Ireland’s escalating cost of living crisis, particularly housing affordability, is casting a shadow over the country’s job prospects, according to recent reports. The impact is driving many individuals to seek opportunities abroad, leaving companies in Dublin grappling with an acute shortage of suitable talent.
The crisis extends to the realm of salaries as well, with most sectors witnessing stagnation due to inflation and skill shortages. A report by Morgan McKinley reveals a 6.9% increase in the number of new professional job openings in 2022, but a 3.3% decrease in the number of professionals actively seeking new job opportunities compared to the previous quarter.
Candidates are increasingly leaning towards flexible work arrangements, with a preference for hybrid working models. Consequently, employers are finding it challenging to fill entry-level and graduate positions. Housing scarcity and the cost of living crisis are prompting many to seek job opportunities overseas. Popular destinations include Australia, the UK, Canada, Singapore, Dubai, Bermuda, the Cayman Islands, and continental European locations like Spain, France, and Germany.
The migration trends reflect the urgency for Ireland to address its housing and affordability issues to retain and attract talent in a competitive global job market.