The magnetic pull of the Dublin economy is a force to be reckoned with. Yet recent years have seen a steady outflow of workers to all parts of the country, a trend exacerbated by record rents and ever-rising house prices.
The quarterly issued Labour Force Surveys from the Central Statistics Office show a steady growth in regional employment - the most recent survey found that all regions registered job growth and employment outside of Dublin had increased by 59,700 in the year to Q3 2022, a growth of 3.5 per cent. And earlier this year, the IDA announced that 2021 had been a record year for regional investment, with IDA client companies now employing 151,676 people regionally, representing 55 per cent of total FDI employment. Meanwhile, the advent of remote working has meant that many people have kept their jobs but simply switched their location.
“Housing is now the biggest impediment to living and working in Dublin at this juncture,” economist Jim Power tells The Irish Times. “It’s not just availability but the cost, whether it’s rental or for purchasing.” Regional living has also become more attractive in the aftermath of the pandemic, when many people began to prioritise quality of life, he adds.
This all means Dublin is losing its lustre as the “go-to” destination for young professionals. “There was a time when if you wanted a well-paid job with prospects, Dublin was the only place to be,” says Power. “That is changing because Government regional policy is working and the IDA’s role in that is incredibly important, helping to create an employment environment around the country that is attractive to people.”
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Cities like Galway, Limerick, Cork, Waterford, Kilkenny now offer the potential for the same quality of job that was once restricted to Dublin, Power says. “There are push and pull forces at play here - the push is the cost of housing, but the pull is the option of the high-quality job and better quality of life.”
According to Jennifer Gallivan, head of talent acquisition at Deloitte, there is no question that one of the big challenges of 2022 has been the steep increase in the cost of living in Ireland, compounded by the high cost of renting or buying a home. This has had significant knock-on effects when it comes to recruitment, she says.
“In particular, the challenging housing market has impacted our talent across all levels, graduates looking to rent accommodation and anyone hoping to buy a home are facing huge competition. This is even more difficult for our international relocators who have moved to a new country to take on a new role and then have to navigate a difficult home search.”
Employers are doing what they can to make it easier for their workers to accept the roles they are offered. This includes the option to work remotely, so that they can live outside of Dublin yet continue to carry out their role.
“To continue to attract and retain the best people, we have increased our flexibility and the support we offer new international colleagues,” Gallivan notes. “We have seen a big increase in traditionally Dublin-based roles now having a bigger geographical spread across Ireland. Our hybrid working strategy Deloitte Works allows our people to work anywhere in Ireland, enjoying the best of both worlds, a less competitive housing market and lower cost of living, while continuing to work with the best clients, team and on interesting projects where they learn and grow their careers.”
Gallivan adds that not only has there been an increase in the appetite for flexibility in the talent market in terms of hybrid working, but reduced and flexible hours are also in demand. “We recognise that some work can be done really well remotely and that the in-person connection is vital, so we offer our people reduced working weeks to help balance their busy lives in a way that works for both them and us. As a working mum of three young children myself, I am hugely grateful for my flexibility - I work a four-day week based in Limerick.”
Remote working may not be an option for everyone, however, for a whole host of reasons. Gallivan points out that far from being a solely-Dublin-based employer, Deloitte has offices in Dublin, Belfast, Cork, Limerick and Galway.
“This means we have regional hubs across Ireland that allow our people not to be too far from an office. We offer the same opportunities outside Dublin - if you have the right skill set, knowledge and leadership capability, you will have the same opportunities at Deloitte, independent of where you live.”