According to a new report, the hiring rate in Ireland has slowed down compared to post-pandemic highs. The report, IDA Labour Market Pulse, showed that hiring rates in January were 27% lower than in the same period last year. The report, completed in collaboration with LinkedIn and Microsoft, found that employees are choosing stability over change amid a volatile economic environment.
The report suggests that given the current tightness in the labour market, employers should focus on a skills-based approach to hiring. Head of LinkedIn in Ireland, Sharon McCooey, stated that the hiring rate has stabilised, but there is a growing gap in the workforce that needs to be filled with employees with AI skills. More businesses are now searching for staff with AI skills to speed up their digital progression.
“While AI talent is very much in demand, there is a clear need to develop a pipeline of skilled professionals to take up these roles,” said Ms McCooey. The Labour Market Pulse indicated that Ireland is responding to the shortage of AI skills by upskilling and reskilling existing employees.
The World Economic Forum (WEF) predicts that 97 million jobs involving AI will be created between 2022 and 2025. Overcoming current skills gaps will require targeted efforts. The report suggests that businesses should focus on upskilling and reskilling their existing workforce to meet the growing demand for AI skills.
The report also highlights the need for a skills-based approach to hiring. Employers should focus on hiring based on skills rather than qualifications alone. This will help to bridge the skills gap and ensure that businesses have the talent they need to succeed in a rapidly changing economy.
The report suggests that businesses should also focus on diversity and inclusion in their hiring practices. This will help to ensure that they have a diverse range of skills and perspectives in their workforce. This, in turn, will help to drive innovation and creativity within the business.
The report concludes that businesses need to be proactive in addressing the skills gap. This means investing in training and development programmes for their existing workforce. It also means working with educational institutions to develop new courses and qualifications that meet the needs of the modern workforce.
In conclusion, the IDA Labour Market Pulse report highlights the need for businesses to focus on upskilling and reskilling their existing workforce. It also highlights the need for a skills-based approach to hiring and the importance of diversity and inclusion in the workforce. By taking these steps, businesses can ensure that they have the talent they need to succeed in a rapidly changing economy.