Cpl Employment Market Monitor 2017 Q3 1

Quarterly Jobs Index (2016=100)

IT & TelecomsAccountancy,

Finance & BankingSales, Marketing

& RetailScience, Engineering

& Supply Chain All (incl. Legal and HR)

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

2013

:IV

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 third quarter of 2017, there were 2,438 jobs posted in the four sectors mentioned. The Sentiment Survey was completed in full by 229 respondents in September 2017.

Cpl Employment Market Monitor 2017 Q3

Number of jobs stable in third quarter

Figure 1 (below) presents the Cpl Jobs Index from Q1 2011 to Q3 2017, with 2016 as the base year. The number of jobs posted in the third quarter of 2017 was unchanged from the second quarter and slightly lower than the record set in the fi rst three months of the year. The Cpl Jobs Index for the second quarter of 2017 was 95.8, compared to 115.0 in the fi rst quarter.

The Accountancy, Finance & Banking sector (red line) continued to perform very strongly, with an index reading of 137. In other sectors, listings remain below their 2016 average, by between 12% (Science, Engineering & Supply Chain) and 18% (IT, Sales & Marketing).

Commenting on the report, Ronan Lyons, Assistant Professor of Economics at Trinity College Dublin said:

“This marks the second quarter without growth in jobs listings. While the summer lull may have had an effect, the sectoral pattern also suggests Brexit may be casting a shadow on the jobs market. In particular, while the three main other sectors covered saw listings shrink, fi nancial services saw further growth. This may be a preview of things to come, if the Irish economy is subjected to a hard Brexit.”

Employer’s Market Jobseeker’s Market

Employers nowEmployers 6 months agoJobseekers 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

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

0%

10%

20%

30%

40%

50%

Cpl Employment Market Monitor 2017 Q3 2

Jobs listings fall year-on-year for second quarterFigure 2 (opposite) outlines for each quarter since the start of 2012 the year-on-year percentage change in the number of jobs posted. In the third quarter of 2017, there were 7% fewer listings than in the same period a year previously. This is only the second quarter, but the second in a row, in 22 quarters covered, that the year-on-year change has been negative.

Of the four sectors covered, Accountancy, Finance & Banking continues to record positive growth, with 22% more listings in the second quarter than a year previously. In Sales & Marketing, listings fell by 16%, while in Science, Engineering & Supply Chain, there were 12% fewer listings. In IT, there were 19% fewer listings, the sixth quarter in a row of falls.

Sentiment gap in the labour market narrowsFigure 3 (opposite) presents a measure of labour market sentiment: surveys ask 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 August September 2017 survey of employers are compared to those from a similar survey six months previously and to those from a survey of jobseekers in the second quarter of 2017.

The overall gap between how jobseekers and employers assess the market persists. In particular, employers now view the market as more a jobseeker’s market than six months previously. Across all respondents, the employer market score has increased from 0.5 to 0.8 in the last six months. In contrast, the score for jobseekers was -0.3 in the most recent survey.

Almost 50% of employers believe ‘it’s who you know’ still makes a difference when it comes to promotionsA wide circle of connections is still important when it comes to climbing the career ladder. “It’s who you know, not what you know” in the eyes of almost 50% of employers. This raises the question, are your social skills more important than your professional skills?

It’s also worth noting, people from less privileged backgrounds have less access to networks that can help them rise through the ranks and are often less likely to ask for promotions. It’s time for employers to step up and ensure that it’s not who you know, it’s what you know.

Cpl Employment Market Monitor 2017 Q3 3

82% of employers believe that Millennials expect more than previous generationsThe cliché that millennials expect too much seems to ring true. Raised with optimism and endless choice, millennials expect good wages, a sense of purpose in their role, clear communication and the option of fl exibility.

But why should that necessarily be conceived as a negative thing? Millennials now make up the workforce majority. Pay without purpose won’t cut it for this generation and for employers to satisfy millennials, they need to work with them rather than against them.

Over 40% of employers think that meetings are the biggest time wastersLong meetings are a big time waster across all sectors. While some meetings are certainly warranted for collaboration and opinion sharing, they must have a clear focus and an agenda to avoid overly long and unnecessary discussions.

According to Psychology Today, 45% of senior execs studied think their employees would be more productive if their fi rms banned meetings for at least one day per week. If employers want to ensure productivity, limit meetings to those with clear objectives and time lines.

52% of businesses believe they are not spending enough on Digital AdvertisingWe spend most of our time on screens, with over 54% of respondents confessing they spend 2+ hours on their phones outside of work hours, but over half of employers are still not investing in Digital Advertising and Social Media.

Media and advertising is increasingly departing from more traditional methods to online and this is what businesses need to focus on to build their brand and connect with new and existing audiences.

Greed isn’t an issue when it comes to Irish employeesA high wage is often seen as workers top priority but just 15% of employer’s state that fi nding a person who isn’t happy with the proposed salary an issue.

Ireland’s highly educated workforce are now increasingly prioritising a work/life balance, work fl exibility and other factors such as company culture and a business’s efforts to give back. All worth considering if you are fi nding it diffi cult to fi nd the perfect hire.

the best people for the jobthe best people for the jobthe best people f

For any queries please contact Peter Cosgrove, Director +353 1 614 6160 www.cpl.ie