With the Irish GDP expected to grow by 8.2% last year and unemployment falling yet again, there's no denying that 2018 was a very strong year for the Irish economy.
But 2019 is shaping up to be even more competitive for the employment market in Ireland. There have been a number of high profile announcements for new entrants to the market, such as WuXi Biologics, who invested �325 million in a new facility in Dundalk. Salesforce just announced 1500 new jobs in Dublin, and Facebook announced that they will hire 1000 more people in 2019.
With the uncertainty around Brexit, this has caused an influx of finance businesses are setting up offices in Ireland.
With all of these developments, if your business wants to hire and retain quality talent, you will need to adapt to the current climate and stand out from the rest. Challenges and opportunities in the coming year include Brexit to shifts in the candidate market and new demands from employees.
The Cpl Salary Guide has been a leading source of information on the Irish employment market for years in 16 different sectors.
We've listed 5 key takeaways for employers from our 2019 Salary Guide to help guide you through the hiring process and to ensure your current employees are happy in their roles.
1. The shorter the interview process, the better
In an increasingly candidate-driven and competitive market, clients have sped up the interview processes to secure the best candidates. Those failing to do so will lose out on top talent.
If the candidate has a skillset that is in demand, the chances are other companies are having similar hiring conversations too. Speeding up the process will capitalise on that interest.
In 2019, it's important to review your interview process and outline where you can optimise the process without sacrificing the process of adequately evaluating your candidates.
2. Brexit is changing the way businesses are hiring
Brexit uncertainty has highlighted the need for businesses to be adaptable. In turn Brexit has reinforced the need for all organisations to adopt a future-ready outlook and support entrepreneurship and innovation - inclusive of all genders and nationalities.
Going forward resilience will be a key skill, for both employees and employers.
Heightening the already competitive competition for finance talent, many international investment and asset managers are setting up offices in Dublin on the back of Brexit, meaning office compliance and risk candidates are increasingly needed.
To address the sector wide competition for talent, companies need to invest in high quality recruitment processes and programs to retain current employees, including more flexible work options.
3. Employers will need competitive benefits to attract quality talent
In 2019 competitive benefits and salaries will be needed to attract the best people, especially in high demand sectors.
According to a study from the Centre of American Progress losing an employee can cost anywhere from 16% of their salary for hourly, unsalaried employees, to 213% of the salary for a highly trained position.
To retain staff and save budget across the business, it's worth looking into employee benefits that potential talent values the most. These include:
- Flexible work
- Clear career progression
- Upskilling opportunities
It is, however, a combination of these elements that will attract and retain employees, including benefits, a good company culture and the values of a business, such as authentic corporate social responsibility and sustainability policies.
4. 2019 is the year to fully embrace AI
Advancements in technology and AI (Artificial Intelligence) have begun to impact how and where we work, a trend that will be amplified in 2019.
An explosion of new AI products has hit the recruitment industry, primarily focused on matching candidates and predicting success rates. AI has also significantly helped the finance industry in areas such as customer service and fraud detection.
People will remain as always at the centre of business success, but AI can give your business the edge it needs in this competitive market to attract quality talent.
5. Clear career progression for employees is essential
In many industries, such as HR and construction, a common trend is the need for permanency. This is linked to the desire to access career progression opportunities and the need for job security. To attract candidates to shorter term roles we are finding that premium rates are essential.
In other industries such as IT, contracting is still common. Candidates who choose contract work are doing so to gain more flexibility, diversify their experience and earn a higher salary. Hiring for contract positions is also on the rise due to market uncertainty with Brexit looming.
Overall, 2019 is going to be a very interesting year for the employment market. With Brexit getting closer and closer, combined with the competitive candidate market, employers will have to review and amend their talent strategy to attract quality talent.
Simply put: employers need to understand what potential candidates for their business value the most such as competitive benefits, as well as a clear career path for possible progression for the long term.
Looking for more market insights?
Whether you're an employer or a candidate looking for insights into your industry and role, the 2019 Cpl Salary Guide has something for you.