Business Matters: 10x economy, 10x demand and supply? | Blogs

MCS Group’s Peter Stevens examines how attracting and retaining talent is currently the number one topic of conversation for many industry leaders.

The world of work has changed dramatically over the past two years, from the rapid advancement of technology facilitating remote work and the subsequent rise of hybrid working and remote hiring. So when talking with industry leaders and hiring managers, the number one topic of conversation is talent. attraction and retention.

Following the executive’s launch of the 10X economy in 2021, he provided a bold and transformational vision of what could happen if innovation were embraced, coupled with Northern Ireland’s proud record of putting innovation into practice, but almost a year later, one of the questions constantly raised. where is the talent to take us there?

The 10x Economy strategy includes five specific priority clusters Digital, ICT and creative industries; State-of-the-art manufacturing and engineering; Agri-Tech; Life and health sciences ; Fintech/Financial Services which were formed to increase innovation, drive competitiveness and help diversify into new markets and one of the five drivers of change identified is talent. This talent will both inspire the next generation of workers and also meet market and skill demands, but where will the talent come from and what is most in demand?

According to the NI Skills Barometer 2021 update published in March 2022, the demand for scientific and technical professionals will increase by 8840 in absolute terms and the demand for manufacturing professionals will also increase by 4080 in absolute terms, representing an annual growth of 2, 2.% and 0.7% respectively from 2020 to 2030. Northern Ireland’s education systems are exceptional and we are blessed with two world-class universities at Queen’s University and the University of Ulster , but they can only produce a limited number of graduates per year in the required disciplines. According to the NI Skills Barometer 2021 update, there will be a shortage of engineering and technology graduates of approx. 340 per year but an oversupply in social sciences and education Graduates. Northern Ireland, according to HESA statistics, has a relatively high proportion of students working in their home region 15 months after graduation, which will go some way to retaining talent, but with supply already not matching demand, how will the industry get enough talent to meet their job creation ambition?

The demand for certain skills is steadily increasing and one of the main indicators of this competition has been rising wages. Over the past 12 months at MCS Group, we have seen wages across all industries continue to rise when recruiting new talent and also helping to retain existing talent to ensure they are on par with the competitors and the industry at large, finding that 65% of employers increased wages. It’s not just the base salary paid to employees that is increasing, more and more organizations are also taking stock of their current rewards offering, including pensions and benefits, seeing it as an opportunity to benchmark their compensation and benefits and to introduce new benefits that work in today’s world. market, such as hybrid and remote working, increased bonuses, work-from-home allowances, health care for employees and families, and education support.

What the past 24 months have shown us is that the rapid transformation of technology and the ability to work flexibly, coupled with today’s rising cost of living, has driven the need to adopt changes in working practices and aligning compensation and benefits.

MCS has firmly established itself as Northern Ireland’s leading specialist recruitment agency and we have been champions of talent within our world-class manufacturing industry for the past 14 years, helping our clients and clients recruit the best people and our candidates to meet their career aspirations.

Our technical and engineering team are proud to work with a wide range of businesses, from SMEs and start-ups to many large global organisations, as they build and grow their teams in Northern Ireland. Our recruiting experience spans a variety of industries, including materials handling and processing, advanced manufacturing, medical devices and life sciences, aerospace, electronics, automotive, food and beverage and beverages and the supply chain.

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