The availability of professional jobs increased by 11% in October of this year, compared to the same month a year ago, the latest Morgan McKinley Employment Monitor shows.
Trayc Keevans, the Global FDI Director of Morgan McKinley Ireland, described the increase as a Brexit boost. 34% of the jobs created in October related to financial services and the main areas affected were asset management, compliance, financial control, risk management. "These are all functions associated with Brexit-related activity," Ms Keevans said.
"The second biggest sector was the technology sector. This was less about market access and more about skills access. The ongoing uncertainty with Brexit in the UK is having an adverse affect on European talent in particular - people looking at the UK to live and work - and Ireland has been a benefactor of that," she added.
There is normally an increase in recruitment activity before Christmas, and while that is another factor at play, Brexit is the main reason for the increase in recruitment.
There has been a spike in contract activity. According to Ms Keevans that has largely been borne out by a lot of additional administrative activity for HR professionals in light of GDPR. The digitisation of the industry is also affecting their work load, as is Brexit, she added.
Impeding the Brexit boost is the processing times for employment permits which are running five to six weeks for employers with the Trusted Partner Scheme, and longer for employers outside the scheme.
The Trusted Partner Scheme is a government initiative that was brought in in 2015 to enable the fast-tracking of employment permits. The agreed target time was two weeks. The longer processing times are causing a backlog with employers.
"There is also another effect on non-EA professionals coming here, and that's the Irish Residence permit," she explained. "There are delays of nine to ten weeks for individuals being able to get an interview to register with immigration, so we have a situation where professionals that are here and that have an employment permit and a visa to live here, but they don't have a multi-entry visa because they can't get the residence permit. It means there are people who are trapped here until they can obtain those."
Ms Keevans said people who want to work in Ireland are becoming more aware of the housing crisis and rising rents in Ireland. "The most adversely affected are those middle-income earners and professionals who want to live near work,"she said. "That's to the benefit of the regions, and that's why we're seeing a lot of people looking outside of Dublin for jobs. That's been supported by the really strong investment that's happening in the regions now. It means people no longer have to make a career sacrifice, they have less of a commute, and pay less for rent, but it is causing a problem for Dublin," she added.
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