April has been a peculiar month in terms of what’s happening in the Accounting and Finance market in Ireland. The housing crisis is having a significant impact on business operations. Over the past 6-9 months, we have encountered several challenges when attempting to provide international candidates to local financial services firms. Despite obtaining visas, many candidates have been forced to turn down offers due to their inability to secure suitable housing for themselves and their families. This situation may be less complicated for young individuals traveling alone, as they do not have to consider factors such as schools, childcare, or larger living spaces.
The housing crisis is increasingly affecting all major cities in Ireland, and in addition to this, many young professionals are leaving the country and relocating to other places such as London, Canada, and Australia. This situation is prevalent across various business sectors such as insurance and the asset and wealth management sector, resulting in a highly competitive market. As a result, it may be necessary for firms to explore interim options to address this issue.
Counteroffers have become increasingly prevalent, and we are observing a significant number of individuals undergoing the recruitment process only to receive a counteroffer with an increased base salary from their current employer. Many individuals are utilising the recruitment process as a negotiating tool to secure higher salaries from their existing employer. It is essential to be mindful of this trend and take appropriate measures to retain valuable talent.
Currently, the duration of open vacancies is relatively longer due to the scarcity of suitable candidates in the short term. However, by engaging with a specialised agency, it is possible to expand your search and identify the most suitable candidate for the position.
If you are concerned about how the current market may affect your position, or to discuss how we can support your hiring processes in the current market, please get in touch with Director and Co-Founder Mark Fallon at mark.fallon@coopman.ie
