Some 80 per cent of the workforce needs to be retrained to cope with technology advances, according to IBEC. If adequate training is not put into place then "their future employability will be seriously undermined", it said.

Ms Aileen O'Donoghue, IBEC's social affairs executive, noted that current levels of investment in training in Ireland are below international averages. IBEC has estimated that employers invest around 1.5 per cent of payroll costs in training and it has set a target of 3 per cent over the next five years. "Many employers perceive spending on training as a cost rather than an investment." Referring to the "training awareness campaign" to be launched shortly by IBEC, in partnership with ICTU, she stressed the need to generate awareness and action among employers and employees on the challenges.