19 August

Brexit sets Ireland and UK on divergent jobs paths

Following June’s landmark Brexit referendum in the UK, the jobs ship is in choppy waters. At the moment, Ireland is a happier port of call.

This week, two very interesting reports emerged from Morgan McKinley, with jobs in Ireland dominant. On the one hand, a slight reduction in professional job opportunities in Ireland was offset by a stark drop in those looking for new jobs.

On the other hand, London saw opportunities plummet in the financial services sector.

Jobs in Ireland

According to Morgan McKinley, in Ireland, a rise in job opportunities of 2pc between June and July was overshadowed by an 8pc drop on this time last year.

However, the report also found that 19pc fewer professionals were seeking a new role this July, while the usual suspects of pharma, medtech and IT continue to lead the way in terms of growth.

Financial services, in general, is doing well, thanks to a resurgence in funds and compliance opportunities, while Brexit has made SMEs rethink their accounting and finance strategies.

Meanwhile, London saw a stark 27pc drop in opportunities, far outweighing the fall in those seeking employment.

Not aggressive?

Despite these significant figures, the results are “not as aggressive” as Morgan McKinley expected following Brexit, according to Hakan Enver, operations director at the company’s financial services division in the city.

Last week, a report from Markit and the Recruitment Employment Confederation (REC) found a “dramatic freefall” in the number of people hired into full-time positions across the whole UK.

Posting its weakest figures since May 2009, REC claimed a growing number of “highly-cautious” companies is a worrying sign.

It all makes for potentially beneficial news in Ireland, though upskilling is key.

This is notable in biopharma, too. At the start of the week, the Government warned that, without training and educating the Irish workforce, a potential 8,400 new jobs by 2020 are under threat.

“The availability of people with the right skills and talent to work in biopharma will be critical to the continued growth of the industry as these investments come on stream,” said Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor, TD.

The report by the Expert Group on Future Skills Needs (EGFSN) suggests a mixture of graduate intake, upskilling of those already out of the education system and continual internal development within companies.


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