Brexit is making waves across the economy right now, especially as the deadline is a little over 35 days away and there is an air of uncertainty for most countries about what Brexit means to their economy. Ireland is no different and although we are currently in a position of strength due to direct foreign investment, successful home-grown organisations prospering and several years of steady growth the uncertainty of Brexit is concerning. The international sector has always been renowned, and this is now being beautifully complemented by a domestic economy that is at its strongest for over a decade. The fuel? Fast employment growth is moving hand in hand with wage increases. This, alongside strong flows of migration, has unexpectedly boosted Ireland’s economy. It’s been predicted that Ireland will see the 2019 growth of GDP, rising by 4.2%. This includes 60,000 jobs being added in sectors such as sales and marketing, IT, financial services and housing.
It’s not all perfect, though. The growth that Ireland will enjoy comes saddled with new problems. These problems centre around shortages in labour, the rising prices and subsequent pressure on the public services. These challenges aren’t insurmountable, but they will be something that policymakers will have to tackle if they want stable growth.
Employment Growth
There has been a fast expansion into online shopping, which has impacted the high street retailers and those working in sales. However, the influx in migration and the growth in spending by consumers could be enough to offset the rise in online spending. Currently, Ireland is the country of choice for those looking to relocate, primarily for financial businesses. Employment increases in the public service sector will mean that there is more support for the influx of those migrating. The most significant risk is that the inflating higher wages could put businesses off from hiring in the first place.
Currently, the unemployment rates in Ireland are sitting at their lowest levels in over a decade. This, along with the fact that salaries are on the increase, is attracting the highest levels of talent to the area. The wages have increased by almost 4% across the market, with higher entry-level salaries – it’s no wonder the unemployment rates are low. Given that there are skills shortages and demand for certain professions in critical sectors, it is now a candidate’s market! If you are on the lookout for a new career, it could be the perfect time for you to move forward right now. Let’s take a look at the industries at the moment which are the most active:
Engineering Demands
It shouldn’t be a surprise to anyone that engineering is going to be a growing sector in Ireland. It’s on an incredible trajectory of growth and the only issue with the increase in the engineering industry is a massive skills shortage. It’s said that there should be 6,000 new jobs in the engineering sector in 2019, with almost 90% of surveyed employers feeling good about their finances and how they could improve.
Language Sector
One of the most surprising growth sectors in Ireland is in languages. There is a current high demand for professionals with language skills beyond their native tongue and English. These skills are in need in sectors like finance and IT, but especially in sales, where the customer roles are in high demand, too. Sales + languages make for a very successful merge, and the most in-demand languages are French, German and Russian. There is plenty of companies that are investing in their recruitment to attract people with the right talent and language skills to their departments in Ireland. With competitive salaries and excellent benefits on offer, it’s proving easier than ever to go global and bring in the right people.
Pharmaceuticals
There are some powerful indicators that the Irish pharmaceutical industry is developing quickly in Ireland, predicted to recruit massively in 2019 with a spate of developments meaning that the health sector is going to be booming. There has been a lot of announcements toward the fact that the IDA has stated that they’re looking at the availability of at least 2,000 jobs throughout the country. This means that the candidate demand is unusually high, with a need for recruitment to be stepped up with the volume of positions to fill.
Sales & Digital Marketing
Many companies involved in sales and marketing will be pushing to develop their brands better in 2019, and companies countrywide will be seeking to add more sales and marketing experts to their teams. With the predicted growth in migration and finance, the need for business development professionals and telesales professionals will increase to carry the workload. Digital start-ups will need extra people on board who have trained appropriately in digital marketing techniques, and they’ll all be looking to gain a competitive advantage over each other.
This growth will be good for businesses, even though there has been a drop in the senior roles within marketing at the moment. However, digital marketing talent is on the rise, and this moves alongside the retail sales sector expanding. The increase in the need for sales talent is evident for 2019, and companies are going to great lengths to retain the best talent in the benefits that they are offering.
Technology
Alongside the marketing and engineering sectors sits the tech sector. Dublin is a city that is home to a vast range of technology companies, and these come from international names as well as the companies that are purely home-grown. It’s a sector that has thrived of late, and it’s predicted to continue to do so throughout 2019, especially as the demand for talent in this arena is higher than ever.
As there has been a higher demand for employees, there is also a more significant demand in salaries being requested, and the roles in demand include things like software developers and engineers, so prominent roles for big salaries are popular for 2019.
The growth in 2019 that is forecasted could prove a very profitable year for the Irish economy. Whether businesses can keep up with the demands on the economy or not is yet to be seen, but 2019 looks to be a fantastic year.