Keeping and hiring skilled staff is as big a risk facing Irish firms as inflation, according to a survey of finance chiefs here.
The latest Deloitte Ireland survey found only a third of Irish financial chiefs, or CFOs, projected revenues would increase in the next 12 months, a much lower share than in the previous survey earlier this year, reflecting the economic shock as business costs soar and interest rates rise.
However, almost all the Irish CFOs in the survey said among the biggest risks facing their firms was keeping and recruiting skilled staff.
They also cited the risks they face from a deteriorating economy and geopolitical fallout.
“It’s clear from the survey findings that retaining and attracting the right, skilled talent is the biggest challenge for organisations now, despite a tightening in recruitment,” said Deloitte Ireland partner Daniel Gaffney.
“It’s not about scale — it’s about ensuring businesses have the right talent, skillset and expertise to navigate more uncertain terrain,” he said.
The survey canvassed the views of 75 finance chiefs in many parts of the economy, including in tourism, construction, retail, manufacturing, healthcare, and transport.
Like other surveys, it may suggest the Irish labour market for skilled staff will stay tight despite weakening growth.
The Irish CFOs forecast an inflation rate of 8% in the next 12 months, meaning they anticipate price pressures will stay elevated for some time.
The finance chiefs say they plan to cut expenditure and improve their supply chains, but they will also invest in technology.
“As inflation rates remain higher for longer, the means for CFOs to absorb costs on top of additional costs will become more challenging,” Mr Gaffney said.