Galway and the west of Ireland experienced growth across sectors including technology, life sciences, manufacturing, and engineering in 2023. Employment forecasts remain strong for 2024, with numerous employers in the technology, medical device, and electronics space looking to hire significant numbers of people.
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With over a quarter of a million people employed in the west of Ireland, the region's unemployment rate sits at just 3.7%, which is considered full employment. This mirrors rates from before the 2008 financial crash, suggesting the region has fully recovered from the near 16% national unemployment rate at the peak of the crisis.
Buoyed by the combined efforts of the Industrial Development Agency (IDA), local chambers of commerce, and the Western Development Commission, Galway's economic resurgence has positioned it as a very inviting area for foreign direct investment (FDI). The region's resurgence is visible in the growth of the agri-food and agri-engineering sectors in recent years.
The University of Galway helps to fuel talent for the city's MedTech hub, which includes major multinationals like Medtronicand Boston Scientific. The city is also home to several MedTech start-ups, with companies like Luminate Medical, ICS Medical Devices, and Tympany Medical operating locally.
Galway is currently experiencing a heightened demand for positions within the engineering sector. However, several sectors are finding it difficult to fill roles. The positions that pose the greatest challenge for companies to fill include:
Technology:
Engineering:
Financial Services:
Professional Services:
Salaries have remained strong in the west of Ireland. While salaries are slightly lower than in Dublin, the lower cost of living offsets any difference, and people and more likely to experience a better standard of living.
Most employers are investing in DE&I and ESG, which we see trending well into 2024 and beyond.
With hybrid working becoming so popular with companies and staff alike, it’s here to stay. Employers who can manage remote and hybrid employees well will continue to benefit from employee need for flexible working models. Organisations that opt for remote employees to return to the office and work on-site may see staff go and will have to rehire and train replacements.
Hybrid working models are extremely popular with candidates. However, most employees see the benefits of a blended hybrid approach, which allows knowledge transfer, bonding, culture, and more to occur.
Given the importance of work-life balance to candidates and the need to expand the talent pool, companies in less populated areas that don’t embrace a hybrid policy will find the talent market challenging.
The core benefits offered by firms in Galway generally include:
Pension contribution of usually 5%
Healthcare for individuals and families
Annual leave entitlements (+22 days)
Some companies also offer:
Performance related annual bonuses
Flexible working
Annual leave purchasing schemes
People looking to work in and around Galway can expect a candidate-driven market. The city offers abundant opportunities to build a career that provides advancement, growth, and the chance to be a part of rapidly growing industries. Although some headwinds are at play that may challenge growth, most employers expect to continue to hire and create new opportunities throughout 2024 and beyond.
The remote working boom has increased salary expectations in Galway, as organisations can expand their talent pool by hiring talent from further afield. We anticipate that in 2024 salary expectations will stabilise across Ireland and the market in general.
Galway has a vibrant third-level educational sector, led by the University of Galway and Atlantic Technological University ATU). This highly educated talent pool, along with an experienced workforce, makes Galway and the west of Ireland attractive locations for enterprises and companies that are looking to hire or scale up.
Benchmark salaries across different locations, industries, and areas of expertise
Reach out to Cpl's Galway recruitment team for a consultation on how we can help you meet your talent needs for 2024 and beyond.
