Job postings in financial sector up 45% in two years

The number of job advertisements in the financial sector was up 45 per cent during the second quarter of the year compared with the same period of 2016, according to the Cpl Employment Market Monitor (EMM).

Despite the State reaching almost full employment, the monitor, which deals with jobs posted in sectors that are largely representative of FDI investment, shows an increase of almost 10 per cent in the posting of jobs compared to the same quarter in 2016.

Accountancy, banking and finance jobs have shown a 45 per cent increase since 2016.

The sales and marketing area had a very strong first quarter in 2018 but activity decreased a little in the second quarter, which was described by economist Ronan Lyons, who co-authored the report, as "a usual seasonal trend".

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Jobs in the science, IT, engineering and supply chain sector have remained static since 2016.

“The figures show a job market in good health,” said Mr Lyons. “The growth in jobs posted in the second quarter of the year is the highest since 2014.

“The research also showed that both jobseekers and employers see jobseekers as gaining more bargaining power.”

The EMM records a measure of labour-market sentiment every quarter and shows that jobseekers are gaining advantage.

Both segments (employers and jobseekers) are moving closer to a neutral reading of zero with job seeker sentiment showing a reading of -0.2, or a market very slightly in favour of employers, and +0.7 from employers.

However, issues around employee engagement emerged from the research, with seven out of ten said to be bored at work, while three quarters envisaged a career change in the future. Two thirds did not identify an age limit for this aspiration.

Cpl Resources client services director Siobhan O’Shea said jobs growth “remains strong”.

“This presents an ongoing issue for employers – they will find it harder to find the right candidate and when they do, it may be harder to keep them engaged,” she said. “Employers must find ways to challenge their staff and help them grow.

“Support and wellness programmes are also a key element of preventing burn-out and stress. Six out of ten employees believe their company doesn’t contribute to their wellness.

“So employers are either ignoring a key principle of employee retention or they are not tailoring their offering to their employee demographic.”