Graduate prospects improve as most sectors see growth – The Irish Times

The class of 2024 hasn’t had it easy. Most of this year’s graduates started their studies a few months after Covid-19 hit. For much of the first year, Ireland was in lockdown, with higher education and higher education generally taking place remotely.

They lost the opportunity to have a personal college experience and, therefore, the chance to get involved in student life. The jobs they traditionally relied on were non-existent, and businesses in the hospitality and retail industries were either closed or on hold. And then, just as things seemed to finally be returning to normal, inflation skyrocketed and rents continued to rise, making student life simply unaffordable for many.

For now, the cost of living remains high, with younger people bearing the brunt – usually on lower incomes as they start their careers.

But I have good news: Ireland’s job market is booming. The latest analysis by the Institute of Economic and Social Research shows that unemployment is very low and the inflation rate is decreasing.

This means plenty of job opportunities for graduates based in Ireland – and once again this should give graduates an edge when employers compete for skilled and talented workers.

“Many sectors are busy and vibrant,” says career psychologist Sinéad Brady. “Ireland has achieved full employment. There have been layoffs in the technology sector in the last year, but there are now plenty of jobs available in areas such as software, cybersecurity and artificial intelligence.

Brady says AI will likely impact 30 to 60 percent of jobs. Some sectors will benefit, others may see a shift.

“Psychologists, actors, athletes and anyone who depends on human skills can be better protected,” he says. “But graduates are increasingly thinking about the skill set they bring to the job. Every time you learn new information or in a new way, you deepen these transferable skills, and in this fifth industrial revolution, people will recruit people for their transferable skills and talents, as well as their ability to get the job done and get along with people.”

Joan McNaboe, research manager in the skills and labor market research unit at further education and training agency Solas, says most sectors are growing and graduate recruitment is looking good.

Each year, the Expert Group on the Future of Skills Demands, of which Solas is a member, publishes a skills bulletin highlighting the main areas where employers are reporting skills shortages. It also publishes detailed periodic reports on skills requirements in specific areas.

The April report on the financial services sector predicted that by the end of 2027, the international financial sector will need to employ between 6,000 and 9,000 people, especially in the areas of fintech and payments, asset management, investment funds and securities services, insurance and reinsurance, international banking, wholesale capital markets, and aircraft leasing and finance.

While many of these skills gaps will be felt more acutely in more specialized, senior roles, the study suggests there could be a shortage of more than 4,000 graduates by 2027.

Meanwhile, in the biopharmaceutical sector, a group of experts predicts that 21,000 additional jobs are likely to be created in Ireland by 2027. The report identified a potential shortage of 3,000 graduates entering the sector, which is associated with new demand for specific skills in production, digitalization, regulation and research and development.

“The skills needed to digitally transform the sector will be very important, as will leadership and transversal skills,” the report says.

This could be particularly good news for non-Stem graduates, as these are exactly the types of skills they bring to the marketplace. It also highlights how humanities and business graduates can use their skills to drive deeper analysis – particularly around the proper use and application of new and emerging technologies – across all types of sectors.

“With all the statistical analysis across sectors, an arts graduate can get a little lost, but it’s not a bad time for them either,” says McNaboe. “For example, we see a lot of sales roles, and with the decreasing labor supply, they have the opportunity to choose the roles they want.”

He adds: “The sustainable development agenda, which includes the development of renewable energy, creates jobs. There may be a little caution when it comes to ICT, but it is still a huge sector and ICT specialists are still needed across the economy. Pressure on the government to meet construction targets is creating jobs across the sector, including in civil engineering and surveying, as well as in industries such as carpentry and plumbing. Employment in the health service is growing.”

The recent closure of Token, a popular bar and arcade in Smithfield, Dublin, has prompted much reflection on how even successful, popular hospitality businesses struggle to keep up with ever-increasing costs. Does this mean that hospitality and retail may be one of the few areas where graduates may struggle to find work? And since many graduates often work in customer service or hospitality after graduation, could this impact them?

“The sector may be under pressure from the cost of living and the ongoing economic recovery from the Covid-19 closures, and faces challenges, but there are still quality jobs available in the sector,” says McNaboe.

“Overall, if you’re looking for a job, there are opportunities.”