Thursday 25 April 2019

Attracting talent and building strategic alliances priority for Irish firms amid Brexit challenges - Deloitte

Companies appear to be tackling the talent challenge head on Stock photo: Depositphotos
Companies appear to be tackling the talent challenge head on Stock photo: Depositphotos
Louise Kelly

Louise Kelly

Irish businesses are putting a priority on international expansion and talent development as they drive growth despite geopolitical uncertainties, primarily Brexit.

According to analysis carried out by Deloitte of around 100 Irish firms, acquisitions (42pc) and growth outside Ireland (44pc) were identified as being of immediate focus.

The majority of firms here (65pc) also stated that they are looking to identify and strengthen new partnerships as they recognise the potential need to pivot their trading processes in the future.

Furthermore, almost two thirds of those surveyed highlighted the expansion into new products and services - and the development of existing offerings - as a growth strategy.

Partner Anya Cummins said that while new product and service development, and international expansion, were identified as challenges for companies they are also key areas to drive sustainable growth.

"This is a reflection of the complexities of today’s marketplace, but also the necessity for private Irish businesses to look at how their company’s presence can expand beyond the domestic and traditional markets," she said.

Other challenges highlighted by respondents included the impact of geopolitical uncertainty such as Brexit (37pc) and the difficult of attracting and retaining talent in a tightening labour market (74pc).

Ms Cummins said that companies appear to be tackling the talent challenge head on.

"Talent is now more mobile, and more in demand than ever before, increasing the need for talent strategies to attract diverse workforces and prioritise talent development," she said.

"Approaches include getting automation working for them – by reducing time-consuming, manual activities and focussing on higher-value activities, companies are enabling their people become more productive through expanded horizons within their roles.

 "They are also actively considering non-conventional candidates with similar skills (e.g., onshore, offshore, part-time, contract) to job openings challenged by the competitive employment markets and using agile working to facilitate more flexible and attractive work arrangements.

"Diversity of backgrounds and experience is also high on the agenda, and the attraction of international talent is also a key trend."

The analysis was published ahead of the announcements of the 2019 winners of the Deloitte Best Managed Companies Awards this week.

Online Editors

Also in Business