3.8% last year to 2.6% in 2008 and the number of jobless individuals has risen by 9.3%.
But in the face of an economic downturn, employment in financial and other business sectors has accounted for almost half (48.9%) of the overall increase in employment in Ireland, and we have more job roles than ever.
Accountancy is a particularly hot sector. We’ve seen a 27% increase in full-time vacancies this year compared to 2007, and contract roles have grown by 30% on last year as clients look to take ‘stop-gap accounting’ measures.
Ireland’s banking sector has not been immune to the subprime problems and has started to show signs of a downturn. However, we actually have 100 extra roles to fill in banking at the moment compared with the same period last year, with treasury, funds services and corporate banking roles particularly active.
Still, while all the signs point to a buoyant financial jobs market, confidence has been negatively affected.
Faced with a poor economic climate, employees are becoming more selective with the firms they choose and are reluctant to make the move unless they’re certain it’s the right one.
Similarly, employers are becoming more cautious in taking people on. The focus is on high calibre candidates, and financial services firms are unlikely to take a risk on somebody who doesn’t fit the bill exactly.
The other consequence is that firms are looking more closely at the employees they already have. Counter-offers, developing the role and regular appraisals are now commonplace to keep hold of key staff, while underperformers may well find themselves redundant as firms feel the pinch and look to cut costs.
A savvy job-seeker will realise that the roles are still out there and, with more people unwilling to enter the job market, this is a prime opportunity to move up the career ladder.
Hilarie Geary is CEO of Dublin-based recruitment consultancy Executive Connections.
Hilarie, I have looking for a position in the financial service sector for the past 7 months with no luck at all. I have an honours degree, postgrad and 3 years work experience, yet i am finding it nigh on impossible to get an interview even for a graduate level job. I am also registered with your agency and have left numerous messages for one of your agents to discuss a couple of positions but my calls were not returned.