In the wake of the 2007/2008 economic crash, the Irish economy – like much of the Worlds – stuttered somewhat, with the heady days of the Celtic Tiger reduced to a mere memory. Many speculated that this was a natural correction of sorts and that over the subsequent years, the economy would grow steadily – but remain free of a “boom”.
However, these predictions have not come to pass, and the Irish economy is, once again, one of the best-performing in Europe. The ESRI recently doubled its growth forecasts – albeit it with the stipulation that such forecasts are reliant on a Brexit deal being reached, which is far from certain – and the general economic picture seems to be in excellent health. Perhaps not a boom, but a bloom at the very least.
There is, unfortunately, a hidden downside to the strength of the economy – and it’s a question of capacity. For example, recent Bank of Ireland figures estimated that industrial firms are currently using around 76% of capacity, a full ten percentage points higher than just seven years ago. This is presenting a difficult reality for businesses: they may be performing well, but the scope for further growth is relatively small.
Another wrinkle is found regarding worker recruitment. Unemployment in Ireland has been steadily falling and at the time of writing is now at pre-crash levels. As with core economic data, this news seems positive – but it may not actually be the case. With unemployment on the verge of reaching historic lows, the number of good, skilled and appropriate candidates available to businesses is constantly decreasing – at a time when the number of available jobs is actually increasing. Overall, the picture suggests that it’s not just in the sourcing of materials that Irish businesses are battling against that full capacity: the workforce is approaching that point, too.
This presents companies with a unique set of circumstances: the economy is strong, growth is good, and unemployment is low – all of which are traditionally seen as incredibly positive. However, it also means that further growth is becoming more difficult, especially when the ability to hire qualified staff is so reduced.
For the latter issue at least, there is one, simple, straightforward solution: working with PRL Recruitment. As an experienced, reliable recruitment agency, we can utilise our connections in order to ensure companies can always find the staff they need. We specialise in locating talented, high-calibre workers who are capable of delivering outstanding results for their clients; an ability that is particularly prized during times when the pool of quality candidates is as diminished as it is at this point.
If your company has struggled to find staff due to the low levels of unemployment and overwhelmingly competitive job market, you can be confident that working with PRL Recruitment is the right choice for you. You can rely on us to locate the qualified, skilled workforce your business requires, so you can continue to enjoy – rather than struggle against – the opportunities for growth presented by the resurgent Irish economy.
To find out more about PRL Recruitment services, or to discuss your company’s particular needs in detail, please do not hesitate to get in touch with us today. We look forward to assisting you with your recruitment needs in future.