The number of professional job vacancies in December fell 20% nationally compared to November, according to the December 2016 Morgan McKinley Ireland Employment Monitor. On a year-over-year basis, the number of available jobs fell by 8%.

While there was a 24% month-on-month decrease in the number of professionals registering in the job market, December was one of the most active months for many years within HR and financial services, which experienced its busiest December in many years with employers forecast to continue hiring during the first quarter of 2017.

“With most hiring occurring between September and November the decline in vacancies in December 2016 is seasonal and expected but a record level of FDI job announcements in 2016 saw an increased demand for professional services driving recruitment activity particularly among legal, tax and accountancy professionals,” said Trayc Keevans, Morgan McKinley Ireland’s director of inward investment.

Professional services, pharma and technology/IT were the most active sectors nationally in December.

“We can see already that 2017 will be an interesting year for IT contractors,” Keevans said. “The market is pushing towards permanent hires representing a more cost effective and better retention option than contract hires.”

Concurrently, IT job seekers themselves are leaning towards longer-term employment opportunities, with benefit packages that include share options representing a significant factor in their decision-making. However, there is still a skills shortage in software development resulting in a continued demand for IT contract professionals for the foreseeable future.