+26
Boomers
Chapter Seven
Confidence Index
“I believe the market has had a massive shift in the past year however I can see signs of regrowth. I predict 2024 will be a very good year for contracting in Ireland.”
Quote from Respondent
Confidence Index
Throughout this report you will see reference made to the ‘Confidence Index.’ The confidence the participants have in several areas was expressed through the way they answered a number of key questions almost identical in nature but presented in different ways. The average weighting of these answers is then used to calculate the confidence index. A confidence index of zero would indicate that there was a totally neutral feeling by the respondents. A positive figure represents a positive outlook, with the scale maxing at 100, while a negative score indicates the feeling of unfavourable negative feelings towards the economic or business future. The confidence index score relating to the performance of the Irish Economy varies depending on the age profile of the contractors and the industry the contractors operate in.
Confidence Index by Sector
The overall outlook for the Irish economy in 2024 is positive with a confidence index score of +16 an improvement compared to the confidence index score for 2023 which was +10. The confidence index score relating to the performance of the Irish Economy varies depending on the age profile of the contractor and the industry the contractor operate in.
When it comes to the performance of the Irish Economy by industry sector Medical Locum has the lowest confidence index score of +3 and Life Sciences contractors report the highest confidence in the Irish Economy with an index score of +24.
Contractors are very positive about the future of the contracting sector in the next 3 -5 years with a confidence index score of +30. The degree of positivity and subsequently the value of confidence index scores changes by age and by industry. Life Science contractors have the highest confidence index score at +32, and Medical Locum have the lowest at +5.
Generations
Gen Z are the most optimistic about the contracting sector in the next 3-5 years with a confidence index score of +46, Boomers are the least +26.
Gen Z have the highest confidence index score for the Irish economy at +31. Gen x have the lowest confidence in the Irish economy, however it is still positive with a score of +14.
Contracting Sector in the Next 3-5 Years
+29
Gen X
+30
Millennials
+46
Gen Z
The Performance of the Irish Economy in 2024
+17
Boomers
+14
Gen X
+17
Millennials
+31
Gen Z
Confidence Index for Contractors, Recruiters, and Clients
Client companies have a more positive outlook on the performance of the Irish Economy in 2024 at +27, when compared to recruiters at +21 and contractors at +16.
The contractor outlook for the Irish economy in 2024 is positive with a confidence index score of +16, an improvement compared to the confidence index score for 2023 of +10.
For the performance of the contracting sector in the next 3-5 years, contractors have the highest confidence index score at +30, Client companies have the lowest score of +28, and recruiters have a score of +29. The takeaway here is that all groups seem aligned as to their expectations and remain positive in their outlook for the contracting sector.
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Next - What The Recruiters Say
- Benefits of Contracting
- Concerns Recruiters Face from Candidates
- Barriers Facing Recruiters from Client Company
- Hardest Skillsets To Source
- Future Expectations & More!