Information Technology Market Update Q2 2016

John Howe / July 12, 2016

Information Technology Market Update Q2 2016

 

General Observations

“For now, the economy seems to have been affected by Brexit, but this does not appear to have impacted negatively on the IT job market”

In our last market update in January we spoke about the technology market in Ireland seeing a steadily growing increase in the need for IT talent. Now that we are half way through the year, that trend hasn’t waned and, in fact, the need for IT staff has only intensified.

For many companies growing at incredible rates, there remains the question of what they can do to offset this issue.

In June this year, the Irish Government has launched a €1.9m initiative to help attract overseas talent to Ireland, called Tech/Life Ireland. The goal of this initiative is to help bring up to 3,000 of the best tech professionals to Ireland.

The website for this initiative, www.techlifeireland.com and digital resources like LinkedIn and Twitter will provide information about the tech environment and careers in Ireland, as well as practical advice about moving to Ireland and its lifestyle benefits. Some of the key features of the website include case studies of IT professionals that were successful in integrating into the local workforce and their experiences, regular reports based on tangible numbers, interviews and reports from some of Ireland’s most influential tech leaders and personalities.

The CEO of IDA Ireland, Martin Shanahan, has this to say: “Ireland has become a global technology hub attracting the strategic business activities of ICT companies. This has earned Ireland the reputation for being the heart of the ICT industry in Europe.  The high quality of life available in Ireland, coupled with a thriving ICT sector attracts talent from around the world. This has been a key factor in the success of multinational companies here. IDA Ireland sees this trend continuing as more and more technology companies choose Ireland as a gateway to service the global market.”

Salaries

Generally, salaries continue to increase as they have done over the last 6 years. Some areas see greater increases than others. Areas such as Data Analysis/Science and Information Security are seeing some of the biggest growths, primarily driven by enterprise needs and adapting to the requirements of the technology landscape. This is partially driven by the lack of professionals in the local market and perhaps we can expect initiatives like Tech/Life Ireland to offset this in the coming year.

The Year Ahead

At the beginning of 2016, GDP growth for Ireland was expected at up to 6% (more conservatively expected to be 4.4% by some brokers). In the wake of Brexit, this has been cut to as low as 2.4% for 2017. The question remains, as Britain stabilises and as Europe responds to the departure of Britain from the European Union, will Ireland see a recovery in GDP expectations and will the confidence return? Here in Lincoln, our data does not show a reduction in the number of jobs that our clients ask us to fill. On the contrary, we have been an increase in the requirement across both the permanent and contract job market. For now, the economy seems to have been affected by Brexit, but this does not appear to have impacted negatively on the IT job market.

If you are thinking of a move this Q3, for a confidential discussion please contact me on jhowe@lincoln.ie or call 01 661 0444.

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