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The woes of the tech sector have been much documented over the past year. Some describe it as a correction following a period of exuberant over-hiring, others call it a temporary downturn. The explanation doesn’t really matter for those individuals who found themselves out of jobs, however; although many have been able to find new positions, there is a lingering sense of insecurity around the sector once perceived as a bastion of solidity.
Sigmar Recruitment head of growth and partnerships Claire Kelly takes a slightly more positive view.
“When you look at some of the software-as-a-service companies which had to make lay-offs, the majority of them are planning to come back in 2024,” says Kelly. “We are also seeing a lot of traditional industries adopting new technologies and this is creating new tech roles. Tech is definitely not dead.”
However, Kelly does counsel some caution. “Candidates need to do some research to make sure the company is financially secure and well backed before making a move,” she advises.
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“Contrary to any perception that technology has gone out of fashion, it has, in fact, become an integral and indispensable aspect of virtually every industry,” adds Daryl Hanberry, head of Tax and Legal with Deloitte.
A fundamental driver of progress
“The contemporary business landscape is marked by the ample presence of technology and it has transformed the way organisations operate across diverse sectors. Industries such as financial services and life sciences are prime examples where technological innovation is not just a trend but a fundamental driver of progress.”
Odgers Berndtson partner Susan Kelly says that, so far, some have preferred to take a pay cut and stay in the tech sector than move into other sectors.
“Tech is a broad term and there are pockets under that umbrella that remain buoyant and doing well. There are start-ups still happening and candidates are finding roles, just not always getting the meaty packages they were getting before,” she adds.
“There has been a rebalance in terms of earnings. Some have decided to move to other sectors. We have seen this especially when it comes to very transferable skills in finance, HR, compliance, facilities management, policy and so on but, overall, the tech sector continues to be very attractive to a broad employee base.”
Macroeconomic challenges
Uncertainty is by no means confined to the tech sector. “In today’s dynamic business landscape, several challenges are influencing various sectors,” says Hanberry.
“One overarching challenge is the macroeconomic environment, which includes factors such as inflation, geopolitical unrest, increased regulation, climate change and the transformative impact of GenAI. These elements collectively shape the business landscape and pose significant hurdles for industries across the board.”
Inflation, for instance, can disrupt pricing models and impact the cost of doing business, forcing organisations to reassess their financial strategies, he notes.
“Geopolitical unrest introduces uncertainties, affecting global supply chains and market stability. Increased regulation requires businesses to adapt to new compliance standards, potentially reshaping their operations. Climate change poses both environmental and regulatory challenges, urging industries to adopt sustainable practices.”
Susan Kelly agrees. “If only we had a crystal ball. It’s very hard to predict going into the new year,” she says.
“There is global nervousness around all the elections coming up and so on. We are quite dependent on multinationals in Ireland and these companies can be more susceptible than SMEs to global trends and the overall zeitgeist.
Hiring at senior-management level
“However, based on this time last year, the fundamentals have continued to be quite sound. We are still seeing clients hire for a lot of senior management and executive roles.”
Fintech, renewable energy, not-for-profits, and pharma are among the sectors which she believes will see increased activity in the coming year.
“There has seen a bit of rebalancing in pharma since Covid but they are still hiring for director roles,” she says. “And while the tech sector may not be visibly actively recruiting, we are hearing about many of them hiring again.”
Jones Engineering operations director David Fox agrees with this assessment.
“Life sciences, both in Ireland and internationally, has grown and we believe it will continue to do so substantially,” he says. “Jones Engineering is a market leader in this space and our expert teams are in consistent high demand.
Data centre growth
“Although there’s been a lot of talk about tech slowing down, we still see this as a significant growth area, particularly with the growth of generative artificial intelligence, which will require significant data storage and semiconductor manufacturing. The data centre market will continue to grow – albeit that in Ireland it must be considered against energy usage and capacity.”
Giga-battery plants, driven by the growth in electric vehicles, and hydrogen plants are also notable growth areas, says Fox.
“Statkraft has completed the largest battery storage facility in Ireland,” he adds. “Jones Engineering managed the PSCS [project supervisor construction stage] role for the overall project and our scope included integration of the battery system to the existing 110kV substation and grid connection and civil works.”
Fox recommends his own sector to those looking for advancement.
“Engineering is a great choice of career progression,” he says. “We hire from all universities around the country and abroad. We offer great opportunities through our graduate programme. Graduates get the chance to learn on the job in multiple locations, meaning they can work abroad in interesting places for some big name clients. Currently there are 90 graduates in our programme. We expect some of these will go on to be leaders in the business in the future.”
Pharma, construction and financial services
Claire Kelly also believes life sciences and pharma will see strong growth in the year ahead.
“Areas like cell and gene therapy have a lot of growth potential,” she points out. “Financial services is still going strong. The sector can be quite risk averse and that makes it quite stable. Companies in it are hiring for next year and we are still seeing new entrants from the US and the UK coming while domestic companies are still holding strong.”
She expects construction to be another area of strength. “If anything, there is a skills gap at mid to senior level,” she says.
“Quantity surveyors and civil engineers are in very high demand. A strong indicator of what construction doing is the number of cranes around Dublin city and there is no sign of any slowdown there. There is a lot happening in the market. Ireland is also being pitched as a cleantech location and that’s likely to be another growth area.”
Professional services catalyst
Uncertainty needn’t always spell bad news, of course. “Each obstacle presents an opportunity for individuals seeking career growth,” says Hanberry.
“In my own area of tax and legal, the constant evolution of regulations and policies at both international and local levels brings a high level of expertise.
“Navigating these complex changes becomes a crucial aspect of our role and by doing so effectively we not only provide valuable support to our clients but also unlock opportunities for professional advancement.”
He says the challenges faced in the professional services industry become the catalysts for innovation and growth.
“The ability to interpret and simplify complex changes not only adds value to our clients but also positions our team at the forefront of industry trends,” he explains.
“This continuous adaptation to a changing landscape not only ensures our relevance but also opens up avenues for career development as we stay ahead of the curve in addressing the needs of our clients.”
Generative AI also comes into play. “Additionally, the arrival of GenAI introduces a new dimension to our work,” says Hanberry. “Embracing and leveraging artificial intelligence in tax and legal services allows us to enhance efficiency, provide more accurate insights, and explore innovative solutions.
“This intersection of traditional expertise and cutting-edge technology presents exciting opportunities for professionals who are keen on expanding their skill set and embracing the future of their field.”
Hospitality’s upward trend
The hospitality sector is also set for a strong 2024 according to Micheline Corr of hospitality recruitment specialists The Firm who says that employment in the sector has shown an upward trend as the industry grows back to its pre-Covid level.
“Visitor numbers are increasing steadily, and the domestic market has been buoyant thanks to near full employment in the economy,” she says.
“Demand for talent is high in a very competitive marketplace and employers need to be innovative when they seek to attract the talent that they need to grow their businesses.
“Irish hospitality graduates are highly rated internationally which adds to the competitive element. Exciting career opportunities exist not only hotels and restaurants, but also in events management, food tourism, visitor attractions and other tourism services.”
Employers in the sectors are taking proactive steps to deal with the tight labour market.
“Our experience over the past year is that many employers are responding to the challenges of the marketplace by investing in training and career progression, embracing the opportunities of online learning and by offering life-friendly rosters where possible,” says Corr.
“Opportunities in the sector are also a lot wider than traditional kitchen, bar and reception roles with career progression also on offer in HR, finance, IT and marketing.”
Generative AI has arrived
Hanberry believes GenAI will have a positive impact on the jobs market in the year ahead.
“GenAI, characterised by advanced machine learning algorithms and natural language processing capabilities, is here to revolutionise how businesses operate,” he says.
“Its applications range from automating routine tasks to generating creative content, making it a transformative force in sectors such as healthcare, finance, manufacturing and beyond.”
The surge in employment opportunities in the broad AI area is driven by several factors, Hanberry notes.
“Businesses are increasingly recognising the potential of AI to enhance efficiency, streamline processes, and foster innovation,” he says.
“As a result, there is a growing demand for skilled professionals who can develop, implement, and manage GenAI solutions. At the same time, the ethical and regulatory dimensions of AI are becoming increasingly crucial.
“Organisations are seeking experts who can navigate the complex landscape of AI ethics, ensuring responsible and fair use of these technologies. This includes addressing issues related to bias, privacy and transparency in AI systems.
“The versatility of GenAI also contributes to its widespread adoption across industries. This versatility translates into a broad spectrum of job opportunities, ranging from AI researchers and data scientists to AI ethicists and implementation specialists.”