A new study by the Irish Management Institute (IMI) has found that most Irish business leaders do not view artificial intelligence (AI) as a strategic focus for their companies. Instead, their main concern continues to be attracting and retaining top talent.
Out of the 190 organisations that took part in the IMI’s leadership barometer survey, over half expressed that the retention of talent will continue to be a major challenge over the next year. Specifically, 36% of business leaders are particularly worried about retaining top-level talent within their companies.
According to Shane O’Sullivan, IMI’s CEO, it is crucial for leaders to adapt their talent management strategies to reflect the changing needs of their workforce, which include new work methods, upskilling programmes and staff compensation.
The survey also revealed that only 30% of the respondents view AI as a strategic business focus, with a large percentage still in the process of testing the technology. 40% of these businesses are further exploring AI use within their various sectors, while another 30% admit to struggling to keep pace with fast-paced advancements in this technology.
The IMI has pointed out a distinct need for more AI education and upskilling among business decision-makers.
Mr O’Sullivan added that business leaders are still in the initial phase of engagement with AI. He noted that despite the increasing experimentation with this technology, many leaders are yet to develop comprehensive AI strategies. He emphasised the importance of enhancing AI skills and understanding among leaders in order to fully exploit the potential of this technology in meeting business objectives.
In spite of the challenges, about 84% of business owners and executives are fairly confident about their organisation’s ability to meet its objectives in the forthcoming year. However, only 4% said their organisations are fully equipped to tackle future challenges.
The unveiling of the study on Thursday was held simultaneously with the declaration of the cast for the IMI’s National Leadership Conference 2024. The gathering, due to be conducted on October 3rd at the Sandyford campus of the IMI, will feature presentations from IDA Ireland’s CEO, Michael Lohan, Vanessa Hartley the leader of Google Ireland, and ex-deputy prime minister Simon Coveney among others.
Mr O’Sullivan stated, “Incorporating the counsel of our proficient speakers can empower decision-makers to upgrade their leadership acumen and more effectively grasp new avenues for upcoming business expansion and triumph.”