Hire in Ireland
Ireland ranks no. 5 in the free economy index in the world, making it one of the friendliest free-market economies. According to Statistics Times, Ireland is the 29th largest economy in the world as per 2020 estimates. The economy of Ireland is highly developed and attracts many workers and companies from across the world to avail the fantastic opportunities available. The country is home to 4.95 million people with a low unemployment rate of 5.16 percent. The inflation rate has also been low at only 0.86 percent.
Ireland is a beautiful country with great work and living culture. The Human Development Index (HDI) published by the United Nations Development Programme ranked Ireland at the 2nd position out of 189 countries globally. This means that the literacy rate, life expectancy, and Gross National Income (GNI) are extremely high than most countries in the world. This makes Ireland an appealing destination in Europe for tourism and higher education, and employment.
Overview of Ireland
U.S News has ranked Ireland as the 23rd best country in the world, in terms of living standards. Ireland is one of the fastest-growing economies globally, with a growth rate of 9.44 percent in 2017 and 8.95 percent in 2018. This economic growth rate has slowed down after 2019 in the pandemic era. However, it is still growing faster than many other countries. The export sector is a major contributor to the Irish GDP. The taxation policies are fluid which attracts more foreign investment, especially by tech giants.
Total population – 4.95 million
GDP – US $398.38 billion (FY20)
Ireland is the 29th largest economy in the world based on its GDP. The country's economic growth rate in 2019 was 5.92 percent compared to 8.95 percent in 2018. The reason for the decline can be attributed to the pandemic. The distribution of GDP (2019) across different sectors in the Ireland economy is – service sector (56.72 percent), the industrial sector (35.18 percent), and agricultural sector (0.9 percent). The service sector accounts for 76.98 percent of the total employment in Ireland, followed by industrial and agricultural sectors with 18.53 percent and 4.49 percent, respectively.
Ireland is a small country with great producing power. The country exports almost 85 percent of the things it produces. According to a report from OECD, the real GDP of Ireland is estimated to grow at a 4.2 percent rate despite being hit by one of the worst pandemics in the world. The report also pointed out that the economy could see a rise in the unemployment rates in recent years. The country's GDP per capita was higher than 60 percent of the OECD members. The economic priorities for the upcoming years have been set for healthcare, labor market, environment, housing, and boosting competition and regulation.
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A brief glimpse of the industries
- Ireland is one of the wealthiest countries in the world. The primary industries in the country relate to the usage of natural resources that are found in Ireland. Some of the main primary industries in the country include fishing, mining, agriculture, and forestry. Although the country has huge fertile lands for agriculture, the distribution of GDP by the agro-sector is the least – about 0.9%. Lead, alumina, and zinc are the main mining elements. Other minerals include gold, copper, gypsum, and limestone. Ireland is the largest Zinc producer in Europe and the second-largest lead producer in Europe. The Irish coastline was once full of fishery resources, but because of overfishing, the resources are depleting, forcing the fishing industries to shift to aquaculture. Natural gas extraction is also one of the major activities in Ireland.
- The pharmaceutical and medical industry is another major industry in Ireland. There are more than 100 companies that are involved in producing medicinal products and research. This industry has generated a lot of employment and export value at present.
- The IT industry has been growing in the country. Many big companies have established their presence in the country generating huge employment and billions of euros. The country has around 200 companies with some of the biggest ICT companies, including Facebook, Apple, Microsoft, PayPal, Amazon, Twitter, LinkedIn, etc.
- Ireland has one of the most developed financial service sectors, generating over 35,000 jobs and around 2 billion euros in tax. The financial service sector of Ireland had slowed down during the financial crisis of 2008, but now it has outgrown that phase and is on the right path of progression.
- Trade and export play a huge role in the Irish economy. From exporting manufactured products, IT goods to exporting services and minerals, Ireland has made a big name in the trading community, especially in Europe.
Cost of living in Ireland
According to Numbeo, Ireland has the 12th highest cost of living in the world for 2021. Its cost of living is around 12 percent higher than that of the United States. Even the rent in Ireland is about 7 percent higher than that in the United States.
Cost of Renting
The cost of renting is affected by the location your house is at and the size of your house. Cities like Galway, Dublin, Cork, and Limerick are some of the most expensive cities in Ireland, so naturally, renting will also be higher in these cities.
Cost of living depending upon your location
Galway, Dublin, Cork, and Limerick are the top most expensive cities in Ireland.
The top sectors that are expected to hire in 2021 in Ireland are:
Top skills in Ireland
Ireland has the fifth freest economy in the world, making it a perfect place for employment and business. Increased foreign investment and the establishment of new companies have led to an increase in various skills across different industries.
Major skills and areas which have witnessed a recent growth rate
- IT industries are looking for technical skills in programming languages like Python, C++, etc.
- The business and Finance industry is looking for expertise in financing, accounting, taxation, etc.
- The health industry is looking for specialists like gynecologists, oncologists, emergency medicine specialists, etc.
- The construction industry is looking for engineers, scaffolders, plumbers, carpenters, architects, etc.
- The transport sector is looking for drivers and logistics specialists.
The cost of hiring is based on several factors which the employers must account for while conducting the recruitments, such as
- Expense on hiring agency,
- Applicant tracking program/software,
- Conducting interviews and calls,
- Training cost, and the opportunity cost in terms of salaries and other benefits.
Since the demand for technical skills has increased, the hiring cost has also significantly increased in Ireland.
Salary structure for various roles
The table below highlights the average salaries that are offered to employees in Ireland according to different sectors: -
Employment laws in Ireland
The Irish employment law has laid down detailed employment rules and regulations regarding the unfair dismissal of employees, minimum notice, minimum wage, redundancy compensation, working time, adoptive and parental leave, maternity and paternity protection, equality and discrimination, and health and safety.
How Can Skuad Help You with Hiring in Ireland?
Conducting recruitments in Ireland is generally a long-drawn process that demands expert knowledge of the local practices and regulations. With the help of Skuad’s unified employment platform, all the steps involved in the hiring process in Ireland are taken care of. This allows you to enjoy significant savings in terms of resources and time. Connect with Skuad to know more.