38% of Irish Companies are Planning on Hiring New Staff in Q1 2024

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Positive hiring trends are anticipated in Ireland for the second quarter of 2024, boasting a Net Employment Outlook of 20%. Despite a slight decrease of 3 points compared to the previous quarter, Ireland maintains its position in the top half of the EMEA region for employment prospects, standing 5 points above the regional average.

Despite facing a technical recession with three consecutive quarters of negative economic growth, Ireland's economy, traditionally driven by multinational corporations, is showing resilience. The Economic and Social Research Institute (ESRI) indicates a stronger domestic economy than GDP figures suggest, though the slowdown in multinational-dominated sectors is evident through decreased exports and investment. This has impacted larger companies with 5000+ employees, leading to a dip in employment expectations. However, the overall employment outlook remains robust, showcasing Ireland's ability to weather economic challenges.

Some of the Main Findings of the Report include:

• Net Employment Outlook is 20% seasonally adjusted meaning this percentage of companies are planning on expanding their workforce in Q2.

• Hiring optimism among Ireland’s multinational corporations has declined from +42% a year ago to just +12% in Q2 2024.

• The large enterprise downturn is most pronounced in Dublin, where mega corporations report a Net Employment Outlook of +0%, down from +39% two years ago.

• Dublin reporting the highest hiring intention of any region going into Q2, at +27%, driven by a hawkish rebound in hiring by medium-sized businesses (+40%).

• The Healthcare & Life Sciences sector reports a Net Employment Outlook of 32%. The sector remains the keenest to hire across Ireland.

• Record skills gaps in the labour market make optimistic hiring intentions difficult to turn into filled vacancies. To tackle the talent shortage, ManpowerGroup Ireland is advising businesses to re-evaluate how they approach job vacancies and focus more on skills-based hiring rather than solely on industry experience.

• One of the most competitive regions in Ireland is the Connaught region with a NEO of 27, rising by 27 points from last quarter. This region reports the greatest growth in expectations out of the Irish regions.