Almost all business leaders are experiencing difficulties with hiring, retention, or both, new research has found.
The study also revealed that the top hiring challenges encountered by enterprises include having an undesirable office location, which was cited by almost a third of respondents.
A lack of the right skillsets in applicants was also referenced by around one in three firms.
Unrealistic demands regarding hybrid and remote working arrangements was also a significant challenge listed by 29% of businesses.
Cumbersome visa processes, a lack of available housing and rising salary expectations were all cited by a quarter of the 202 businesses from across the island of Ireland that were polled by Censuswide on behalf of Expleo.
More than half of respondents said they expect their businesses to grow in the next year, while three quarters said they are preparing for a stronger domestic economy in 2025.
87% said they had experienced setbacks in their transformation plans in the last year, while 55% of decision-makers said a number of customers, concerned about the economic outlook, have ceased doing business with them in the last year.
“Even though more than half of them lost customers last year, they are nevertheless preparing for better times ahead for them and therefore, our economy,” said Phil Codd, Managing Director, Expleo Ireland.
The Business Transformation Index also found that when it comes to cybersecurity, 31% of firms surveyed reserve budget for the payment of ransoms to hackers.
A third also said they had paid a ransom in the last 12 months.
While of the 89% of businesses that were targeted with social engineering cyber-attacks last year, 60% failed to stop the hackers.
Nevertheless, three quarters of business and technology leaders said they anticipate that their IT budgets will remain the same over the next year.
On average, the survey found each enterprise is planning to spend €1.34m on artificial intelligence solutions over the next 12 months, with a third expecting AI to streamline their operational efficiency.
However, two out of every five decision-makers said they believe their CEO, managing director or equivalent lacks sufficient knowledge to maximise the potential of AI.
Only 28% of enterprise and IT leaders whose organisations fall under the EU AI Act said they are confident that they are compliant with it.
Article Source: Hiring and retention big challenge for all firms – survey