Cpl Employment Market Monitor 2018 Q2 1

0

30

60

90

120

150

2011

:I

2011

:II

2011

:III

2011

:IV

2012

:I

2012

:II

2012

:III

2012

:IV

2013

:I

2013

:II

2013

:III

2014

:I

2015

:I

2015

:II

2015

:IV

2016

:I

2016

:II

2016

:III

2015

:III

2014

:IV

2014

:III

2014

:II

2016

:IV

2017

:I

2017

:II

2017

:III

2017

:IV

2018

:II

2018

:I

2013

:IV

Quarterly Jobs Index (2016=100)

IT & TelecomsAccountancy,

Finance & BankingSales, Marketing

& RetailScience, Engineering

& Supply Chain All (incl. Legal and HR)

The Cpl Jobs Index – and the annual change in jobs listings – refers to the total number of employment opportunities in the following four sectors: IT & Telecoms; Science, Engineering & Supply Chain; Sales & Marketing; and Accountancy, Finance & Banking. In the second quarter of 2018, there were 2,787 jobs posted in the four sectors mentioned. The Sentiment Survey was completed in full by 2,606 respondents in June 2018.

Cpl Employment Market Monitor 2018 Q2

Job postings rise remain above 2016 average

The graph below presents the Cpl Jobs Index from Q1 2011 to Q2 2018, with 2016 as the base year. The solid black line shows the overall trend. There has been a slight fall in jobs posted in the second quarter, following a jump in postings in Q1. Nonetheless, the fi gure for the quarter as a whole (109.6) remain almost 10% above the 2016 average.

The Accountancy, Finance & Banking sector (red line) continued to perform very strongly, with an index reading of almost 145 (i.e. 45% above its 2016 average). Sales & Marketing fell back after a very strong fi rst-quarter performance. For Science, Engineering & Supply Chain, and for IT, the number of jobs posted was in line with the 2016 average.

Commenting on the report, Ronan Lyons, economist at Trinity College Dublin, said

“The fi gures from the latest Cpl Employment Monitor show a jobs market in good health. The growth in jobs posted in the second quarter of the year is the highest since 2014, while both jobseekers and employers both see the market as being one where jobseekers have increasing bargaining power.”

Employer’s Market Jobseeker’s Market

Employers now Jobseekers 6m ago Jobseekers now

Other

-1-2 1 20

Year-on-year change in jobs posted

2016

Q1

2016

Q2

2016

Q3

2016

Q4

2017

Q1

2017

Q2

2017

Q3

2017

Q4

2018

Q1

2018

Q2

2015

Q4

2015

Q3

2015

Q2

2015

Q1

2014

Q4

2014

Q3

2014

Q2

2014

Q1

2013

Q4

2013

Q3

2013

Q2

2013

Q1

2012

Q4

2012

Q3

2012

Q2

2012

Q1-10%

0%

10%

20%

30%

40%

50%

Cpl Employment Market Monitor 2018 Q2 2

Strongest annual growth in job postings since 2014The graph opposite outlines, for each quarter since the start of 2012, the year-on-year percentage change in the number of jobs posted. In the second quarter of 2018, there were 14% more listings than in the same period a year previously. This is the second quarter in a row with year-on-year growth, following three quarters of declines, and the rate of growth is the strongest since the final quarter of 2014.

In Science, Engineering & Supply Chain, there was a return to growth, following four quarters of decline, with 21% more jobs than a year previously. There were strong rates of growth jobs also in Accountancy, Finance & Banking (14%) and in IT (16%). In Sales & Marketing, however, there was a year-on-year fall of 10%.

Jobseeker sentiment continues to improveRepresenting a measure of labour market sentiment: the survey asks both employers and jobseekers to rate, on a five-point scale, whether the market is an employer’s one (-2) or a jobseeker’s one (+2). Results for the June 2018 survey of jobseekers are compared to those from a similar survey six months previously and to those from a survey of jobseekers in the first quarter of 2018.

The overall reading for jobseekers (-0.2, i.e. a market slightly in favour of employers) is the strongest on record, and compares to a reading of -1.0 just two years ago. Nonetheless, the gap between how jobseekers and employers assess the market persists – with the overall reading for employers three months ago at +0.7.

Money still valued higher than flexi time A surprising 57% of employees would still put a pay rise ahead of flexible working options. The new generation of workers are thought to value a work life balance over monetary gains but this may not always be the case.

Moreover, flexi time is still struggling to be universally accepted, with over 45% of employees admitting that there is a stigma attached to it. With a culture of presenteeism still apparent, often those who work flexi time might not be considered to be driven enough or work as hard, simply because they spend less time at their desk. The reality is flexible working options can enable a company to be more productive by empowering its people, attract top talent and improve retention issues.

Cpl Employment Market Monitor 2018 Q2 3

Almost 70% of workers admit to being bored at work As Millennials edge towards making up majority of the workforce, it’s no surprise that boredom levels are so high in the offi ce. Millennials demand more meaning and purpose from their work and without this can become demotivated.

If employees are bored, they need to push themselves to work on new, engaging projects. This encourages people to utilise new skills or work with different colleagues, presenting a new challenge and making the day less monotonous. If this still doesn’t help beat the boredom, it may be time for a career change.

¾ of employees want to change career Not only do the majority of workers want a new career, but almost two thirds of them believe there is no age limit for making that change. The reason for this could be the way millennials have been raised – to believe they can achieve whatever they put their minds to.

This outlook is welcomed considering that the future of work means that jobs that exist now will become redundant while new jobs will be created. To stay relevant, employees will have to continually reinvent themselves and adapt to new, lasting roles, something they seem willing to do.

Either way, as the retirement age grows and the world of work develops, it’s positive that workers believe change is attainable no matter what stage of your career you are at.

Almost 60% of workers staying in Ireland for the foreseeable futureAs Ireland hurtles towards full employment levels with the Live Register reaching a 10 year low, more workers are choosing to stay unlike previous generations. Job opportunities are plentiful as businesses are expanding into new areas to meet demand such as GDPR, FinTech and Biotech. Average Irish wages are comparable to the OECD’s top tier economies and living standards are high. According to the IDA, Ireland has the fastest growing economy in the Eurozone and is the 6th most competitive worldwide.

Some of the world’s most successful companies have their European headquarters in Ireland, further incentivising Irish workers to stay and grow their career at home.

Employers failing to contribute towards wellbeing An astounding 60% of employees don’t feel like their workplace encourages wellness. Implementing measures that improve employee wellbeing has been proven to improve a company’s bottom line by reducing burnout and stress, boosting staff morale and increasing productivity. We spend so much time in work that we cannot afford to ignore our personal health when we’re there. Whether it is subsidised gym memberships, mindfulness seminars or healthy meals, employers should encourage and support wellbeing in the workplace to maintain engagement and retain talent.

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For any queries please contact Rob Daly, Director, Cpl on +353 1 614 6054 www.cpl.ie