The journey hasn’t been smooth for the class of 2024. Many began their university education just as the Covid-19 pandemic took hold, which saw Ireland repeatedly entering and exiting lockdown measures. The majority of their initial year had to be conducted online, bypassing the typical on-campus experience and opportunity to engage in student activities. Traditional part-time work for students in hospitality and retail was significantly reduced or paused entirely. Increasing inflation and climbing rent costs also added to the hardships, making student life less affordable for many.
Despite the elevated cost of living that particularly impacts young people, usually on the lower end of the income scale, there’s a silver lining. Currently, Ireland is experiencing a surge in employment. With low unemployment rates and moderating inflation, according to recent studies by the Economic and Social Research Institute, the outlook appears positive.
This translates into a plethora of job openings for graduates choosing to remain in the country. There prospects are further bolstered by growing competition amongst employers for skilled and talented individuals. Sinéad Brady, a career psychologist, affirms that Ireland’s job market is thriving. Although the tech sector experienced layoffs last year, presently it offers numerous positions within fields like software, cybersecurity and artificial intelligence.
Brady estimates that AI may impact 30 to 60% of jobs, bringing both benefits and displacements. Fields that depend on human skills, like psychology, acting, and athletics, can provide more protection. Graduates are increasingly focusing on their unique skills and how those can be applied in various work settings. These transferable talents, alongside the ability to perform job duties and work well with others, are becoming desirable assets in this new industrial revolution.
Growth is noted across various sectors, according to Joan McNaboe, research manager of the skills and labour market research unit at Solas, the further education and training agency. The prospects for graduate recruitment appear very promising.
Every 12 months, the Expert Group on Future Skills Needs, counting Solas as a participant, unveils a skills dossier underlining the chief fields in which businesses are encountering talent deficiencies. The group also circulates thorough occasional studies concerning talent necessities in specific sectors.
In their most recent publication, which focused on financial services in April, they predicted the global financial sector would need an influx of between 6,000 to 9,000 personnel by the close of 2027. Areas such as fintech and payments, asset control, investment funds, securities services, insurance and reinsurance, international banking, wholesale capital markets, and aircraft leasing and finance will particularly feel the pinch. Even though the skill scarcity will predominantly be experienced in higher-level speciality roles, the research suggests an anticipated deficit of over 4,000 graduates by 2027.
Turning to the biopharma industry, the expert team is projecting the creation of an excess of 21,000 jobs in Ireland by 2027. The research also points out a possible gap of 3,000 graduates set to enter the industry, with a rising demand for specific skills in fields such as manufacturing, digitalisation, regulation, and research and development.
The report underscores the necessity for skills suiting the digital evolution of the sector, leadership qualities, and transversal skills. This is an excellent prognosis for non-STEM graduates, as these are exactly the kind of competencies they offer. It also makes clear how humanities and business graduates can utilise their capabilities to provide a profound analysis, especially regarding the right application of emerging technologies, across various sectors.
Notably, the survey reveals excellent prospects for arts graduates, who can stand out amidst the competitive statistics across various sectors. “It is a favourable time for them, given the wealth of opportunities in sales roles and with a dwindling labour pool, they can be selective,” says McNaboe, adding that the push for sustainability and growth in renewable energy is generating jobs. He also noted the burgeoning IT sector, government pressure to accomplish construction goals and the growing healthcare industry as sources of potential employment.
The recent shutting down of Token, a renowned arcade bar situated in Smithfield, Dublin, has incited introspection on the sustainability of thriving hospitality businesses in light of the increasing expenses. Might this suggest a potential difficulty for graduates to secure jobs in hospitality and retail which are often their first port of call post-university? Could this pose as an obstacle for them?
McNaboe contends that, despite the burden of living costs and the persisting recovery from Covid-19 induced shutdowns, the industry is not devoid of quality job opportunities.
In sum, for those seeking employment, there continues to be potential.