Healthy job market despite concerns around Brexit

The local jobs market remains “robust” according to new report released today despite ongoing uncertainty around Brexit and the lack of a functioning local Executive and Assembly.
By The Newsroom
Published 29th Jan 2019, 05:00 BST
Updated 7th Feb 2019, 19:31 BST
The current lack of clarity coupled with ongoing skills shortages creates a challenge for NI firmsThe current lack of clarity coupled with ongoing skills shortages creates a challenge for NI firms
The current lack of clarity coupled with ongoing skills shortages creates a challenge for NI firms

The NIJobs.com Jobs Report produced with Ulster Bank is a good barometer for the job market highlighting general trends for both employers and employees across 32 categories.

It indicates that the rate of overall employment growth has demonstrated no notable signs of slowing with the annual pace of job creation running at a healthy 2% YoY.

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As far as vacancies are concerned, the local market ended 2018 the way it began with a strong demand from employers.

Roles advertised by companies increased by 15% overall in the last twelve months whilst YoY figures for Q4 (2018) are positive.

The big employment winners included construction up 59% and IT up 104% . Record highs were also noted in big data & analytics, science, agriculture, pharmaceutical and food.

However, despite that growth, Sam McIlveen, general manager of NIJobs.com, said companies must look beyond the figures against the present backdrop of political uncertainty.

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“The current lack of clarity coupled with ongoing skills shortages particularly in the IT sector creates a challenge for NI firms so it is vital that companies are planning effectively whatever the Brexit outcome. Companies must continue to invest in attracting good people effectively and quickly to support their long-term business goals.

“We’re not expecting a Brexit Big Bang in April, we believe we’ll see the market adjust to the new trading arrangements with the EU and there will no doubt be winners and losers in the new dispensation.”

Ulster Bank’s chief NI economist Richard Ramsey believes that this year will be more challenging for the jobs market with a global economic slowdown and Brexit to contend with.

“Some sectors will be more exposed to these two issues than others will.

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One of the most ‘Brexit-proof’ sectors has been IT. It continues to go from strength-to-strength with job vacancies more than doubling over the last year to a fresh record high. IT listings now account for more than one-in-seven of all job vacancies. Allied to IT is the growing niche area that is Big Data & Analytics.

“ These sectors are expected to continue on their growth trajectory and are worth watching this year. Filling these vacancies will be a challenge though with growing skills shortages in NI, GB and the Republic of Ireland making retaining talent a priority in 2019.”

Related topics:BrexitUlster Bank