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The Great Resignation? More Like the Great Shortage!

The Great Resignation? More Like the Great Shortage!

The Great Resignation? More Like the Great Shortage!

In 2021, the great resignation anticipated that up to 40% of Irish professionals expected their future careers to fall outside of their current organisations. Despite this, the situation in the financial services industry today is that there continues to be a lack of talent for specialised roles, from qualified professionals through to the executive level, with it being an issue in particular at the mid-to-senior level. This is a cross sectoral issue where finding specialist mid-to-senior professionals in accounting, risk or compliance is proving extremely difficult in Ireland. Due to changes in regulations, project-based work, system upgrades, company restructures and so on, the need for specialist professionals across financial services has increased dramatically, however clients in Dublin and various other locations across Ireland are facing a genuine shortage of these skilled professionals. So, what is happening in the market?

Brexit has been a great catalyst for new hiring in Dublin especially across the asset management, funds and payments sectors. There has been a surge in demand for Pre-Approval Controlled functions in these sectors, however an issue now arises due to there being back-fill requirements for existing employers in Dublin and they are struggling to find suitable replacement talent, which is not easily available.

Covid-19 has impacted the market in a variety of different ways, however, most notably is that the individual who pre-covid would like to test the market and consider other opportunities isn’t doing so right now. This is largely due to people remote working for such a prolonged period of time and their lifestyles have simply changed. They are enjoying increased flexibility, better work-life balance, employer support in relation to mental health and wellbeing, as well as spending more time with families and friends. The job search process is not of interest to these professionals right now.

Hybrid working for many employees will become a permanent fixture as companies transition back to the office in the coming weeks and months. For the vast majority of people, this model will see employees spending 2 or 3 days in the office at the discretion of their managers, with employers doing their very best to retain top talent. Individuals for the most part will likely be content and of the feeling that their employers have been forthright, supportive and trusting, meaning they may not be open to new opportunities.

Living expenses have dramatically increased across Ireland and specifically in Dublin where it is simply becoming too expensive to live. Generally, Ireland would have a flow of inward and outward migration in this country, however the current net migration is at a 18.55% decline from 2021 and this has been in rapid decline since 2018. Unless there is personal motivation to move here, senior professionals often do not see the appeal. In addition to high living costs, the country is facing a major housing shortage and high rental costs which again amplifies the lack of appeal to move here.

The great resignation will likely happen in certain sectors, however in financial services, it’s the great shortage that continues to dominate the market, a trend that is expected to only worsen in the months ahead. So, what options are available to employers looking to hire excellent talent?

A solution for companies facing challenges in hiring senior talent is interim management, where elite skilled professionals with specialist technical knowledge can support businesses in specific areas to strategically drive success. Interim managers can join companies on a short-term, long-term or project-based contract to manage a period of crisis, change or transition. Employers can hire senior professionals and consultants quickly and confidently (within days or weeks) at competitive rates without foregoing on quality or incurring administration and additional costs associated with hiring on a permanent basis.

Coopman Search and Selection is a specialist financial services recruitment firm that sources individuals for highly technical, regulated roles for our clients and over the past 18 months, we have been providing interim solutions in business transformation, accounting, risk, compliance and audit across a variety of different sectors including insurance, asset and investment management, banking, fintech and aircraft leasing. We provide interim professionals to clients in Dublin, UK and Europe through a vehicle which is highly successful, resulting in our clients acquiring the technical expertise to drive results for their businesses at highly affordable rates in the market.

To find out more about our interim management offering, to get insights into the financial services market or to discuss your company’s recruitment needs, contact Director and Co-Founder Mark Fallon on, +353 1 211 8333 or +44 204 529 2608.

Alternatively, you can download our brochure ‘Interim Management: Finding You The Solution’ for more information.

William McCoppin


William has experience across multiple markets, specialising in compliance and financial crime at the interim, mid-to-senior and executive level.