IDA Ireland, in partnership with Microsoft and LinkedIn, has published its fourth quarterly Labour Market Pulse, which provides an overview of the latest insights and trends across the Irish labour market to help inform decision makers across business, academia and public policy.
Hybrid working model
This Labour Market Pulse looked at activity over a three-month period, between July and September 2021, and reveals a rapid recovery in the jobs market across most sectors, with the LinkedIn Hiring Rate rebounding and now exceeding the same period in 2019 by 15% for two of the three months.
In addition, one in seven jobs advertisements are now offering remote working, reflecting the growing number of businesses and organisations moving to a hybrid working model.
The Labour Market Pulse also identifies the significant level of demand for positions offering remote work opportunities, with interest levels tripling in a year. LinkedIn’s data shows that jobs that offer remote working now make up 15% of all job views and 16% of all job applications, compared with 5% of views and 5% of applications being made for similar positions in Q3 2020.
The top three industries offering remote working opportunities include Software & IT Services (21%), Corporate Services (19%), and Financial Services (10%).
Findings
- 71% of the C-Level executives surveyed stated their plans to hire additional staff over the next six months to drive business growth;
- 68% highlighted that they will invest in their employer brand to attract the best talent;
- 71% plan to increase marketing spend over this period, suggesting confidence in the economy;
- 79% of executives stated a key short-term intention was to invest in digital transformation to support new ways of working.
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD said: “It’s great to see some positive indications from this data today, although I’m aware that so many businesses are only getting back on their feet and are still struggling.
"I’m always particularly interested in the statistics around working from home as making remote and blended working a bigger part of life after Covid is a priority for the government.
"It’s clear that employers are recognising the benefits of making it permanent, with such an increase in remote job postings. I hope this continues and the government is putting in place the infrastructure, policies and laws to facilitate that. I’m also heartened to see such a high proportion of executives planning to hire over the next six months, I know this is only a snapshot of the overall labour market but it is encouraging to see.”
Martin Shanahan, CEO Of IDA Ireland, said: “The Labour Market Pulse is a useful tool to gather insightful information about ongoing trends in Ireland’s labour market, particularly in this time of flux following the disruption caused by the global pandemic.
"The future of work, fast-tracked by a year-long remote working experiment, is prompting a reassessment of where people work. The increase in remote working opportunities allows employers to tap into the talent base across all regions of Ireland.”
James O’Connor, VP international operations, Microsoft said: “When the Labour Market Pulse was first established, we were in the height of the pandemic and employers and employees were facing into unchartered territory.
'Continue to innovate and transform'
"While it’s been a challenging couple of years the fact that we’re seeing hiring rates now exceed pre-pandemic levels demonstrates the resilience of Irish businesses as they continue to innovate and transform.
"It’s also really encouraging to see how so many are embracing hybrid working and reimagining Ireland’s workforce. Through the insights provided by the Labour Market Pulse, we can support policy makers, as well as organisations, to achieve an inclusive and sustainable recovery.”
Sharon McCooey, head of LinkedIn Ireland, added: “Our latest insights, drawn from the activity of our two million members in Ireland, clearly illustrates a resurgence in the jobs market with companies back in hiring mode and professionals evaluating the next stage of their careers.
"Our additional research also illustrates that businesses are actively considering the future of work, with digital transformation a key priority for many organisations over the next six months. Offering flexibility to current and prospective staff will be a key factor in retaining and attracting talent in the months ahead.”