The soaring cost of living means nearly two thirds of Northern Ireland workers are looking for a new job, a new survey has shown.
The NIJobs Job Report, in partnership with Ulster Bank, hinted at a year of transition for the province’s job market, as the desire for a higher salary meant 61% of the 1,500 surveyed were scouring the job boards for a better paid role. The results pose a growing problem for Northern Ireland’s employers, themselves struggling to manage growing input costs while at the same time trying to attract and retain talent.
Although the “fierce” competition to hire workers witnessed last year has eased slightly with the number of jobs on offer down 8% between the third and fourth quarter of 2022, the survey said the number of positions available is 90% above the corresponding quarter just prior to the pandemic in the fourth quarter of 2019.
“Attraction and retention continue to be an important area that employers must consider,” Sam McIlveen, General Manager at NIJobs, said.
However, the growing recessionary environment and perhaps delayed impact of rising costs on company’s hiring intentions mean the balance of power in the job market is likely to swing back to the employer.
“Competition for talent will still feature this year, but undoubtedly, the true impact of inflation hikes will have taken its toll,” he said. “Business operating costs will be a priority and may overtake salary increases and bonuses offered to staff.
“With cost and recession on everyone’s minds, many predict that the balance of power will return firmly to the employer during this downturn in economic activity.”
Some sectors such as cybersecurity, financial services and engineering, however, are expected to see candidates remain in demand.
Overall, Richard Ramsey, chief economist at Ulster Bank, said employers will return to the job market driving seat this year, one where job losses are inevitable.
“Despite widespread industrial action, the arrival of a recession will see the balance of power slowly return to the employer,” he said. “The pain of the cost-of-living crisis, higher mortgage rates and the cost-of-doing business crisis will increasingly become apparent in the labour market with job losses and rising unemployment.”
