Ireland’s labour market is consistently strong even though many of our young professionals are fleeing the motherland in hopes for a brighter future.
The rate of unemployment is decreasing, wages are on the up, and the percentage of investment is increasing.
Information Computing Technology (ICT) industries are thriving and currently stands as one of the most competitive industries in Ireland at this moment in time. Ireland is now home to some of the leading ICT organisations around the world, such as Apple, IBM, Microsoft and Intel. According to Sigmar’s Salary Survey, wages in the ICT industry are expected to increase 9% on average in 2019.
Think back to the Celtic Tiger when Ireland was known particularly for our Agricultural Exports. It’s now 2019 and as an economy are recognised as one of the second largest exporters of computer and IT services internationally. Low interest rates and international trading trends have all been very favorable to the Irish economy.
We can expect to maintain some advantages but as a small economy we are preparing for some economic shocks. Irish interest rates are expected to remain low due the contrast between the weakened European growth and the positive growth in Ireland. Of course, it would be foolish for us to expect the Brexit outcome to not have an impact on the Irish economy. There are some industries and sectors that have already taken a hit such as Manufacturing, Agriculture & UK exports. As the power of the Sterling is weakening many exporters have been forced to explore new markets.
The labour market in Ireland does not stop changing. It is constantly reshaping itself, a negative Brexit result would encourage the shift away from industries such as manufacturing and agriculture and move to ICT and Financial services. Attracting and retaining employees should be a number one priority for Irish companies at the moment as we are experiencing labour shortages in industries such as nursing and construction.
Organisations are advised to embrace and welcome diversity. This will result in the company having a broader talent pool to pick from. It will also benefit the company by generating new ideas for the business giving them a competitive edge over the market.
Source: The Irish Times
Photo: Briefings For Brexit