A large minority of Irish business leaders believe Budget 2025 will have no impact on their capacity to achieve their goals and manage change next year amid widespread concern about their organisations’ ability to retain and attract talent, a new Irish Management Institute (IMI) survey has revealed.
While 61 per cent of senior business personnel polled at the institute’s National Leadership Conference in Sandyford, Co Dublin last week said the budget will help them grow, 39 per cent of the 180 leaders said they expect no significant change.
Underpinning that sentiment, survey respondents said they are chiefly concerned with navigating a tight labour market over the next 12 months. Business leaders cited keeping pace with innovation and the threat of increased global competition as their other two big concerns, the IMI said.
To address skills shortages, almost two out of every three people surveyed at the conference are planning to enhance the capabilities of their workforce through an increased focus on upskilling and reskilling. One in five leaders, meanwhile, said they would consider more flexible working to adapt to the challenge of talent shortages.
READ MORE
Retail and hospitality in the firing line as Irish insolvencies ramp up
“With Budget 2025 recently published, our findings reveal that most leaders believe the measures announced by the Government will support them to overcome obstacles and achieve key strategic objectives,” said IMI chief executive Shane O’Sullivan.
“However, the path ahead will not be straightforward. With a tight labour market set to continue over the coming months, it’s clear that leaders have significant concerns about their capacity to attract and retain high-calibre talent. Enhancing the capabilities of their workforce through upskilling is one of the key ways that leaders are responding.”
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
