Predictions for 2023

MEMBER INSIGHTS

Paul McSherry, Head of Companies and Communities, Crowleys Opticians

We continue to live in interesting times. With the cost of running a business having risen steeply recently, and consumer demand dipping, 2023 will not be an easy year for many SMEs.

Consequently, next year will be challenging too for health care. We remain optimistic. The health care nature of our service means we’ll continue to be regarded as essential to many.

2023 will be a good year to focus on your core services – in our case quality eye care based on a patient’s needs.

Many consumers are more likely to shop around, and this is an opportunity for many health care providers to make lasting, life-long relationships if they ensure the quality of their core services.

Carmel Lonergan, Director of Group Operations, Trigon Hotels

Trigon Hotels are cautiously positive for 2023. In-bound tourist travel is continuing to recover with Cork Airport passenger forecast upgraded to 85% of pre-Covid figures, alongside a recovery in US visitors.

A twin-track rebound in business travel has seen domestic business travel return at scale – aided by large capital projects in Cork City. Cork is historically reliant on international business tourism and that continues to lag behind 2019 levels, we expect it will be closer to 2024 before that market returns. Our food and beverage operations have come under pressure from rising costs but we expect to see some of those costs and supply chain issues stabilise in 2023, allowing us to give confidence on pricing.

The Vat increase from 9% to 13.5% on March 1st will also be a challenge but our commitment across the industry is to offer value for money for both domestic and international tourism. Recruitment and retention was the biggest challenge post Covid and while we have seen this stabilise recently it will continue to be a key focus for 2023, along with the development and implementation of Trigon’s sustainability strategies.

Maureen Lynch, Operations Director at Hays Ireland

Employers are forging ahead with hiring plans despite market concerns with hiring rates are at a six year high according to the latest Hayes Ireland research.

Insights from the Hays Ireland Salary & Recruiting Trends Report 2023 show that, despite concerns over the global economy and a more cautious mood in the tech sector, Irish-based employers remain committed to their 2023 recruitment goals.

90% of employers surveyed by Hays Ireland have reported that they plan on hiring over the next 12 months, an increase of six percent from last year.

The vast majority of employers (75%) indicated that they primarily plan to hire permanent staff, while 28% of research respondents will seek to employ staff on a temporary basis.

James McGowan, Senior Director, NetApp

Digital transformation and sustainability will continue to be key for 2023. Technology adoption is becoming more and more important. Whilst enhancing engagement with their customers and employees, companies need to accelerate their digital transformation in optimising energy efficiency, sustainability, and cost. Core to that digital transformation is an understanding by companies of what data they hold, what they need to hold and what they would like to do with it.

Another big efficiency driver will be the growth of moving data into public clouds. More and more businesses are using the cloud to store their data – but it’s vital that companies only store what they need. Otherwise, they risk wasting financially and environmentally expensive data storage space. At NetApp we can help companies with their hybrid cloud strategy, to understand their data, move it to the cloud as appropriate and then optimise in the cloud.

Liam O’Riordan, Head of Cork Office, Investwise Financial Planning

Inflation will settle down in 2023, that is our belief at Investwise following analysis that we have conducted. A new benchmark has been set. Prices may not go up as much but are unlikely to go down.

Clients will have a new relationship with their money. Financial wellbeing is fast becoming a key element of how clients view their finances. It’s important as they look to clear a path to achieving their financial goals. They are looking for control over the daily finances but also how to cope with financial shocks.

They want to have a relationship with their financial planner to provide clarity and value for their finances such as fees and performance but also empathy as they look forward to certain milestones like retirement and education costs. We expect to grow our business further as we help clients along the financial planning journey.