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Irish Examiner
3 days ago
- Business
- Irish Examiner
Employers see value of graduate hiring
The number of professional job openings in Ireland increased by 7% for the first three months of 2025, compared to the end of 2024, according to recruitment consultancy firm Morgan McKinley's Irish Employment Monitor. Trayc Keevans, the firm's Global FDI Director and Head of Research, said the data shows: 'clear evidence of renewed hiring confidence across many sectors, particularly in technology, financial services, and construction.' However, while there are multiple opportunities for graduates, employers are taking a more considered approach in the pace at which companies are hiring. 'What they have been looking at is what are the skills they're trying to develop within the organisation, in a movement toward skills-based hiring - which is starting to gain momentum now,' she explains. Rather than it being - 'we're running a graduate programme and need X number of people' - firms are now looking at what are the roles they want them to fulfil. 'Much of the conversation around 'quiet redundancies' is playing out around the lower level and streamlining positions where AI is taking up some of the burden, and thus not being replaced with a complete person.' These constrained resources impact when somebody hires with the lesser experience of graduate level, and the extended process of on-boarding, training and shadowing to allow them time to realise their potential. 'Managers don't have that same time to invest as they would have had, and unless it is a large organisation, employers are saying we need someone with at least one to two years experience. What this means is grads that are coming out of university with a work placement under their belts is absolutely crucial for their securing employment day one.' Following an initial career in banking and finance working in Bank of Ireland and Statestreet amongst others, Trayc has worked in recruitment for Morgan McKinley since 2006, starting as a manager of the accountancy and finance desk in Dublin and specialised in the recruitment of senior qualified accountants within industry. She holds a BBS (Hons) degree from DCU where she specialised in marketing and also holds a certificate in personnel practice from the National College of Ireland, a diploma in employment law from Dublin Business School and, more recently, qualified as an accounting technician (ATI). Advanced AI capabilities & continuous upskilling to stay relevant In the hiring marketplace of today, AI adoption is reshaping the data graduate landscape in Ireland. 'Roles that there would have been in routine analytics such as statistics modelling are declining - demand is very much for AI machine learning visualisation experts.' Morgan McKinley have been reporting growth in AI specific positions - up to 142 per cent over a six month period, compared with less than 40 per cent for traditional data roles. 'Graduates need to focus on advanced AI capabilities and continuous upskilling to stay relevant and competitive. We've seen the pipe of skills that data analytics graduates are coming out with - they need to be aligned with what companies are looking to hire.' While third level curriculum can take a while to turn and mobilise, Trayc has seen first-hand that the connection between industry and universities is becoming faster. Trayc Keevans, global FDI director with recruitment consultancy Morgan McKinley Ireland. 'Universities are very much following this, which is why I think Ireland has been very successful in maintaining a close connection between employers and the universities about what they actually need and which is replicated in the modules that are being studied.' Trayc also notes the changes in the way that hiring is taking place for graduates. 'The traditional hiring was based on qualifications, but we are now starting to see companies saying that with leaner resources and AI doing some of the work, they have to ensure that they're bringing on people with a purpose.' The emphasis in traditional recruitment would have been on formal education - type of degree, university attended, a academic CV, interviews and psychometric tests to access potential to the entry path of a structured graduate programme. 'This would have been particularly pronounced in areas such as accounting, law and engineering, and would typically have favoured candidates from the more traditional academic backgrounds. The skills-based hiring is much more competency focused - with the emphasis on technical and transferable skills. What we're seeing now is employers looking for collaboration and critical thinking in graduates. The progressive universities are factoring that into their programmes and modules, and equally into the placements that their students are taking up.' In the employment market of 2025, there are a lot of other entry routes rather than just the traditional university background. Apprenticeships, in particular, are having a moment now, she adds. 'In Microsoft, for instance, there are a number of cloud-based apprenticeships that are proving really popular. "Those would traditionally have been trade apprenticeships, whereas now you can do something in cloud computing and in year two could be travelling to one of Microsoft's sites in the Nordic countries or the US. It's very attractive, not least for its 'earn as you learn' advantage.' Nowadays, there are alternative entry routes than just the traditional third level backgrounds: 'Companies are now looking to fast track building a talent pool in an environment where technology is changing things very, very quickly.' The benefit of this, she says, is that it can reduce the bias toward people with degrees: 'The retention can be better as well when roles are very well matched to skills, as opposed to qualifications.' In addition, DEI (diversity, equality and inclusion0 does open access to overlooked talent when you're looking at this type of hiring for graduates, compared to traditional methods. The graduates of 2025 will have many opportunities, and undoubtedly some challenges as well. Perhaps the words of Apple founder Steve Jobs might be a useful guide: 'Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle.' Trayc Keevans has observed the hopes and desires of many generations of graduates coming into the workplace - here is her considered advice: 'In your first role post qualification don't 'follow the money' or what feels safe. This will satisfy your needs in the short term but inhibit you reaching your career potential over the longer term. Consider what skills development the position will offer you, what potential career development the company could offer you now and in the future, and whether the culture of the business is aligned to your own personal needs.'
RTÉ News
3 days ago
- Business
- RTÉ News
Less people saving, more worried about global recession
Less people are saving, and more are worried about the risk of a global recession, according to new research by Bank of Ireland. The Savings and Investment Index shows that the risk of a global recession is the biggest concern for Irish households, ahead of the cost of housing, rent and inflation. "The increase in concerns about global recession comes at a time when geopolitics has taken centre stage, so it's the first time we've seen this come to such prominence in our survey," said Kevin Quinn, Chief Investment Strategist, Bank of Ireland. "With tariffs dominating public discourse up until quite recently and the Israel-Iran conflict now to the fore, it's little surprise that these concerns are prominent. "It's also no surprise to see housing concerns and the cost of living remaining uppermost amongst younger age groups," he added. The data shows that attitudes to saving fell between April and June. There was a drop in those saying they are saving, and a drop in those who think they are saving enough. "After eight interest rate cuts from the European Central Bank, many savers may feel that the rewards on offer are likely to drop," Mr Quinn said. "In addition, it is possible Irish households are saving less and spending more, with an eye on what tariffs might do to import prices. "It's a phenomenon that has been seen in a number of countries as tariff levels came to the fore of public debate", Mr Quinn said. According to the survey, investment habits remain stable, although a cautionary tone remains. The amount of Irish households who are investing has remained at a similarly elevated level for the third quarter in a row but attitudes here are shifting. When asked if it was a good time to invest, there was a second drop in a row.
Irish Times
3 days ago
- Business
- Irish Times
Bank of Ireland's recession warning and how to save on home insurance
The risk of recession has become Irish households ' top concern for the first time in Bank of Ireland's quarterly savings and investment index. As Dominic Coyle reports, the threat of tariffs and the impact of unrest in the Middle East mean it overtook worries about the cost of housing. A ruling from safety regulators allowing most departing passengers at Dublin Airport to keep liquids up to 100ml in their bags is imminent, sources say. Passengers have had to keep removing liquids from their baggage at Dublin, even while passing through new scanners supposed to eliminate this need, following a temporary European Union Aviation Safety Agency (EASA) ruling last year, but that may soon change. Barry O'Halloran reports. Uniphar, the Dublin-listed diversified healthcare services group, will need to spend as much as €150 million on mergers and acquisitions to reach its medium-term earnings target, according to Deutsche Numis. Joe Brenna has read the research, including the downgrading of the healthcare firm. In his column, Martin Wolf writes that for all the Trump tariff brouhaha, it is clear that global imbalances matter. But perhaps not in the way Trump thinks they do. READ MORE Home insurance prices have surged in recent years, but there are ways to get your premium down. In Money Matters, Joanne Hunt explains what to look for. Teneo, the New York-based communications and advisory firm, has appointed former Fine Gael minister Frances Fitzgerald as a senior adviser here. Ciaran Hancock reports. Ires Reit said that it has decided not to replace one of the board nominees of former activist shareholder Vision Capital, as she was forced to step down as the investor's stake fell below 3 per cent. Joe has the details. Pre-tax profits at the Irish arm of Elon Musk's Starlink satellite firm last year almost doubled to $13.87 million (€11.97 million). Gordon Deegan has read the accounts. In Commercial Property, Ronald Quinlan reports that John Scottus school in Dublin's Ballsbridge has put its long standing Northumberland Road base up for sale, while Sean Mulryan has secured a deal for a 15 acre land bank at Naas racecourse. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Independent
3 days ago
- Business
- Irish Independent
Fear of a global recession is now the main economic worry among Irish households
It has jumped ahead of both the cost of housing and rent, and inflation, as a major worry for consumers, according to the latest Bank of Ireland's Savings and Investment Index. Plans by US president Donald Trump to impose tariffs and the threats to economic growth from the conflict in the Middle East mean geopolitical events are taking centre stage for householders. Bank of Ireland's Savings and Investment Index for the second quarter of this year shows concern about a global recession was the number-one worry for 21pc of those surveyed. This is up 8pc on the last survey in the first three months of the year. Housing and rental costs continue to dominate concerns faced by younger age groups The concern is highest among those aged 30 to 59, and among professional/managerial groups. Housing and rental costs continue to dominate concerns faced by younger age groups. Some 28pc of 16 to 29-year-olds cited the cost of housing/rent as their biggest worry. Another 24pc of this age group view inflation and the cost of living as their biggest concern. There was a fall in the proportion of people who say they are saving and in those who believe they are saving enough. The Savings and Investment Index dropped to 87, down from 94 in the first three months of this year. Investing habits remained largely unchanged, with an increase in the amount being invested compared with last quarter. Despite this, more than half of consumers believe stock markets will be lower in the next six months. Chief investment strategist at Bank of Ireland Kevin Quinn said: 'The increase in concerns about global recession comes at a time when geopolitics has taken centre stage, so it's the first time we've seen this come to such prominence in our survey.' Mr Quinn said global investment markets had experienced a steep downturn in April and headlines about an effective trade embargo had dominated those weeks. 'Markets have recovered significantly since then with a powerful rally from mid-April onwards, but that hasn't moved the dial for Irish households yet,' he said. 'With tariffs dominating public discourse up until quite recently and the Israel-Iran conflict now to the fore, it's little surprise that these concerns are prominent. 'It's also no surprise to see housing concerns and the cost of living remaining uppermost amongst younger age groups.' Having reached a recent high in the first quarter of this year, attitudes to saving dropped in the second three months. There was a drop in those saying they are saving The Savings Index was 87 in the second quarter, down nine since the first quarter. There was a drop in those saying they are saving and a drop in those who think they are saving enough, a near-term low. Mr Quinn said that after eight interest rate cuts from the European Central Bank, many savers may feel that the rewards on offer are likely to drop. In addition, it is possible Irish households are saving less and spending more, with an eye on what tariffs might do to import prices.
Irish Times
3 days ago
- Business
- Irish Times
Recession fears edge worries over housing costs among Irish households
The risk of recession has become Irish households' top concern for the first time in Bank of Ireland's quarterly savings and investment index. The threat of tariffs and the impact of unrest in the Middle East mean it overtook worries about the cost of housing . Investors, overall, have turned more cautious, the bank said with fewer people putting money aside. The bank's Savings and Investment Index dropped to 87 in the second three months of the year, down from 94 in the first quarter. – There was actually an increase in the amount being invested compared to last quarter, the bank said, but over half of consumers believe stock markets will be lower in the next six months. READ MORE Concern at the risk of a global recession has jumped following a series of Irish and international outlooks that have downgraded economic forecasts in recent weeks. Ranked the top concern by 21 per cent of respondents, up eight points on three months previously, it leapfrogged the cost of housing/rent and inflation as the issue foremost in consumers' minds for the first time since the option was included in the survey back in 2022. Bank of Ireland said the issue features most prominently among those aged 30-59 (24 per cent) and among professional/managerial groups (27 per cent). The cost of housing and/or rent continues to dominate concerns faced by younger age groups, with 28 per cent of those aged between 16 and 29. For another one in four of this group, inflation and the cost of living is their main worry. Kevin Quinn, chief investment strategist at Bank of Ireland, said it was the first time that recessionary fears had featured so highly in its quarterly surveys. 'With tariffs dominating public discourse up until quite recently and the Israel-Iran conflict now to the fore, it's little surprise that these concerns are prominent,' he said. 'It's also no surprise to see housing concerns and the cost of living remaining uppermost among younger age groups.' After notching up investment gains of almost 50 per cent in global equities in 2023-24, Mr Quinn said, a global equity portfolio notched up losses of 15 per cent in the months up to early April 2025. 'This has clearly influenced how people viewed the prospects for investing. That we have seen a powerful recovery of most of the losses since then will take time to filter into people's attitudes,' he said. The savings element of the index reading of 87 was nine points lower than the high it had hit in the first quarter. The main feature was a slide in the number of people saying they were actively saving at the moment, while the number of those who think they are saving enough was also lower. 'It appears we reached a peak for Quarter 4, 2024 and Quarter 1, 2025 surveys. After eight interest rate cuts from the European Central Bank, many savers may feel that the rewards on offer are likely to drop,' Mr Quinn said. The investment element of the index also read 87, but that marked a more modest drop of five points.
