Irish employers are gearing up for a record hiring spree this summer, but a large majority say they can’t find the staff to fill those vacancies.
According to a survey by recruitment firm ManpowerGroup, 42pc of Irish employers are preparing to significantly expand their headcount from July to September.
It is the highest percentage of net hiring intentions reported in 17 years and represents a 10-point rise on the second quarter and a 24-point boost year on year.
However, more than 79pc of employers are having difficulties filling vacancies, up seven points on the second quarter of the year.
The construction (+55pc), real estate (+50pc), finance (+50pc) and hospitality (+41pc) sectors are reporting record-breaking hiring intentions for the July to September period.
Finance and banking has seen a 17-point hike compared to the second quarter and a 40pc boost year on year.
“Just a year on from Ulster Bank and KBC announcing they would be leaving the Irish banking market by the end of 2022, and amidst rising inflation, pandemic aftershocks, and the economic impact of the conflict in Ukraine, the strong hiring intention in this sector is a huge vote of confidence in both Ireland’s financial market and in business across the economy,” said John Galvin, ManpowerGroup Ireland’s managing director
The news comes after the European Central Bank warned several global banks that they had not moved enough senior staff into the EU post-Brexit.
According to an ECB ‘desk mapping’ survey, many executives are unwilling to relocate, while employees pointed to family reasons and language barriers as a reason not to move to continental Europe.
According to consulting firm EY, Dublin is the top relocation choice for financial firms post-Brexit but Paris wins out in terms of staff numbers.
Irish employers are the most bullish about hiring in Europe, with 36pc of Finnish bosses intending to hire in the third quarter, followed by 35pc in the Netherlands, Manpower said.
Within Ireland, firms in Munster were the most upbeat, with 51pc expecting to hire in the third quarter, followed by 48pc in Dublin - the city’s strongest hiring intention on record.
In Ulster, Connaught and Leinster, net hiring intentions were 30pc.
The Manpower net employment outlook polled 425 employers across Ireland, and is calculated by subtracting the number of firms expecting a decrease in hiring activity from those expecting an increase.