With moderate economic growth forecast by the ERSI over the rest of the year and into 2025, the sustained performance of the Irish economy is reflected in the labour market. Unemployment levels are expected to remain under 4.5% into 2025, a clear indicator that the labour market is operating at or close to capacity. Against this positive trajectory, the IrishJobs Q3 Jobs Index provided an important snapshot into the jobs market for employers as they navigate skills shortages and a highly competitive talent market.
Remote vs Hybrid Recent return-to-the-office announcements by large multinationals have caused waves in workplaces not just in Ireland but around the world. Irish Jobs’ analysis of job postings offering either fully remote or hybrid working models revealed two different trends. Fully remote working is in decline, falling to 1.9% of all jobs advertised in Q3 2024. This continues a trend of falling vacancy levels in the practice over the previous four quarters and indicates a clear reduction in the level of fully remote homeworking in Ireland.
In contrast, the proportion of hybrid working vacancies has remained relatively stable, fluctuating between 11.2% and 12.4% over the past six quarters. This stabilisation indicates that hybrid working will likely remain a more permanent and substantial feature of the Irish labour market than the full-time working-from-home model. As employers navigate a tight labour market, embedding hybrid working in their offering reflects a clear response to candidate demand for flexible working arrangements.
IrishJobs research published earlier in 2024 revealed that nearly half of jobseekers would be willing to turn down opportunities that do not provide hybrid or fully remote working options. Construction edges out IT In terms of hiring activity within the sectors, Catering, which includes jobs in hospitality, accounted for the largest number of vacancies (11%) over the past three months. Management (8%), Medical Professionals and Healthcare (7%), Sales (7%), and Customer Service (6%) completed the top five sectors that made up the largest number of vacancies. The Construction sector had the sixth largest share of job vacancies (5.3%), edging out IT, confirming a trend that emerged earlier this year.
The IT sector has yet to show signs of a return to vacancy growth following a period of rebalancing after the well-documented hiring surge. While the sector recorded a 10% decrease in quarterly vacancies, nonetheless, it still remains a significant source of job vacancies (5.1%) in the labour market. Meanwhile, hiring activity in the Construction sector continues to grow, with job postings up 31% compared to the same period last year. Quantity Surveyors, EHS Advisors, and Construction Managers are among the most sought-after professionals by employers in the sector. With high levels of ongoing building activity required to meet ambitious housing targets, hiring demand in construction is unlikely to abate any time soon.
Source: Irish Jobs Q3 Job Index