Business Irish

Tuesday 17 October 2017

Over half of business chiefs expect to raise pay next year

Colm Kelpie

Colm Kelpie

MORE than half of business chiefs expect to increase basic pay in the next year as business confidence increases.

A survey of chief financial officers by PwC found that growth and confidence are on the up, with 43pc feeling positive about the outlook for the country's economy.

This is compared with just 11pc last year.

Three-quarters anticipate revenues to grow in the year ahead, up from 59pc last year, while 65pc expect profit growth, up from 55pc last year.

Garrett Cronin, consulting partner at PwC, said finance mattered more now than ever before, given the increased demands being placed on organisations. "We see the role of the finance function and that of the CFO evolving," he said.

"As businesses increasingly look for analysis and data to support strategic decisions, the CFO's role is likely to embrace better business alignment including the principles of performance and risk management more than we currently see today."

Key findings from the business survey include:

* Some 42pc are planning additional capital investment, up from 35pc last year.

* Nearly half (47pc) expect growth in employee numbers, up from 35pc last year; at the same time, the majority (59pc) expect to award pay increases, compared with 38pc last year.

The survey, which was carried out during the summer involving 140 participants, also revealed that maintaining margins and profitability was by far the top challenge for business, followed by regulatory pressures.

Irish Independent

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