Demand for labour in some sectors of the Northern Ireland economy remains at an all-time high, but indications suggest the war for talent may be slowing.
Those are the latest findings from online jobs portal NIJobs.com and Ulster Bank which questioned 1,000 job seekers and found that IT, hospitality accountancy & finance, and sales posted record high levels of hiring, well above pre-Covid levels. Hospitality saw a 20% jump in job openings in the second quarter of 2022, compared to the first quarter while IT has enjoyed the best five quarters on record.
However, the total number of listing on NIJobs.com in the three months to the end of June was 14% below last year’s record high, although they were 67% above the second quarter of 2019, before the pandemic.
“Our latest Job Report shows that while the recruitment surge has eased back, the number of job openings remains consistently high,” Sam McIlveen, General Manager at NIJobs.com, said. “The investment of global players reflects the local talent we have available in Northern Ireland. Companies are offering a wide selection of roles, with opportunities at every level, so it is undoubtedly an employee’s market.”
The survey also showed that salary remains the most important consideration when it comes to looking for a job, followed by flexible working. Meanwhile, 85% of of those surveyed said they consider perks and benefits when deciding whether to apply for a new job.
When it comes to place of work, only one third said the office was their preferred venue, with 86% of those surveyed saying they would apply for a role faster if it “contained information about hybrid working”. More than half said they are as productive working in a hybrid manner, compared to office only, while two thirds said returning to the office has, or will, increase the cost of living.
With such a demand for talent, workers are in a strong bargaining position, Richard Ramsey, Chief Economist at Ulster Bank, said.
“Normally, during times of recession, the negotiating power of employees is weak. Not so this time around, with widespread skills shortages shifting the balance of power towards employees rather than employers,” he said. “This has resulted increasingly in threats of industrial action but little in the way of strikes so far.
“Against this backdrop, the war on talent means many firms are engaged in an arms race of pay increases and benefits improvements to attract and retain staff. Flexible working continues to be one incentive within the wider arsenal offered by leading employers. Despite talk of a looming recession and a cost-of-living crisis, as far as job openings are concerned – employees have never had it so good.”
