April 2007 saw a significant rise in the number of new jobs available in the financial services sector, but the number of applicants is continuing to fail to keep up with growth. According to financial services recruiter Joslin Rowe, in April the number of applicants per job stood at 0.72, compared to 0.95 in the same month of 2006. However, with economic growth forecast to slow, Joslin Rowe predicts that the number of new jobs could fall by as much as 15 per cent.
The number of applicants for positions in the financial services sector has been steadily decreasing. This drop-off is symptomatic of the success of the IFSC in creating jobs for the Irish market. As a result of this success, the recruitment process is now very difficult for firms and recruitment companies alike.
Paul Cotter, managing director of Joslin Rowe Dublin, said, 'Firms are finding it increasingly hard to hire staff because there's a double squeeze crushing the market. On the one hand there are more positions to fill, ramping up demand for staff - on the other there are fewer candidates to fill the vacancies as financial services firms continue to concentrate on their retention methods. Organisations need to move faster than ever to beat their competitors to a hire.'
One of the main reasons behind the decrease in the number of applicants per job has been job creation. Dublin experienced a considerable surge in new permanent jobs, boasting an 80.4 per cent year-on-year rise. April 2007 saw the creation of 920 permanent jobs, up from 510 in April 2006.
'The jobs market in Dublin has really thrived in the past year. Ireland's GNP is estimated to have grown by 7.4 per cent in 2006, the fastest rate of growth since 2000, and is reminiscent of the 'Celtic Tiger' boom period of the 1990s,' said Cotter.
'But the Central Bank is forecasting some easing in growth in 2008, as domestic demand loses some of its current momentum. If GNP grows only 4 per cent next year - as the bank suggests - the financial services sector will suffer. We predict that number of new jobs could fall as much as 15 per cent as the economy cools. Dublin job seekers should make hay while the sun shines.' he added. |
