With inflation eating into the real-world value of pay increases, many companies are looking to augment packages with increased benefits rather than simply writing larger cheques. Salaries are on the rise, and we are seeing average increases of 5.4% over last year. The number of available roles has outstripped the qualified talent pool, meaning companies are finding it harder to entice people to take up job offers. The ongoing battle for talent, which has been a feature of the Technology sector for some time has spread to most parts of the economy. Key recruitment trends in 2022 Candidates are in the driving seat (Candidates Have the Power) We are now seeing a growth in candidate power to influence their terms of employment. The result has been a heating up of the job market, with employers finding themselves now offering more pay and benefits to lure, attract and retain qualified staff. This churn is fuelling what is now being called the Great Resignation / Great Reshuffle. Professionals are reassessing their prospects and work-life balance and looking to the market for roles which closer match their needs. In Ireland, the effect has been more of a reshuffling. The reasons vary, but essential workers are either looking for better work-life balance, fair wages or returning to education. Globally, millions of people have stepped out of the job market over the past year. This strong talent market is not without its creases. We are currently (Jan 2022) advertising four times as many roles as this time last year. At Cpl, we have experienced the impact of the burgeoning job market throughout 2021. It is a remarkable achievement, considering the current (Jan 2022) unemployment rate of 7.5%, is a decrease of 65% from December 2020, when the rate was 21.7%. These welcome employment trends will see the Irish job numbers reach and surpass pre-pandemic levels by the middle of the year. In a similar vein, Enterprise Ireland supported companies added nearly 12,000 roles with 68% of them being created outside of Dublin. ![]() This growth has impacted the country nationwide, with over 53% of the roles based outside of Dublin. The IDA reported a record number of new jobs created by multinationals based in Ireland, with a net gain of 17,000 jobs for the year. 2022 brings with it a newfound optimism, the ERSI is predicting GDP (Gross Domestic Product) growth of 13.6% for the year and the Department of Finance expects job growth to match at a similar 13%. Overall, we are looking forward to a healthy and competitive talent market in 2022. Especially with the number of opportunities available to qualified talent. Once offices are fully open again, striking the right balance between manager and employee needs will become essential. Work from home has brought new challenges and companies will continue to experiment with their hybrid models. The growth market and talent shortage will make winning the battle for the best talent a key focus as HR (Human Resources) & Talent managers vie to recruit and retain qualified staff. People have become more focused on their work-life balance, and expectations around flexible work, annual leave and other family-friendly benefits are dominating the ‘how we work’ discussion. Hybrid working models, which were introduced across most industries, have become an expectation rather than a benefit. ![]() This growth has led to an unprecedented talent shortage, giving qualified candidates a stronger position when negotiating contracts. We are seeing growth across most sectors, with Technology, Life Sciences and Financial Services leading the way. The anticipated 2021 recession lasted for two months and instead of a prolonged job drought, we are experiencing one of the strongest job markets in years. We will see the positive experiences of last year become more ingrained and newer approaches developed to tackle its challenges. Many of the narratives that started last year will continue to dominate the world of work through 2022. ![]() Temporary & Contract Staffing Solutions.
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