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MCS Group NI Employment Monitor

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MCS Group

MCS Group

4th Sep 2024

MCS Group is excited to share with you the inaugural edition of the MCS Group Northern Ireland Employment Monitor, covering Q2 2024. This quarterly report provides a detailed analysis of the professional and technical job market in Northern Ireland, offering valuable insights that could be beneficial for the members of the Northern Ireland Chamber of Commerce and Industry.

About MCS Group:

MCS Group is a leading recruitment and talent solutions provider, specialising in connecting the best talent with top companies across Northern Ireland and beyond. With deep expertise in sectors such as IT & Digital, Engineering, Finance, and more, MCS Group has established a reputation for delivering tailored recruitment services that help businesses thrive. We have consistently been at the forefront of understanding market trends, benchmarking salaries, and refining internal processes to attract and retain top talent. Our extensive market knowledge, combined with a commitment to excellence, makes us a trusted partner for both job seekers and employers.

Key Points from the Report:

  1. Record Low Unemployment: Despite political pressures and economic uncertainty, Northern Ireland’s unemployment rate has reached a record low of 2% in Q2 2024, demonstrating the resilience of the local economy.
  2. Fluctuations in Job Vacancies: The first half of 2024 saw mixed performance in job vacancies, with Q2 experiencing a rebound following Q1’s decline, driven by the release of new budgets. However, the General Election in May introduced significant uncertainty, leading to an 11% drop in new roles in June.
  3. Increased Time to Hire and Decision-Making Complexities: The recruitment process has become increasingly complex, with more decision-makers involved, leading to longer hiring times. As companies navigate the challenges of a remote and hybrid working world, finding the right cultural fit has become paramount. Organisations are striving to balance flexibility and productivity, making the search for talent more intricate.

Industry-Specific Trends:

    • IT & Digital Sector: This sector remains highly competitive, with a notable reduction in time-to-hire by 44% from Q1 to Q2, indicating a more agile recruitment process.
    • Engineering & Manufacturing: Despite geopolitical challenges, these sectors performed strongly, with a growing demand for roles related to renewable energy and net-zero initiatives.
    • Accountancy & Finance: This sector saw an increase in demand for temporary and contract positions as companies adjusted to new financial year budgets.

Foreign Direct Investments (FDIs): FDIs are on the rise, with new market entrants in technology, legal, and manufacturing sectors positively impacting the local labour market.

Quote: “At MCS, we’ve always focused on helping companies understand the market by sharing insights on market trends, benchmarking salaries, and refining internal processes to attract top talent. But we felt it was time to share even more. That’s why I’m thrilled to announce the launch of the Northern Ireland Employment Monitor. This report is designed specifically for business leaders, offering real-time insights into the job market. It provides a comprehensive analysis of current trends in the job market, availability of talent, as well as company strategies and candidate behaviour. We’ll also look ahead to the second half of the year. I believe this data is crucial for businesses to navigate the rapidly changing employment landscape, and I hope companies can use it to stay ahead of the curve.”

— Sean Devlin, Group Sales Director, MCS Group

This is the first in a series of quarterly reports that we will be sharing, with the next edition available in the second week of October 2024, covering Q3. We plan to continue releasing these reports in the second week of each quarter, providing timely and valuable insights into the previous quarter’s job market dynamics.

We believe this information could be of significant value to the members of the Chamber, helping them navigate the challenges and opportunities in the current employment landscape. If you or any members would like further details or wish to discuss the findings in more depth, please don’t hesitate to reach out.