LinkedIn Ireland Head Sharon McCooey has revealed that there are more job vacancies than there are people looking for work, despite data showing a hiring slowdown as the economy struggles.
Perhaps more worrying for employers, 59% of Irish professionals are considering changing jobs this year, with a staggering 71% of Gen Z employees looking to change jobs.
While securing a higher salary remains the biggest concern for almost half (43%) of employees, research indicates that it is not the sole aim. Flexible work options are now a key priority for those searching for new roles.
Of those surveyed, nearly three in five would decline a new job or promotion if the new position required them to be in the office full time. And continuing to work in a hybrid or remote working role would take priority over a more senior and well-paid position.
But what does this mean for employers?
Moira Grassick, Chief Operations Officer at Peninsula Ireland, says: “2023 looks set to be another challenging year for Irish businesses when it comes to attracting and retaining talent.
“While many employees are looking for new jobs, almost half of them say that an increase in salary would be the primary reason to stay in their current role.
“Our own research found that 54.6% of Irish employers have given a pay rise to offset the ongoing skills shortage. But for many, approving pay rise requests could prove difficult. Almost three-quarters (72.3%) of bosses list rising costs as their top business concern, with over a third (34.7%) listing ‘survival’ as their main goal in 2023.
“4,000 Irish businesses were surveyed as part of a wider global survey, which found that where employers are unable to offer financial incentives, they are offering flexible working hours (50.9%) and mental health support (30.7%) to help prevent employees leaving. This shows the importance that they are placing on retention rather than recruitment.
“The Government is also continuing with the rollout of its remote work strategy, which could put employers under further pressure to accept remote work requests to secure their workforce.
“It’s clear that, for now, employees remain firmly in the driver’s seat as tight labour market conditions persist. Business owners will have to continue working hard on developing the right mix of benefits to attract and retain key staff.”