Dublin: Inflation and staff shortages are putting the vast majority of businesses in Ireland in crisis, research has found. According to research conducted by the business law firm Mason Hayes & Curran and the Irish Management Institute, rising business costs, as well as personnel recruitment and retention, will be crucial challenges for the business sector in the coming days.
Most businesses will be impacted by a skilled labour shortage and rising inflation over the next year. In the next 12 months, 85% of the country’s businesses will face this challenge. The survey says that 40% of firms see inflation as the biggest challenge, while 30% of traders say lack of staff is their main headache, up from 23% last year. The survey also says there will be more mergers and acquisitions as a way to address staff shortages.
More than 70% of those surveyed said that raising corporation tax to 15% would have no significant impact. However, 20% believe that foreign direct investment will be affected. 70% of companies are now investing more in the digital sector. As a result, nine out of ten businesses believe remote working has a significant impact.
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