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Friday, 19th April 2024
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Skills shortage may lead to increased foreign hires Back  
Irish firms will become more and more willing to recruit workers overseas due to a continued shortage of skilled labour, according to the preliminary findings of a major study in the future of human resources (HR) in Europe.
Almost one-quarter of the 125 Irish companies polled by the Boston Consulting Group (BCG) currently feel that sourcing talent at a global level is a key issue for their HR departments. This figure is expected to rise to almost 50 per cent in three to eight years. Only two per cent of respondents to the survey feel that the local talent of workers is an important enough reason to relocate their company. The study shows that this figure will jump ninefold sometime between 2010 and 2015. Language difficulties and the high cost of living were reported as prohibitive factors to attracting foreign workers to Ireland.

The findings of BCG's report, conducted for the European Association for Personnel Management, were presented to the annual conference of the Chartered Institute of Personnel and Development.

It is expected that the new Green Card Permit Scheme will help to increase the flow of non-EU professionals coming into Ireland. Under the new scheme, announced on January 24th, foreign nationals will be allowed to be employed by a named employer in a specified occupation. The new arrangements will also allow employees to apply for immediate family reunification and will permit applications for permanent residency after two years. It will be necessary for the foreign national concerned to have the relevant qualifications, skills or experience and the applicant must have a job offer from a bona fide employer registered with the Companies Registration Office and the Revenue Commissioners.

A number of occupations relevant to the financial services sector are included in the list of important occupations outlined under the scheme, which cover many, if not all, of the occupations that might be currently vacant in the sector. These include certified accountants, actuaries, underwriters, claims assessors, investment managers, fund accountants, fund administrators, custody specialists, transfer agents, hedge fund specialists, compliance specialists, tax specialists and common law jurisdiction lawyers with relevant financial expertise.

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