Foreign direct investment at ‘all-time high’ ahead of Brexit

Foreign direct investment in the Republic is at “an all-time high” with the number of jobs advertised in the financial sector during the first quarter of 2017 up 60 per cent year on year.

Overall jobs postings in the CPL Resources Employment Market Monitor grew by 14 per cent in the first quarter of 2017, which is strong compared to quarterly growth of between 6 and 10 per cent in each quarter of 2016.

The strongest growth for the first quarter of 2017 was in accountancy, finance and banking, which was up 60 per cent year on year. This was the fourth quarter in a row that the sector experienced strong growth.

Growth was also strong in science, engineering and supply chain (19 per cent).

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IT jobs showed a small fluctuation but, coming from a very high starting base, the change was indicative of the ongoing challenges of meeting the demand for IT candidates.

Sales and marketing jobs postings saw a small year on year decline of 7 per cent for the first since 2014.

Global talent

Nearly all employers said that anti-Brexit feeling would make the Republic more attractive to top global talent.

CPL Resources director Peter Cosgrove said: "Potentially there will be lots of jobs coming to Ireland, especially in the financial services area. The key issue is around the inability of banks to trade the euro once Britain is out of the EU.

“FDI investment in Ireland is at an all-time high, providing high-value employment here. Also, Ireland could potentially become the only English-speaking country in Europe and, as a result, will be a target for talent which would like to stay within Europe.

“However, even with the expected influx of talent, more than 60 per cent of employers believe it is an employee’s market, meaning they are still struggling to get the staff they need at the right price.”

CPL’s research also shows 64 per cent of employers believe staff are less productive when they work from home. “It is also unfortunate that our research shows that employers are resisting and eschewing home-working,” said Mr Cosgrove. “Presenteeism appears, still, to be an important criterion for measuring productivity despite proof it is ineffective,” he said. “If employers want to hire and keep the best talent, they need to reconsider what they can offer.”