The macro-economic outlook remains slow and steady in terms of growth, though new capital continues to flow in across all sectors, particularly in the investment management, insurance and aircraft leasing sectors. Demand for talent across all levels and sectors continues, though challenges continue to confront companies looking to expand their hiring.
Demand for Qualified Professionals & Niche Skillsets Continues
The market for qualified accountants shows no sign of slowing down, and we predict that through continuous technological advances, company restructures, organisational changes and the natural attrition of staff, demand for qualified accountants will continue in 2023.
Moreover, demand is expected to be maintained across all levels, from newly qualified accountants to senior business leadership roles. Diving deeper into niche skillsets, the insurance sector will need to focus their hiring intentions on technical accountants who can manage the upcoming challenges of IRFS17 implementation. However, this talent will be hard-found, and companies must offer competitive compensation packages to attract such personnel due to limited talent available in this space across Ireland. Several companies are upskilling internal staff to combat these obstacles and should be considered by those not already undertaking training.
New companies continue to enter the market due to Brexit that require a PCF function. Similar to the aforementioned challenges faced by insurance companies, the supply of technically qualified PCFs’ in Ireland does not meet the demand for such talent, with a small number of professionals holding the required accreditations.
Economic influences continue to present challenges in the market
The qualified accounting market in Ireland is now in a perfect storm; there are just enough professionals in the market for the number of opportunities available. However, due to the ongoing challenges of the rising cost of living, the war in Ukraine and Brexit, there is much fear and anxiety within the market, and many accounting professionals won’t leave their current role for a new opportunity if job security and stability aren’t effectively promoted. This is a crucial factor during candidate attraction and interview stages to get right so that prospective employees can visualise a safeguarded future with a new company. This is also an important factor to consider for the retention of existing staff.
Furthermore, in the current hiring market it is critical to appease both internal and prospective talent regarding hybrid and remote working. Over the past 12 months, 90% of the accounting roles filled by our team have offered hybrid working, while 10% have offered fully remote opportunities; flexibility is a non-negotiable to remain competitive in today’s climate. Additionally, as many professionals have left major cities to relocate to rural Ireland, considering remote positions or roles that involve infrequent travel to the office will allow companies more access to talent.
If you are interested in learning more about live opportunities, or you would like to discuss how we can support your hiring processes in the current market, please get in touch with Mark Fallon, Co-Founder and Director for Accounting.