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IBEC Jobs Report

Posted by Francis O' Toole on November 14, 2012

The inaugural IBEC Jobs Report says that over 20,000 new jobs have been announced during the first ten months of the year. 2012 is likely to be the last year of falling employment as cuts to public sector numbers recede and the rate of decline in the domestic economy slows. Employment should stabilise from 2013 onwards, but that a robust domestic recovery would not take place until 2014 at the earliest. IBEC called for Government to take decisive action to support job creation in the upcoming Budget.

The IBEC Jobs Report analyses the various national employment statistics, data from IBEC surveys and job announcements to provide an overview of employment trends in the economy. It is an initiative of IBEC’s Driving Ireland’s Recovery campaign. The inaugural report says:

  • 20,000 new jobs have been announced this year, with just over a third in IDA-supported companies. Over a quarter of those were from ICT companies, highlighting the solid growth in the sector. The announcements from Kerry Group and Paddy Power in October highlighted the potential for indigenous firms to create high-tech knowledge-intensive employment.
  • The effects of the banking and public sector redundancies are likely to mean that the headline employment data will remain volatile in the coming quarters, masking the tentative recovery that is taking place in the private sector. The number of private sector employees grew in Q4 2011 and Q1 2012, and recorded only a marginal decline in Q2 despite a more challenging external environment.
  • The jobs vacancy rates are high in financial services and the ICT sectors, while business areas facing the domestic economy have the lowest vacancy rates. It is clear that reskilling and retraining initiatives must remain a priority to address the skills gap and help the unemployed move to sectors with brighter employment prospects.
  • According to the IBEC employee index, which is a component of the IBEC Business Sentiment Survey, around 55% of all firms are planning no change in staff numbers, and 18% plan to hire new staff in Q4 2012, pointing to a stabilisation in private sector employment. Medical devices, telecoms and pharmaceutical sectors are the most optimistic about hiring new staff.

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