The outcome of the contest between Donald Trump and the Democratic Party challenger, most likely Kamala Harris, could have huge implications for the tech sector.
Trump has suggested he is in favour of light-touch regulation on AI and other emerging technologies, and is likely to approve tech mergers and acquisitions.
Vice-president Harris is expected to continue the Biden administration’s tough anti-trust enforcement.
Faced with this uncertainty, there has been a “recruitment slowdown” in the tech sector, according to the analysis by recruitment firm Morgan McKinley.
This is particularly reflected in hiring for software development roles.
“This caution is linked to the upcoming US elections and potential changes in economic policies and regulatory frameworks,” said Trayc Keevans, global FDI director of Morgan McKinley Ireland.
“The tech sector’s recruitment slowdown, especially in research and development roles, reflects broader economic uncertainties. Companies are being prudent, awaiting clarity on the political and economic landscape.”
Overall, the number of job openings jumped in the second quarter of the year, according to the analysis.
Vacancies rose 14.4pc from the previous quarter, with the majority of the growth recorded in April and May.
Jobseeker numbers also increased in the period. The number of those looking for a job rose by 6.9pc from the first three months of the year.
Morgan McKinley reported that these increases point to a more balanced market, with both job opportunities and availability of candidates on the rise.
The monthly unemployment rate in Ireland stood at 4.2pc in June, according to the latest release from the Central Statistics Office. This was up 0.2pc from May.
“The Irish professional employment market continues to show resilience and growth, even amidst global uncertainties,” Ms Keevans said.
“The increase in job vacancies and job seekers suggests a dynamic market, but sector-specific trends indicate varying levels of activity and caution.”
While tech slowed down, companies in the accounting and finance sectors recorded a rise in hiring across the period.
This was driven by compliance needs related to the introduction of the Digital Operational Resilience Act, Morgan McKinley reported.
This EU regulation is intended to strengthen the IT security of companies in these industries.
“The sector also observed stable salaries, with higher compensation for niche roles such as sales traders, reflecting the scarcity of these professionals in Ireland compared to other financial hubs,” Ms Keevans said.
She also pointed to demand for qualified accountants and tax professionals due to an ongoing shortage in Ireland. This was attributed to current migration trends, as well as the large salaries offered by major firms operating in this space.
Demand for construction professionals jumped in the quarter. Morgan McKinley noted a rise in the number of permanent roles available in State infrastructure projects.
While hiring levels in the residential construction sector grew, the report pointed to a slowdown in vacancies in commercial construction.
“Employers face challenges in recruiting international talent due to visa issues and the accommodation crisis, which has led some companies to acquire properties to house their employees,” Ms Keevans said.
