🦜 PerchPulse - The Ireland Market Update March 2023 🦜

A warm welcome to the March issue of PerchPeek’s Ireland Market Monthly update!

Here’s where you’ll find the hottest updates around employee relocation and international talent strategy, insights from our experts on housing and cost-of-living news affecting your staff, the latest trends in global mobility, and tips and tricks on ways to support your teams.

A fly-by summary

●     Tech layoffs in Ireland have led to around 2,300 job losses, particularly for big brands like Facebook and Google; however, new opportunities are being created

●     As Dublin’s rental crisis shows no signs of abating, suburban new build developments with good public transport connections are often a great option for home-hunting staff

●     Tech expert survey at Dublin conference showed employee retention to be the biggest HR challenge this year

●     All Irish households will receive third and final €200 energy bill relief payment this month; this scheme will not be extended, but those on state benefits will receive new payments

●     St Patrick’s Day is upon us! From the annual parade to free cultural events, here’s PerchPeek’s guide to helping relocating employees enjoy the best of Dublin’s festivities

Talent strategy: Tech layoffs have led to 2,300 job losses in Ireland, but new opportunities are still being created

It’s been a very difficult time in the global tech industry lately due to rounds of layoffs affecting thousands of workers. Ireland, and Dublin in particular as a tech hub, have seen their share.

To keep on top of the latest details, here’s a rundown:

●     Facebook - 350 Ireland-based job cuts

●     Google - 240 job cuts

●     Microsoft - 120 job cuts

●     HubSpot - 80 job cuts

●     Yahoo - 60 job cuts

Quick facts:

●     A Central Bank report estimates that the tech layoffs have led to 2,300 Irish job losses this year so far

●     The tech sector provides 164,000 jobs in Ireland - an increase of 29% since 2019

On the other hand, there are plenty of hiring opportunities ongoing for tech roles:

●     AstraZeneca is establishing a new facility near Dublin, creating 100 highly skilled jobs, of which a number are for engineering and data analytics roles

●     The Bank of Ireland is to create 100 flexible tech jobs to develop digital projects

●     Startup news site Silicon Republic has published a list of 26 companies hiring engineers in Ireland, including Deloitte, HP, Intel, KPMG and PwC . Check out the full list here!

Key takeaways for People teams and Talent Acquisition leaders

●     While it’s a delicate situation, it’s a good opportunity to fill open roles by targeting tech professionals who’ve been laid off, especially those from abroad on a visa or work permit - they’ll need to find work to remain in Ireland.

●     It’s a good idea to stay close to which big brands and competitor companies are making layoffs or on the lookout for new hires, as either way it could have a knock-on effect on your talent strategy.

Home-finding: How new build developments are often a great option for home-hunting employees

Dublin has long been enduring one of the worst rental crises we’re seeing in major cities worldwide, with demand for properties far outstripping supply and prices up nearly 14% YoY.

With demand at its peak in the city centre, new build developments are often the answer for relocating employees. Numerous areas outside Dublin such as Blackrock and Cherrywood are seeing many new developments and amenities springing up and are increasingly sought-after, boasting a lot to offer home-hunters.

Positive factors include:

●     Very good public transport connections to the city via Dart or Luas, often under 30 mins

●     A new, high-rise setting with modern features such as underfloor heating

●     Decent local amenities such as shops, parks, gyms, etc.

Other considerations when supporting home-hunting employees:

●     Prices are generally no lower than in the city centre due to typical ‘luxury’ specification

●     Less ‘personal’ experience dealing with a developer as opposed to a private landlord

While it can be challenging to snap up new build apartments as soon as they’re released, PerchPeek has the scoop on developments with new phases currently planned for later in 2023:

●     Alto Frascati - Blackrock

●     Griffith Wood - Dublin 9

●     Hali - Cherrywood

●     Hamilton Gardens - Cabra West

●     St Edmunds - Lucan

●     Walled Garden - Dundrum

Thanks to public transport expansion, it’s even becoming feasible to head for counties bordering Dublin such as Kildare, Meath and Wicklow - especially if flexible working is an option for staff!

To support relocating employees looking for a new home:

●     Manage expectations around the challenges of Dublin’s rental market

●     Advise checking out new build developments and offer guidance on desirable areas

●     Offer flexible working options to ease pressure on employees living further away

Talent strategy: Tech professional survey shows employee retention is a top priority 

Dublin-based business law firm Mason Hayes & Curran recently brought together over 300 tech industry professionals at their 2023 technology conference, Talent, Funding and the Future.

Panels of industry and legal experts delved into a number of hot topics affecting the tech sector in Ireland, including recruiting and retaining talent, and what the future looks like for the industry.

PerchPeek took a look at the key findings from their attendee survey, which showed that 44% see retaining talent as the number one HR issue facing their company in the next year, followed by recruiting (32%), remote working (13%) and redundancies (11%).

In light of these compelling figures, PerchPeek’s advice to HR professionals is to prioritise employee retention by taking regular pulse surveys, offering solid training and development opportunities, and reviewing compensation and benefit packages.

Cost of living: Third and final €200 energy bill relief payment due in March

To help counteract skyrocketing energy bills, winter relief payments have been made to all households in Ireland. This provision was for three payments of €200, which in most cases were deducted automatically from bills.

As we enter spring, the third and final €200 instalment has just been paid out. Despite many households being hit with very expensive bills in recent weeks, the government has confirmed that the utility bill relief scheme won’t be extended beyond this month.

New measures have just been launched as part of the government’s €1 billion spring cost of living package, but these largely relate to households already on state benefits. They include:

●     €200 (one-off) for those who receive weekly social welfare payments

●     €200 (one-off) for those who receive Working Family Payments

●     €100 (one-off) per child for parents who receive Child Benefits (June 2023)

Soaring living costs have forced people to adjust their spending habits, with PwC data showing that 80% of Irish consumers have changed non-essential spending in the last six months.

Top tips for helping employees cope with the high cost of living:

●     Help employees check whether they’re eligible for any state or local benefit payments

●     Assist relocating staff in setting up utilities, to ensure they choose an economical tariff

●     Provide money-saving advice on using energy efficiently and choosing cheaper retailers

Support your talent: Helping newcomers celebrate St. Patrick’s Day!

As the first signs of spring start to appear, St Patrick’s Day is upon us! Friday 17th March will see Dublin residents and visitors hitting the streets to celebrate our favourite national holiday.

Here’s PerchPeek’s guide to helping staff get into the spirit and make the most of the festivities:

On Friday 17th March:

●     Half a million people will line the streets for the annual St Patrick’s Day parade, featuring over 4,000 participants, and pageants and showpiece performances galore

●     The parade leaves Parnell Square at midday and follows a 2.5km route along O’Connell Street, Westmoreland Street and Dame Street, ending at St Patrick’s Cathedral by 2pm

●     Temple Bar will of course be packed with revellers, which is a whole lot of fun but could be a bit much for some; in that case, it’s a good idea to head for the side streets

Over the weekend:

●     The wider St Patrick’s Day Festival runs from Thursday 16th - Sunday 19th March

●     The National Museum of Ireland will run free and ticketed events at its ‘Festival Quarter’, housing a main outdoor stage, a Story Yurt, a funfair and an Irish food and craft village

For new arrivals, especially those feeling a little lonely or apprehensive, it’s a great idea to share details of the celebrations. Studies show that when relocations fail, it’s often because assignees haven’t settled in well. St Patrick's Day is a fantastic opportunity to embrace Irish culture, get to know the local community and enjoy this most exhilarating showcase of national pride!

We hope you enjoyed this month’s update!

If you have any feedback, comments or questions about what's happening in your location, feel free to reach out via the form at the bottom of this page.

Thanks for reading, and see you next month!

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