Uncertainty over the trade policy environment in the wake of November’s US presidential election is already affecting hiring in Ireland by firms operating in the tech sector, according torecruitment specialists Morgan McKinley.
In its latest employment monitor, the firm reports a 14.4 per cent increase in the number of available professional jobs during the second quarter of the year, with numbers easing off somewhat in June after strong growth over the preceding two months, and a 6.9 per cent rise in the number of professional job seekers.
The figures are based on changes in the numbers of vacancies and job seekers registered with Morgan McKinley and adjusted on the basis of the company’s share of the recruitment market in Ireland.
The company’s global FDI director, Trayc Keevans, said the professional jobs market generally “continues to show resilience and growth”, but that there are variations within the wider picture, most notably slow demand for particular roles in the tech sector linked to the US election.
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Among the Donald Trump policies set to impact trade between the EU and US and affect the operation of American companies in Europe, is a commitment to impose a minimum 10 per cent tariff, which, it has been estimated, could reduce EU exports by more than €150 billion annually.
“The technology sector has seen a cautious approach from US tech companies operating in Ireland, particularly concerning the hiring of software development talent,” Ms Keevans said.
“This caution is linked to the upcoming US elections and potential changes in economic policies and regulatory frameworks. The tech sector’s recruitment slowdown, especially in research and development roles, reflects broader economic uncertainties. Companies are being prudent, awaiting clarity on the political and economic landscape.
“In contrast, the financial services sector saw an uptick in hiring, driven by compliance needs related to the Digital Operational Resilience Act (Dora), which mandates that financial entities strengthen their operational resilience. This has led to increased demand for roles in risk management, ESG and operational resilience,” she said.
The amount of recently introduced changes to the employment law framework has driven demand for specialists in that field, the report suggested, while Ms Keevans noted an ongoing shortage of accountants and tax professionals in the Dublin area.
“In the construction sector,” added Ms Keevans, “there was a strong demand for permanent roles, particularly in Government infrastructure projects such as upgrades at Dublin Airport and rail lines in Cork.
“The residential construction sector is also active, driven by housing targets set by the National Planning Framework 2040. In contrast, commercial construction has been quieter.
“Employers,” she concluded, “face challenges in recruiting international talent due to visa issues and the accommodation crisis, which has led some companies to acquire properties to house their employees.”
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