Headwinds in the Hiring Market Force Hays Ireland to Restructure
Table of Contents
- 1. Headwinds in the Hiring Market Force Hays Ireland to Restructure
- 2. Ireland’s Jobs Boom in Tech Stalls as AI Adoption Lags
- 3. What steps are being taken by Hays Ireland to adapt to the current cautious hiring market?
- 4. Hays Ireland Restructuring amidst Headwinds: An Interview with Maureen Lynch
- 5. Archyde News: Maureen, thank you for joining us. the news of the restructuring at Hays Ireland comes at a time when concerns over Ireland’s multinational job growth are increasing. Can you shed some light on the key factors driving these decisions?
- 6. Archyde News: Hays Ireland’s parent company, the Hays Group, has also reported a decline in net fees. How significant is this downturn for the company’s Irish operations?
- 7. Archyde news: The company statement mentioned a focus on “managing our workforce in a more cautious hiring market”. Can you elaborate on what this restructuring entails?
- 8. Archyde News: What are your hopes for the Irish job market in the near future? Do you see a rebound in multinationals’ hiring activity?
- 9. Archyde News: Your company’s research has highlighted a significant gap in AI adoption in Irish businesses. What steps can be taken to bridge this gap and harness the potential of AI for the Irish workforce?
The Irish staffing sector is facing a turbulent period, with Hays Ireland announcing the reduction of 21 positions from its workforce of 126. This news comes amidst growing concerns over the potential stagnation of ireland’s high-flying multinational job growth.
the job cuts follow recent financial results from Hays Ireland’s parent company, the London-based Hays Group. Their report revealed a 12 percent decline in overall net fees year-on-year, a stark figure reflecting the evolving global hiring landscape.This challenging economic climate has hit the Irish branch even harder, with net fees dropping by a more significant 30 percent in the south and 29 percent in the north of Ireland.
Hays Ireland specializes in recruitment across various sectors, including accounting and finance, technology, construction, and consultancy. The company’s decision to restructure is part of a wider initiative by the Hays Group to achieve £30 million (€36 million) in annual structural savings by 2027.
“Hays Ireland can confirm that some roles within our Irish business have been classified as at risk,” said a spokeswoman for the company. “We’re having to make arduous decisions to manage our workforce in a more cautious hiring market,” she added, emphasizing the challenging economic conditions driving this difficult decision.
The spokeswoman went on to explain that affected employees have been informed and the company is engaging in a consultation process to explore all possible options, including reallocating resources wherever feasible.”We are providing support to our team and are unable to comment further at this time,” she concluded.
This news highlights the need for businesses to adapt and navigate the shifting demands of the current economic habitat. While the job market may present new challenges, the focus remains on providing support and exploring innovative solutions to ensure business continuity.
Ireland’s Jobs Boom in Tech Stalls as AI Adoption Lags
The much-anticipated jobs boom in Ireland’s multinational sector has come to a sudden halt. according to the latest quarterly Economic Outlook from employers group Ibec, Ireland’s multinational sector saw no increase in employment in both 2023 and 2024, marking the first time since 2010 that consecutive years have failed to show a net increase in jobs. This news comes as a stark contrast to the previous eight years, where multinational companies added an average of 15,000 Irish jobs annually.
Further evidence of this slowdown can be found in the financial results of Hays, the world’s largest specialist recruiter. The company reported a 14% decrease in net fees for its United Kingdom & Ireland operations, with permanent job placements particularly affected, seeing a 19% decline in fees earned.
Adding another layer to this complex picture, research from Hays Ireland reveals a concerning gap in the adoption of artificial intelligence (AI) within Irish businesses. While 80% of Irish employees are excited about upskilling and reskilling to incorporate AI into their work, only 16% have received any relevant training or support from their employers.
This eagerness to embrace AI contrasts sharply with the reality of its use in the workplace. A staggering 73% of Irish employees report they are not currently using AI tools or technology in their roles,primarily due to a lack of adequate training. Despite 88% of surveyed firms not having banned AI in the workplace, the lack of training creates a significant obstacle to wider adoption.
“the report underscores the clear need for organisations to close the gap between employee interest in AI and employer-lead action,” said Maureen Lynch,managing director of hays Ireland. “Allowing employees to engage with AI without the proper tools and skills can lead to risks such as underutilisation or potential misuse.”
What steps are being taken by Hays Ireland to adapt to the current cautious hiring market?
Hays Ireland Restructuring amidst Headwinds: An Interview with Maureen Lynch
The Irish job market is facing significant headwinds, with recent announcements like the restructuring of Hays Ireland shedding light on the challenges businesses are grappling with. Maureen Lynch,Managing Director of Hays Ireland,takes time to discuss these factors and the steps taken by the company to navigate the evolving landscape.
Archyde News: Maureen, thank you for joining us. the news of the restructuring at Hays Ireland comes at a time when concerns over Ireland’s multinational job growth are increasing. Can you shed some light on the key factors driving these decisions?
Maureen Lynch: Thanks for having me. You’re right,these are undoubtedly challenging times for the Irish job market. While ireland has long been a hub for multinational companies,we’re seeing a slowdown in their hiring activity. This, coupled with broader economic uncertainties, is impacting our business.
Archyde News: Hays Ireland’s parent company, the Hays Group, has also reported a decline in net fees. How significant is this downturn for the company’s Irish operations?
Maureen Lynch: The financial results across the Hays Group reflect the wider challenges within the staffing sector globally.While we are fortunate to have 126 dedicated employees in Ireland, we’ve experienced a steeper decline in net fees here – 30 percent in the South and 29 percent in the North. These figures are simply unsustainable in the long run.
Archyde news: The company statement mentioned a focus on “managing our workforce in a more cautious hiring market”. Can you elaborate on what this restructuring entails?
Maureen Lynch: The restructuring process is primarily focused on streamlining our operations to adapt to the current reality. Sadly,this includes a reduction of 21 roles within our Irish business. We understand this news is arduous for those affected, and we’re committed to providing comprehensive support throughout this transition.
Archyde News: What are your hopes for the Irish job market in the near future? Do you see a rebound in multinationals’ hiring activity?
Maureen Lynch: While predicting the future is never easy, I believe Ireland’s strong fundamentals and skilled workforce will ultimately see us through these challenging times. We need to work collaboratively to address the broader economic headwinds and embrace new opportunities,especially in areas like technological advancement.
Archyde News: Your company’s research has highlighted a significant gap in AI adoption in Irish businesses. What steps can be taken to bridge this gap and harness the potential of AI for the Irish workforce?
Maureen Lynch: You’ve hit upon a crucial point. While our research shows that Irish employees are eager to learn about and use AI, they lack the necessary training and support from employers. Organisations need to invest in upskilling and reskilling initiatives to ensure their employees are equipped to thrive in an increasingly AI-driven world. failure to do so risks a significant divide between the capabilities of the workforce and the demands of the future job market.
