Rate of jobs growth continues to accelerate in FDI sector

The rate of jobs growth is continuing to accelerate in foreign direct investment (FDI) sectors, according a report from recruitment firm CPL.

The Rebublic’s largest human resources firm said its jobs index reached a new high for 2016 with 2,612 jobs posted in August and September 2016. That is more than twice the number of jobs posted on average during comparable time frames in 2011 when the index came into existence.

The rate of jobs growth in the FDI sector continues to do well, despite a small levelling off during 2015. These sectors include information and communications technology; accountancy, finance and banking; sales and marketing; and science, engineering and supply chain management.

CPL director Peter Cosgrove said it had been a "strong year" for the FDI jobs postings.

“After a very small annual growth in jobs posted in early 2016, the rate of growth has gathered pace since, reaching 7 per cent in the second quarter and 10 per cent in the most recent quarter,” he said.

Of the four sectors covered by the report, the strongest growth for the third time in four quarters was in accountancy, finance and banking at 39 per cent year-on-year.

Brexit

CPL’s report also states that some 60 per cent of companies said they would be less likely to take on UK workers due to Brexit.

“The potential need for work visas and increased complications could be to blame for the reduced attractiveness of the British employee,” said Mr Cosgrove.

Finally, 77 per cent of employers said it was reasonable to have employees “check the odd email” after work hours. “This means that four out of five employers expect to see out of hours connectivity as standard,” said Mr Cosgrove.

Trinity College Dublin economics professor Ronan Lyons said there was "a mismatch between the skills that workers have and the skills that businesses need".

“The latest figures show further jobs growth, particularly in financial services,” he said. “The number of jobs posted has grown year-on-year for all 19 quarters covered in the report.”

However, he added that “a huge gap exists between employer and jobseeker assessments of the market, with both believing it is the other’s market. This points to a mismatch between the skills that workers have and the skills that businesses need.”