Large businesses have reported the lowest levels of hiring intent since the pandemic, according to the latest ManpowerGroup Employment Outlook Survey.
The research shows that hiring optimism among Ireland’s multinational corporations has declined as international business investment in Ireland continues to fall from previous highs, and companies seek to reduce costs amidst economic uncertainty.
The Healthcare and Life Sciences sector is reporting strong hiring intentions with small and medium enterprises also continuing to display positive hiring outlooks.
The ManpowerGroup Employment Outlook Survey is based on responses from 420 employers across Ireland.
It asks whether employers intend to hire additional workers or reduce the size of their workforce in the coming quarter, April to June.
“Hiring levels from Ireland’s biggest businesses have declined substantially over the last year,” said Jonny Edgar, Managing Director, ManpowerGroup Ireland.
“Multinationals have had to respond to reduced global demand and lower-than-expected growth, with GDP projections revised down to 1.2%.”
“Multinational corporations have been a powerhouse of economic growth for the Irish economy over the past decade, but now what we’re seeing from these businesses in Dublin is plans for growth hitting zero for the first time since the economic whirlwind of lockdowns and recessionary fears in 2020,” Mr Edgar said.
Despite the slowdown in hiring intentions among larger firms, ManpowerGroup said there are reasons to be optimistic.
“The Irish economy is still healthy with no major commercial threats beyond the external factors of the ongoing conflicts in and around Europe, reduced growth projections, and the stubbornly high European Central Bank interest rate of 4.5% persisting into Q2,” Mr Edgar said.
