Morgan McKinley Ireland Quarterly Employment Monitor: Resilience Despite Caution In Q4 Employment Market Amid U.S. Election
Onsite work push, housing crisis, and rising costs slows job mobility
Strong demand for niche skills, particularly in AI, automation, and regulatory compliance
Friday, 17th January 2025: The Morgan McKinley Irish Employment Monitor for Q4 2024 reports a 14.6% decline in professional job openings compared to the previous quarter, reflecting cautious hiring strategies by multinationals amid global economic uncertainties. Despite the overall decline, the Irish employment market remained active with sectors and disciplines such as regulatory compliance, financial services, and emerging technologies like AI and automation showing resilience, offering targeted opportunities for skilled professionals.
Meanwhile, the number of professional job seekers rose by 6.8%, increasing competition for fewer roles. The push for more onsite work has clashed with candidates' desire to maintain flexible arrangements, creating tensions between employers and employees. Rising living costs and the ongoing housing crisis, particularly in Dublin, have exacerbated this stand-off.
Trayc Keevans, Global FDI Director, Morgan McKinley Ireland, said: “The end of 2024 was marked by global economic caution, exacerbated by the U.S. presidential election and ongoing concerns about corporate tax and trade policy changes. Multinational firms in Ireland, particularly in technology and life sciences, scaled back hiring amid these uncertainties. Meanwhile, the debate over hybrid and onsite work intensified, with employees resisting the return to full-time office schedules. This friction, combined with the housing crisis and rising living costs, significantly slowed job mobility.
“The technology sector saw a sharp rise in demand in the final quarter of 2024, driven by end-of-year project deadlines and preparations for the EU’s Digital Operational Resilience Act (DORA). Expertise in automation, AI, and regulatory compliance was in high demand, especially in Dublin. This shift towards highly specialised roles highlights a continued imbalance between job seekers and available positions, reflecting employers’ focus on critical skills. Looking ahead, AI and automation are expected to drive further growth as companies accelerate digital transformation initiatives.
“In financial services, the introduction of DORA heightened the focus on operational and third-party risk, spurring demand for risk, and compliance professionals. While fund accountants were in strong demand for the last quarter of the year, the broader sector continues to face challenges in attracting emerging talent, largely due to its traditional image compared to the dynamic appeal of technology roles. The ongoing housing crisis has exacerbated these issues, prompting some younger professionals to emigrate for better opportunities. To counteract this trend, employers are offering enhanced benefit packages, as they strive to retain skilled employees amid a competitive market.
“The accounting and finance sector struggled with talent shortages, particularly for newly qualified accountants and tax specialists. While hiring activity remained stable, senior professionals exhibited reluctance to change roles due to broader market caution. Advances in AI and automation streamlined tasks such as accounts payable, leading to smaller team sizes, while stricter onsite work requirements further limited the talent pool. With professionals increasingly valuing flexible work, the sector faces continued challenges in attracting and retaining talent.
“The life sciences sector remains project-focused, with hiring concentrated on validation, quality control, and regulatory roles. Many professionals are moving from the food sector to pharma in search of better working conditions and higher pay. While this benefits the pharmaceutical industry, it leaves the food sector more challenged with skills shortages, particularly in production roles.
“The engineering sector maintained stable hiring levels, buoyed by ongoing infrastructure and validation projects and a growing focus on automation. Demand for skills in electrical design, validation, and project management underscored the sector's emphasis on operational efficiency and compliance. The push for fully onsite roles has created recruitment challenges, as many professionals continue to prioritise flexible working arrangements. To address these challenges, some companies introduced retention bonuses to secure critical talent and ensure project continuity. The need for highly specialised skills, such as injection moulding and automation, is expected to drive international recruitment efforts in the coming year.
“In supply chain and procurement, demand for expertise in risk management, digital transformation, and Lean methodologies remains steady. Companies prioritise operational flexibility and resilience to navigate economic volatility. However, the housing crisis has made it difficult to attract younger professionals, many of whom are seeking opportunities abroad.
“The projects, transformation, and change sector benefited from sustained demand for professionals skilled in agile methodologies, data-driven initiatives, and ERP systems like SAP. Digital transformation projects fuelled moderate growth as companies prepared for 2025 through strategic headcount increases. However, intensified competition for roles and stable or slightly declining salaries reflected a growing supply of talent. Businesses increasingly prioritised cybersecurity and cloud computing roles, highlighting the critical importance of digital resilience in today’s evolving landscape.
“In business support, recruitment activity slowed in Dublin but remained steady in other regions. Employers sought candidates with strong technical and organisational skills to handle immediate operational needs. Rising living costs and the housing crisis have led many candidates to favour remote or hybrid roles, intensifying competition and complicating hiring efforts.
“Human resources hiring expanded, particularly for Employee Relations specialists and HR Business Partners, as companies sought to manage workforce complexities. Efforts to enhance HR Information Systems reflect a broader initiative to improve employee experiences and optimise workforce management. Despite this, a shortage of junior HR professionals persists, aggravated by low unemployment and emigration.
“In construction, robust demand for quantity surveyors and engineers was supported by government investment in infrastructure projects. However, the sector continues to face significant challenges, including rising labour costs, skills shortages, and delays in housing completions due to resource constraints. Data centre projects have slowed amid concerns about their energy demands, prompting a shift in priorities. Employers are under pressure to meet ambitious infrastructure goals while managing persistent workforce shortages.”
Current most in-demand positions by discipline:
Technology: Dublin: Software Engineer, Security Engineer, Test Engineer, DevOps Engineer. Regions: IT Project Manager, Infrastructure, Software, Business Analyst, Change Manager, Product Owner.
Financial Services: MLRO, Senior Risk Officer, Senior Compliance Officer, Financial Adviser, AML Analyst, Fund Accountant, Transfer Agency Analyst, Operational Risk Analyst, Third-Party Risk Manager, Client Services Analyst.
Accounting & Finance: Dublin: Newly Qualified Accountants, FP&A Manager, Finance Business Partner, Financial Accountant (1 to 3 years post-qualified experience), Accounts Payable, Tax Accountant, Tax Manager, Tax Director. Regions: Financial Accountant, Accounts Receivable, Accounts Payable, Finance Manager, Finance Business Partner.
Life Sciences: Quality Specialist, Validation Engineer, QC Analyst - Microbiology, QC Analyst - Chemistry, Quality Manager.
Engineering: EHS Specialist, EHS Engineer, EHS Manager, Automation Engineer, Automation Project Manager, Maintenance Engineer, Electrical Design Engineer, Mechanical Design Engineer, Mechanical Project Engineer, Mechanical Project Manager, Electrical Project Engineer, Electrical Project Manager, CQV Engineer, Validation Specialist.
Projects, Transformation & Change: Systems Analyst, Project Manager, Business Analyst, PMO, Delivery Manager, Change Specialists, Scrum Masters.
Business Support: Dublin: Receptionist, Office Administrator, Executive Assistant, Office Manager, Customer Service Administrator. Regional: Clerical Officer, Data Administrator, Executive Assistant, Scheduler/Coordinator, Medical Administrator.
Human Resources: HR Business Partner, Senior HR Business Partner, Employee Relations Specialist, HR Specialist, and HR Administrator.
Construction: Quantity Surveyor, Project Manager, Civil Engineer, Electrical Engineer, and Mechanical Engineer.
Supply Chain & Procurement: Planner, Buyer, Logistics Manager.
Marketing: Product Marketing Manager, Social Media Manager, Digital Marketing Executive, Events Manager, Senior Marketing Manager, Paid Media Specialist.
Legal: Corporate Lawyer, Technology Lawyer, Lawyers specialised in Financial Services regulations, Commercial Property Lawyers and Energy Lawyers.
Executive: CTO and CIO.
Statistical methodology
- Monthly new jobs and new candidates:
Monthly new jobs and new candidate figures are based on Morgan McKinley’s 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 market share. - Job classification:
Job vacancies are professional-level positions within the following sectors and functions: Legal, Financial Services, Technology, Accounting & Finance, Business Support, Sales & Marketing, HR, Multilingual, Supply Chain & Procurement, Life Sciences & Engineering, Project, Change & Transformation and Executive. - 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.
Further press information: Sarah Lawlor, MKC Communications, 086 1904125
About Morgan McKinley
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