Friday 20 October 2017

Ireland's business competitiveness slips, but good news for finance sector - study

Ireland is in first place for availability of skilled financial workers
Ireland is in first place for availability of skilled financial workers

Sean Duffy

Ireland is less competitive than it was a year ago, according to a new study.

The country has fallen two places to 18th in the rankings compiled by research firm IMD.

The survey measures the competitiveness of 61 economies in terms of: investment and development, appeal and readiness.

However, the survey also provides a useful insight into where Ireland ranks in other areas of the economy. Health infrastructure ranks 50th out of 61 countries. It is 48th when it comes to the implementation of apprenticeships.

The survey found that Ireland ranks in first place when it comes to the availability of skilled financial workers.

That may be a significant boost for Irish policy-makers who are attempting to sell Ireland as a hub to financial firms looking to relocate away from London in the wake of Brexit.

The average wage for employees in the service sector is $43,862 (€41,395), which ranks 16th overall. Senior managers in Ireland earn an average of $193,811 (€182,996), making them the 18th best paid of the countries surveyed.

Ireland also scored well when it comes to attracting and retaining talent - placing fifth overall, while the country's workers were ranked sixth when it comes to motivation.

Ireland sits in just 32nd place when it comes to investment and development.

Ireland was ranked in 15th place in this category just four years ago.

Overall, the survey shows Switzerland as the most competitive country, followed by Denmark in second place and Belgium in third.

Ireland remains ahead of the UK (20), but is behind the likes of the US (14), Canada (12) and Germany (11) when it comes to competitiveness.

Singapore is ranked as the country best prepared to attract new talent.

Irish Independent

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