Tag: job

Housing scarcity and cost-of-living crisis sees young talent emigrate and threatens job growth

The Morgan McKinley Quarterly Employment Monitor registered an overall 6.9% increase in the number of new professional job opportunities in Q3 2022 compared sequentially to the second quarter across all professional sectors. However, the monitor also recorded a decrease of -3.3% in the number of professionals actively seeking new job opportunities compared to the previous quarter.

The Morgan McKinley employment monitor measures the pulse of the Irish professional jobs market by tracking the number of new job vacancies and new candidates in the Republic of Ireland each quarter. In order to reflect the changing dynamics of the current employment market, Morgan McKinley are including both permanent and contract jobs in the employment monitor.

The latest monitor reveals that the housing and cost-of-living crises are having a major impact on hiring, with Dublin based companies particularly struggling to find talent due to limited accommodation. The market remains candidate driven as salaries continue to be under pressure across most sectors, pushed by inflation, skills shortages, and with candidates having multiple options to choose from. Flexible working remains a priority, with most candidates preferring a hybrid working model. Companies with fully onsite working models face deep challenges in staffing.

Trayc Keevans, Global FDI Director, Morgan McKinley Ireland, said:

“There has been a notable and sustained decline in the availability of emerging talent. The impact of this is being felt in the employment market with employers struggling to fill entry level and graduate positions as this talent cohort is emigrating due to the lack of housing and the cost-of-living crisis. Australia, UK, and Canada were the primary destinations for departing talent over the last quarter, followed by Singapore, Dubai, Bermuda, and the Cayman Islands. Continental European locations like Spain, France and Germany have also proven popular with new graduates.

“The remaining talent at this level are not compromising on salary demands of up to 20% higher than current norms for entry-level and early-career qualified roles. Furthermore, these entry level roles are now also being filled with more experienced talent on higher salaries resulting in higher overall employment costs for businesses.

“Employment permits are being processed at almost double the rate of last year due to a tripling of government staff to reduce the processing times to the current run rate of 2-3 weeks. There is evidence that the largest proportion of these employment permits are going to professionals already in Ireland as companies are more confident that acquiring accommodation won’t be a barrier to their taking up the position. In addition, local relocation’s from the regions to Dublin and from Dublin to regional cities have been proving difficult. Employers are becoming more hesitant to offer a position to someone situated outside of their core location where they have an on-site or a hybrid working model in place.

“The financial services sector has seen an overall uptick in roles in the past quarter, with demand outweighing supply as increasing volumes of young talent emigrate and experienced professionals are less inclined to migrate to new companies, particularly in funds and asset management. Significant numbers of financial services professionals have left Dublin due to the cost of housing and childcare, and their resulting distance from the city centre continues to be a factor in a preference for hybrid and remote work. The housing shortage within Dublin is causing companies to struggle with securing overseas talent, leading to a reduction in non-EU professionals and a narrowing of the talent pool.

“Employee retention has become a primary focus of financial services employers. Talent retention is successful where employees have remote working options and are granted salary rises within their current roles. Salary increases are being seen across the board; funds and asset management roles have seen up to 15% salary increases, banking and insurance on average 5% increases, and governance roles have seen up to 10% salary increases.

“While the job market in accounting slowed down slightly, candidate demand continues to outweigh candidate availability in many cases. This shortage is particularly present among newly qualified candidates as many young people emigrate to Australia, the UK, and Canada directly after gaining their qualification. There is an anticipated increase in emigration expected in January 2023 after qualifications are completed. The younger, newly qualified candidates present in Ireland frequently seek higher salaries, jobs with fewer demands, and remote work. Across age groups, it is typical for candidates to have 3-4 offers on the table while in the hiring process.

“Our young legal talent are also completing their qualifications in Ireland and leaving for overseas opportunities. Approximately 40% of legal jobs filled in the last quarter are from returning migrants from the UK and Australia, however these tend to be more mature talent, while 25 to 30-year-olds are emigrating. The young talent remaining have higher salary expectations than ever and a focus on hybrid working models. In exchange for lower salaries, young legal talent are now seeking to enter an employer funded pension scheme early, such as from the first day of work rather than after probation. Increasing numbers of small legal firms are offering pension plans in order to remain competitive. Banks and commercial organisations have been seen to respond to pressures to increase pension contribution percentages above 5%; in workplaces that employ legal talent, legal jobs are seeing this rise as well.

“In the technology sector we are seeing some hiring freezes and we are starting to see some redundancies. Overall, the sector is seeing less of a loss of young talent when compared to other sectors, as technology graduates in Ireland are often comfortable enough with their salary and job options not to feel the need to emigrate. However, international awareness of Ireland’s scarce housing options is leading to a decrease in the volume of overseas technology talent applying for jobs in Ireland over the last quarter. Many technology employment permits are for candidates already resident within Ireland and who have already secured accommodation, reducing employer options for technology hiring.

“Recent legislative changes in Ireland and the UK are also predicted to have an effect on the technology market. The newly announced budget measures improve fiscal options for contractors here in the form of the rent tax credit, household energy tax credit, and small benefit exemption scheme. This may cause a transition within Ireland where technology talent that formerly sought permanent work will consider a move towards contracting options. In the UK, we expect that the repeal of the IR35 tax regulations will increase opportunities for contractors, possibly leading to UK-based technology contractors in Ireland returning to the UK to work, though the effects of the IR35 change for Ireland remain to be seen.

“Meanwhile the Government’s recently announced 10% levy on concrete could cause further challenges for budgets in the construction sector, especially around pharma manufacturing, data centres, and housing growth plans. Consequently, there are early indicators that our construction talent are already looking at career opportunities outside of Ireland for the near future. Many young construction workers are working in Europe as Irish employers doing business in Europe are paying accommodation, travel, and leisure money; these workers may live in Ireland part-time but work on the mainland.”

 Current most in-demand positions by discipline:

Technology: Full-Stack Developers, Cloud Engineers, Data Engineers, Security Engineers, SOC Analysts, Site Reliability Engineers, DevOps Engineers, Developers with Java, .Net, Python, PhP, and Ruby on Rails Skills

Life Sciences: Qualified Person, Process Engineer, Computer Systems Validation Specialist, Automation Engineer, Pharmaceutical manufacturing roles, goods manufacturers as well as Sterile Ops professionals with fill finish experience

Financial Services: Case Managers, Mortgage Arrears Specialists, AML Analysts, Fund Accountants, Transfer Agency Supervisors, Claims Consultants, Pensions Administrators

Accounting & Finance: Newly Qualified Accountants, Tax Accountants at all levels, Qualified Accountants with 1-3 years’ experience, Payroll Clerks, Accounts Receivable and Accounts Payable Specialists

Tax & Audit: Audit Senior (Qualified), Tax Manager, Tax Director, Audit Manager, Audit Director, Assistant Audit Manager

Sales: Sales Executive, Account Manager, Sales Manager, Business Development Manager, Junior Sales Executive, Customer Service Advisor

Legal: Privacy Lawyer, Investment Funds Lawyer, Corporate Lawyer, Banking Lawyer, Employment Lawyer

Admin/Office Support: Graduates, Executive Assistants, Receptionists, Entry-Level Legal Admins with Financial Services

Human Resources: HR Business Partner, Learning & Organisational Manager, Learning & Organisational Specialist, HR Generalist, Strategic People Partner, Talent & Attraction

Multilingual: Senior Technical Support Analyst, Tier 2 Support Specialist, Customer Support Specialist, Process Analyst, Sales Development Representative

Construction: Quantity Surveyors, Site Engineers, Project Managers, Mechanical Staff, Electrical Staff

Marketing: Communications Specialist, Communications Manager, Brand Manager, Digital Marketing Specialist, Digital Marketing Manager, Marketing Executive, Marketing Manager

Statistical methodology

  • Monthly new jobs and new candidates:

Monthly new jobs and new candidate figures are based on Morgan McKinley’s own monthly records of new permanent and contract job vacancies and new candidates registering with the firm for employment. Statistics for the full market are derived using Morgan McKinley’s own market share.

  • Job classification:

Job vacancies are professional level roles within the following sectors and functions: Legal, Funds, Technology, Admin/Office Support, Sales, Supply Chain & Procurement, Life Sciences, Executive Search, HR, Multilingual, Contract, Marketing, Banking & Insurance, Accounting & Finance, and Projects/Transformation/Consulting.

  • Geography:

The data is based on new job vacancies and new candidates registered with Morgan McKinley’s network of Irish offices in Cork, Dublin, Galway, Limerick, and Waterford.

Internal Job Cover Letter: How To Express Interest

Many job seekers applying for a new position inside the company think that their reputation is all that matters. Sure, feedback from your current supervisor is important, and it’ll definitely affect your prospects. But so is your job application, including your resume and especially your cover letter. So here are a few tips that’ll help you write a top-notch internal job cover letter

#1 Communicate Your Commitment to the Company

One of the reasons why companies often start with internal hiring is that they’re looking for a person who is well-familiar with the organization and has a nice track record within it. That’s why it’s critical that a professional cover letter for internal position clearly communicates your commitment to continuing to grow with the company.

When a hiring manager or prospective boss is reading applications for internal job opportunities, they want to see what you’ve already achieved while working at the company as well as what you’re hoping to achieve going forward. So your most important tasks are to highlight your accomplishments and express genuine dedication to the employer.

Don’t go overboard, though. Job seekers who claim that they’d like to stay with the company “for the rest of their professional life” when applying for a job risk coming across as insincere. It’s better to leave one’s long-term goals for the interview. For now, simply make sure that the recruiter or the person in charge of hiring decisions knows you’re not looking for a temporary job. A place you can also try is advertising resume writers from resumeperk 

#2 Tell Why You’re Interested in the Position

But it’s not enough to show your commitment. If you want to land an interview and hopefully get hired, include why exactly you’re interested in the position you’re applying for. Be honest, but not too honest. If the number one reason is money, don’t mention it in your cover letter. The Human Resources Team won’t appreciate it.

Instead, focus on the responsibilities the new position implies and the opportunities for professional growth it opens. Perhaps, it’s something that you’ve had a chance to try in your current role and really enjoyed (say, mentoring or assisting in talent acquisition). Then, you can write that you’ve realized you’re good at it and would like to do it more.

Alternatively, a time-tested and believable response to the question of why you’d like to change your job is that you’ve reached the ceiling in your current position. It’s not uncommon for candidates with years of work experience to feel like there’s no more room for them to grow. It’s okay to admit this.

#3 Make Sure to Explain What You Bring to the Table

Next, any internal job cover letter (or any cover letter, for that matter) should include the reasons why a candidate thinks they’re a good fit for the position. All employers are looking for competence and an impressive qualification. As an applicant, you’re supposed to assure them that you have a lot to offer.

Dedicate a paragraph or two to addressing the job requirements of the position you’re applying for and how you’re capable of meeting them. Show that you’ve read the job description thoroughly and understand how the department you’d like to work in operates. Then write about how your education and current job have prepared you for what’s (hopefully) to come.

#4 If You Think It’s Appropriate, Add a Couple of Positive Changes You’d Implement If Hired

Specificity is what a lot of cover letters lack. So if you want to impress the recruiter or even your future supervisor, make yours as specific as possible. A good way to do so is to write a paragraph or two about what you’ll do in the new role if hired. For example, if you’re applying for a position of an onboarding specialist, here are a few things you might propose in the cover letter:

  1. Beginning the onboarding process in advance by sending study materials to the new hires.
  2. Pairing every new employee with an experienced mentor for at least two weeks.
  3. Organizing informal events to organically familiarize new employees with the company culture.
  4. Involving new employees in brainstorming from the first day to make them feel welcomed and valued.

#5 Don’t Think the Job Is Yours to Lose Just Because It’s an Internal Promotion

Finally, no matter how outstanding of a track record you have within the company, don’t think that you’re guaranteed the job just because they’re looking for an internal candidate. First, you never know—a colleague of yours might submit a much stronger job application. Second, your prospective boss might be looking for a specific person, and your work experience might not be as relevant as you think.

Remember that the quality of the job application, including the cover letter, matters a lot. If you feel like you lack the writing skills to compose a winning cover letter, it might be the right step to get professional help here top resume writing service. After all, your goal is to get employed. If you need to invest in your career a bit more to achieve it, do so.

An Afterword

A cover letter is possibly the most important part of the internal job application process. For it to get you the job, you must clearly state your commitment to the company, reasons for your interest in the new position, and original ideas you’re bringing to the table. So don’t just write a few paragraphs half-heartedly, hoping your resume is enough. Make an effort.