Recruitment and Retention Remain Key Challenges for Irish Businesses, Expleo Research Reveals
Dublin: Irish businesses are facing significant challenges in staff recruitment and retention, according to a recent research report by Expleo. Nearly all business organisations in the country are struggling to hire and retain employees, with various obstacles compounding the issue.
The report, based on a survey conducted by Censuswide on behalf of Expleo, polled 202 businesses across Ireland. It found that one-third of organisations cite inconvenient locations as the primary barrier to recruitment. Additionally, a shortage of highly skilled workers is a major concern across industries. Complicated visa procedures, a lack of available housing, and increasing wage demands are also proving to be substantial challenges, affecting around 25% of firms.
A significant 29% of businesses highlighted impractical requirements for hybrid and remote working arrangements as a further issue in their hiring processes. Despite these hurdles, many companies remain optimistic about future growth. The survey revealed that 75% of respondents are preparing for a strong domestic economy, and employment opportunities are expected to increase next year. Notably, recruitment challenges in the health sector are anticipated to ease, with vigorous hiring expected in the coming months.
Business Resilience Amid Setbacks
Phil Codd, Managing Director of Expleo Ireland, noted that 87% of businesses reported setbacks in their transformation plans over the past year. Furthermore, 55% of businesses experienced a decline in customer numbers, as many clients went out of business due to financial concerns. However, the outlook for the coming year remains positive, with many companies bracing for a recovery.
Cybersecurity Concerns and AI Investments
The Expleo Business Transformation Index also highlighted the growing importance of cybersecurity. The survey found that 31% of organisations have allocated budget reserves for cybersecurity measures, including provisions for potential ransom payments to hackers. Alarmingly, one-third of businesses had to pay a ransom in the past 12 months. The report also revealed that 89% of businesses suffered a cyberattack last year, with 60% failing to prevent the breach.
Despite the growing threat of cyberattacks, three-quarters of organisations indicated that their IT budgets would remain unchanged next year. On the other hand, businesses are planning significant investments in artificial intelligence (AI) solutions. The survey found that companies plan to spend an average of €1.34 million on AI solutions over the next 12 months, with one-third of organisations expecting AI to boost efficiency. Many organisations are placing considerable trust in their CEOs and leadership teams when it comes to navigating AI implementation.
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