A recent survey by the Irish Management Institute (IMI) has indicated that a substantial minority of Ireland’s business leaders think that Budget 2025 will not significantly affect their ability to reach goals and navigate change in the coming year. Of particular worry is the retention and attraction of talent within their respective organisations.
During the National Leadership Conference at Sandyford, Co Dublin, the survey found that while 61% of the senior business executives in attendance believed the budget would bolster their growth, 39% of the 180 leaders disagreed, foreseeing no significant impact.
The tight labour market was cited as a major challenge for the next 12 months by the respondents. In addition, maintaining speed with innovation and an escalating global competition were listed as the other two major concerns, according to the IMI.
To combat the issue of skills gap, nearly two-thirds of the individuals surveyed during the conference expressed plans to improve their workforce’s abilities. This takes the form of greater emphasis on upskilling and reskilling. One in five leaders are also considering increased flexibility at work as a potential solution to the talent shortage issue.
IMI CEO Shane O’Sullivan shed light on their findings in light of the recent publication of Budget 2025. He stated that most leaders have faith in the government’s measures to help them tackle obstacles and fulfil major strategic objectives. However, he also warned of the challenges ahead, asserting that the retention and attraction of top-tier talent will remain a significant worry amidst a continuously tight labour market. Upskilling appears to be one of the prime responses by leaders under such circumstances.