Business Challenges

We asked ‘What is the biggest challenge facing your business in the next six months?’

What is the biggest challenge facing your business in the next 6 months?

Staffretention&recruitmentAccesstofinanceProductivityMarketshareBusinesscostsEnergycostsSecurityofsupp

Almost 40% of businesses said that the cost of doing business is the biggest challenge facing them in the next six months.

According to the National Competitiveness and Productivity Council (NCPC) published in the last quarter of 2022 it states: ‘The energy cost crisis in Ireland has led to two significant challenges, firstly the cost of inputs to Irish businesses have risen considerably, putting pressure on business profitability and discouraging investment and employment. Secondly, the energy crisis means that consumers who are facing higher energy costs will likely increase demands for higher wages, as rising prices will reduce household’s disposable income.’

The NCPC acknowledges that reducing costs to business on the longstanding issues of credit costs, insurance and legal costs is vital to boosting the competitive position of Irish firms.

Among the recommendations to help and support businesses with rising costs the report states that the agreed recommendations made by the Retail Banking Review are implemented swiftly. It also states that the tapering of government supports to businesses continues, and to ensure firms are made aware of the financing options available to them.

At 23% staff retention and recruitment continues to be a challenge facing businesses in Fingal.

According to Adare Human Resource Management’s latest HR Barometer Report talent acquisition, retention and recruitment will remain the top priorities for businesses this year.

While one of the Harvard Business Review’s nine trends that will shape work in 2023 and beyond says that employers will ‘quiet hire’ in-demand talent internally. The Harvard review says that the concept of ‘quiet quitting’ the practice where employees refuse to go above and beyond in their role by doing the minimum required in the jobs is causing a disruptive element in the workforce. Where employees ‘quiet quit’ organisations keep people and lose skills and capabilities.

The Review explains that in 2023 organisations will turn this practice on its head and embrace ‘quiet hiring’ as a way to acquire new skills and talent without adding new full-time employees.

This could happen by encouraging internal talent mobility and to compensate their people for their evolving roles organisations could offer a bonus, salary increase, additional time off, greater flexibility etc.