Hiring platform IrishJobs has published the results of its Jobs Index for Q3 2024, revealing that the share of job vacancies offering fully remote working has fallen to its lowest level in nearly four years. However, the data indicates that hybrid working vacancies remain stable.
Data shows that the proportion of fully remote job vacancies fell to 1.9% in Q3 2024. This continues a trend of falling vacancy levels in the practice over the previous four quarters and indicates a clear reduction in the level of fully remote homeworking in Ireland.
In contrast, the proportion of hybrid working vacancies has remained relatively stable, fluctuating between 11.2% and 12.4% over the past six quarters.
This stabilisation indicates that hybrid working will likely remain a more permanent and substantial feature of the Irish labour market than the full-time working-from-home model.
Candidate interest in hybrid working shows little sign of abating, with searches on IrishJobs for hybrid opportunities up 46% in Q3 compared to the previous year. While searches for jobs offering remote work are up 9% over the same period.
Regional activity
The Q3 Jobs Index shows that Galway was the county to experience the greatest increase in job vacancies over the past three months. There was a 14% quarterly increase in jobs vacancies in the county in the third quarter which can be attributed to strong hiring activity in the healthcare, retail and science sectors. Customer/Sales Assistant, Clinical Nurse Manager, and Staff Nurse were some of the most in-demand roles over the quarter.
Across other counties with large cities the outlook is more mixed. A modest quarterly increase in vacancies was recorded in Cork (1.4%), while Q-o-Q decreases were recorded in Limerick (-14%) and Dublin (-10%).
Domestic sectors outperform international
The Q3 Jobs Index reveals a cautious hiring market with jobs growth continuing to moderate following a hiring surge in recent years. Data shows that the number of new job vacancies decreased by 13% Year-on-Year (Y-o-Y), while vacancies fell by a modest 4% Q-o-Q over the quarter.
Sectors associated with the domestic economy tended to outperform internationally traded sectors. There was positive quarterly vacancy generation across a number of domestic led sectors, including Property (15%), Retail (7%), Arts and Entertainment (57%) and Travel (19%). The strong rates of vacancy generation in these domestic consumer sectors may be attributed to rising wages in real terms, as inflationary pressures ease and benchmark interest rates are cut.
Internationally traded sectors posted a weaker performance than domestic sectors. There were quarterly decreases in vacancy rates across international sectors, including Manufacturing (-1%), Banking (-37%), Finance (-12%) and IT (-10%). With continued global economic uncertainty and greater instability in the Middle East having a knock-on impact on production costs and consumer demand, it is likely that hiring in these international sectors will remain subdued in the months ahead.
Sectoral trends
The Catering sector (11%), which includes jobs in hospitality, accounted for the largest number of vacancies over the past three months. Management (8%), Medical Professionals & Healthcare (7%), Sales (7%), and Customer Service (6%) completed the top five sectors that made up the largest number of vacancies.
The Construction sector was responsible for the sixth largest share of job vacancies (5.3%), overtaking the IT sector (5.1%) and confirming a trend that emerged earlier this year. While the Construction sector experienced a quarterly decrease in vacancies (-15%), the longer-term trend in Construction is one of increasing hiring activity. The Construction (31%) and Property (29%) sectors both posted significant Y-o-Y increases in job vacancies. Quantity Surveyor, EHS Advisor and Construction Managers are amongst the most sought-after professionals by employers in the sector.
IT & Engineering Sectors
The Engineering sector was another major source of job vacancies (5.2%) in the third quarter, marginally ahead of the IT sector in vacancy generation. Senior Engineer, Process Engineer, and Qualified Technicians were among the roles that experienced the highest levels of demand in the sector over the past three months.
The IT sector has yet to show signs of a return to vacancy growth following a period of rebalancing. While the sector recorded a 10% decrease in quarterly vacancies, it still remains one of the largest sources of job vacancies (5.1%) in the labour market. Data shows that automation engineers were the most frequently posted job openings by employers in the sector in Q3. Software engineers and senior applications specialists were among the other roles that experienced the highest levels of demand.
Commenting on the release of the index, Sam Dooley, Country Director of The Stepstone Group Ireland with responsibility for IrishJobs, said: “With moderate economic growth forecast by the ERSI over the rest of the year and into 2025, this sustained performance of the Irish economy is reflected in the labour market. Unemployment levels are expected to remain under 4.5% into 2025, a clear indicator that the labour market is operating at or close to capacity.
“Against this positive trajectory, the IrishJobs Q3 Jobs Index provides an important snapshot into the jobs market for employers as they navigate skills shortages and a highly competitive market for talent.
“Recent return to the office announcements made by large multinationals have caused waves in workplaces not just in Ireland but around the world. Our analysis of job postings offering the working models that emerged during the pandemic reveals two different trends. While fully remote working continues to decline, hybrid working has stabilised, indicating that it looks set to become a long-term feature of the labour market. As employers navigate a tight labour market, embedding hybrid working in their offering reflects a clear response to candidate demand for flexible working arrangements. Jobseeker searches on IrishJobs for hybrid and remote opportunities are up 46% and 9%, respectively, while IrishJobs research published earlier this year revealed that nearly half of jobseekers would be willing to turn down opportunities that do not provide hybrid or fully remote working options.
“Hiring activity in the Construction sector continues to grow, with the sector posting a substantial increase in vacancies year-on-year. Over the past three months, the sector was one of the largest sources of job vacancies, edging out the IT sector for the second successive quarter. With high levels of ongoing building activity required to meet ambitious housing targets, this demand is unlikely to abate soon.”
