Ireland's economic performance is "nothing short of a miracle", according to the IPD chairman, Mr Dave Keenan. But there is a serious danger of complacency.

He expressed particular concern about renewed inflationary pressures and the "dark clouds appearing on Ireland's economic horizon" because of increasing tensions in Partnership 2000. Mr Keenan praised those trade union leaders who had advocated social partnership and persuaded members to exercise restraint on pay, so that jobs could be created.

"Those jobs have arrived and now we have to deliver," he said. "If Gerry Adams can say `Well done David'. I feel I'm entitled to say, `Well done Peter', to Peter Cassells."

On the Northern Ireland peace process itself, Mr Keenan said it was "something everyone should take on board". Some had expressed concerns about the problems a more competitive Northern Ireland would have for the Republic, but he felt that if there was peace "that is a problem worth having". He called for people to vote for the peace agreement in the forthcoming referendum.

Turning to the national minimum wage, Mr Keenan said the Small Firms Association and the Irish Small and Medium Enterprises association had "looked askance" at the proposed rate of £4.40 an hour. While it had to be recognised that this rate might pose significant rises in costs for some small companies, he felt that for larger firms the rate would pose no serious problems. "It's there, or thereabouts," he said.

Dr Veronica Hope Hailey of the Cranfield School of Management, said the most successful companies at implementing change were those which took consistency and continuity in HR strategies seriously. She was commenting on the findings of the "Leading Edge Forum Consortium" of major British companies.

The consortium contains 13 of the largest business organisations in Britain, which pool their findings of HR strategy. All the companies are from different sectors so that they are not inhibited by fears of competitors acquiring sensitive information.

She said the consortium had found it was not possible to buy "off-the-shelf solutions" to problems. The most successful of companies had also made "people management" part of their mainstream business activity.