HireIQ Finance presents insights into the Irish Job market.
The Irish job market is an ever-evolving landscape, with the accountancy and finance sector being no exception. In recent years, Ireland has experienced a surge in economic growth with the introduction of global powerhouses and a strong focus on the development of the financial services industry.
This has led to an increased demand for experienced and qualified finance professionals, leading to a number of challenges for CFOs, Finance Directors and other leaders in the Accounting & Finance industry.
The first challenge is the competition for top talent. With the number of job openings in the sector growing steadily, the competition for the best and brightest is fierce. Many organisations are now looking to recruit outside of Ireland, leading to increased competition in the recruitment market. This has resulted in a number of organisations offering higher salaries and better benefits packages in order to attract the best candidates. This is causing major ripples in the market further increasing salaries and forcing companies to counter offer more often.
The second challenge is related to the skills gap. As the demand for finance and accountancy professionals has grown, the skills gap in the sector has widened. A lack of qualified and experienced professionals has meant that many organisations are struggling to fill positions, leading to a decrease in productivity and an increase in costs. With the cost of NOT hiring new accounting professionals to replace departures or facilitate growth being greater than the cost to source them.
The third challenge is related to the changing nature of the sector. Technology has had an enormous impact on the sector, with new software and systems being developed almost daily. New technology is having a dramatic impact on the accounting profession by creating a need for more technologically savvy accountants. Accountants need to be able to utilize software such as cloud accounting, finance analytics, and artificial intelligence in order to remain competitive in their chosen profession. This means that the skills required for accounting are changing and those who wish to stay in the profession must be willing to learn new skills. This has made it harder to hire people with the necessary skills as the pool of qualified applicants is shrinking.
The fourth challenge is related to the recruitment process. Many organisations are now seeking to use recruitment agencies to find and hire top talent. Recruitment agencies provide access to a larger pool of candidates, enabling organisations to find the right person for the job. This is a proven method that a lot of senior finance professionals are turning to whether they are hiring in their own teams or looking to secure jobs elsewhere. The talent market is very much intrinsically linked to the fact that job seekers are no longer using traditional platforms to secure new roles as the best of the best have opportunities presented to them on a daily basis.
The fifth and final challenge is related to the changing nature of the workforce. With the introduction of flexible working and remote working, organisations need to be able to recruit and retain talent from a variety of backgrounds. This requires a different approach to recruitment and retention, as well as an understanding of the needs of the modern workforce. In order to overcome these challenges and ensure the success of their business, CFOs, Finance Directors and Financial Controllers need to be proactive in their approach to recruitment and retention. The use of recruitment agencies can be invaluable in this regard, allowing organisations to access a larger pool of candidates from further afield and increase their chances of finding the right person for the job.
How are you finding the current recruitment landscape in Ireland? If you are interested in joining the next round table discussion feel free to contact email@example.com