Securing and retaining staff beats Brexit as the biggest challenge for Irish entrepreneurs, according to a new study.
About a third of business leaders surveyed by EY said Brexit was an obstacle to growing their business. This compares to 83 per cent who cited talent as the biggest issue affecting growth.
According to the survey, 81 per cent of entrepreneurs increased headcount at their companies last year with 88 per cent intending to do so in 2019. However, 74 per cent said they faced challenges finding experienced hires, while a 34 per cent said they had been unable to source personnel with the right skills locally.
The annual barometer of issues impacting Irish businesses was conducted among 150 business leaders who have been finalists in the EY Entrepreneur of the Year awards.
Intensify
As talent challenges intensify, the survey findings show that Irish entrepreneurs are keenly focused on retention. There was an almost-unanimous agreement that investing in training staff is critical to success, with 87 per cent also citing the need to provide a flexible working environment.
“While Brexit continues to dominate the headlines, insight from the entrepreneurial community throws up some interesting narratives around challenges for business in Ireland. The reality is that skills shortages and problems recruiting the right staff are far more pressing concerns for business owners in Ireland today,” said Kevin McLoughlin, partner lead for the EY Entrepreneur of the Year awards.
