Irish companies are finding it harder to recruit talent compared to international peers, a new study shows.
According to results from the EY CEO Outlook, 53 per cent of Irish chief executives say they are hopeful about bringing new recruits into their business – significantly behind the global figure of 70 per cent.
Ireland’s ability to attract and retain staff may stem from the global economic uncertainty and increased geopolitical tensions which affect the country as an open export-orientated economy, said the head of strategy at EY-Parthenon Ireland Helena O’Dwyer.
“The data suggests that there are concerted efforts needed from Government and other stakeholders to cultivate local talent here and make Ireland the more appealing destination for international professionals,” she said.
Despite concerns about recruitment in Ireland, almost two-thirds of chief executives around the country said they will be able to offer salaries at competitive market rates.
Some 64 per cent of chief executives in Ireland are optimistic about economic outlook for their business, despite the global business environment.
Out of 1,200 chief executives globally, some 70 per cent of chief executives said they are looking at merger and acquisition or transaction opportunities for their business. It shows businesses are growing against a backdrop of dropping interest rates and falling inflation.
Some 44 per cent of Irish chief executives believe artificial intelligence and other emerging technologies is the top disruptive force in business. This was followed by pressures on the supply chain and climate change – standing at 43 per cent and 40 per cent, respectively.
Respondents said artificial intelligence is no longer just used to improve production. According to the survey, AI now has uses in strategic parts of businesses such as looking at customer engagement and reshaping how the business works.
Globally, nearly seven in 10 bosses feel optimistic about the next 12 months. This is despite uncertainties such as the global geopolitical landscape, changing consumer trends and an increasingly unpredictable business environment.
