Northern Ireland's First Employment Monitor

At MCS Group, 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.

This September we are thrilled to announce the launch of the Northern Ireland Employment Monitor. Designed specifically for business leaders and offering real-time insights into the Professional and Technical job market, this quarterly report provides a detailed analysis of current trends in the job market, availability of talent, as well as company strategies and candidate behaviour. Access the full report here.

Our Group Sales Director, Sean Devlin highlights:

Our report provides real-time insights that are essential for navigating the rapidly changing job market. This data empowers companies to anticipate trends and adapt strategies, keeping them ahead of the curve.”

Northern Ireland is undergoing significant transitions. The first half of 2024 has been marked by fluctuating job vacancies, economic pressures, and cautious optimism from both candidates and employers.

The Northern Ireland Employment Monitor observed that H1 of 2024 saw mixed performance in job vacancies. While Q1 experienced a 5% average monthly decrease, Q2 began with a bounce with the release of new budgets. However, political pressures and the General Election in May led to a monthly decrease in new roles, with June seeing an 11% drop. Compared to the first half of 2023, there was a 14% decrease in available professional and technical talent as candidates became more cautious.

Despite these fluctuations, Northern Ireland's unemployment rate in Q2 2024 was a record low of 2%, down from 2.4% in the same period in 2023 - the region has the lowest unemployment rate in the UK.

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 increased demand for temporary and contract positions as companies adjusted to new financial year budgets.

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

As we transition into the second half of 2024, the Northern Ireland job market stands at a pivotal juncture. While we face ongoing challenges, there is a sense of cautious optimism. Strategic economic decisions, particularly interest rate adjustments, will significantly influence hiring activities for the remainder of the year. The upcoming US elections are also expected to impact FDI and existing investors' growth, adding to the sense of hope for the future.

To gain deeper insights and stay ahead in the evolving job market, download the Northern Ireland Employment Monitor now and discover how you can leverage our data to drive your recruitment strategies and business decisions.

Access the report here