Since the pandemic, the world economy continues to grow; however, with inflation on the rise, we can’t ignore the dark cloud of uncertainty looming over us. Despite this, recruitment specialists, TalentHub are confident that the job market and the demand for skilled workers is strong and will remain steady as we head into 2023.
Need more convincing?
The unemployment rate has reached record-low levels.
The most recent figures from the Central Statistics Office (CSO) have reported that unemployment levels have returned to pre-pandemic figures. Unemployment across the EU is at an all-time low. Supporting the EU statistics, unemployment in Ireland currently stands at 4.3%, a figure we have not seen since 2005.
So, what does this mean?
Low unemployment rates mean that it is becoming increasingly challenging for employers to hire skilled and available job seekers. Thus, creating more opportunities for those looking to advance their career. RTE has recently reported that there are only three available candidates for every job vacancy as of October 2022.
Investment in the Irish economy.
The Industrial Development Agency (IDA) has reported that foreign investment continues to be strong in our economy. Alongside this, in the 2023 Budget, the Irish government provided additional funding for grants, government departments and agencies, aiming to navigate businesses through the period of uncertainty stemming from the increased costs of running a business. The Central Bank has also expressed that there will be lower levels of economic growth next year, but we will see no recession.
Businesses are facing lower overheads in usually high-cost areas.
Hybrid and remote working for employees has become increasingly popular over the last two years, and we continue to see companies offer these benefits to its staff. Fewer employees are working in the typical office environment, meaning companies who have adopted a hybrid or work-from-home policy, are experiencing significantly reduced overheads, permitting flexibility in budgets for business expansion and new hires.
Considering all the factors above, we have positive expectations for the upcoming year, which are strongly supported by our constant engagement with Irish and global companies. We at TalentHub appreciate that the dark cloud may mean rain, but we believe it is not a storm.