Businesses remain proactive in addressing skills shortages

Cork Chamber, the voice of business in Cork, has published its latest Economic Trends, proudly supported by PTSB. Cork Chamber members shared their experiences through the most recent business quarter Q4 2023 and their outlook for the first quarter of 2024. In response to skills availability posing a significant threat to business growth, the Q4 survey also asked about skills gaps breakdowns.
The Q4 2023 survey found:

• 80% expressed confidence in the Irish economy

• 81% of respondents’ net profit either increased or stayed the same

• 64% of respondents expect skills shortages to continue over the next 12 months

• 57% anticipate skills shortages will be most acute at the mid/management level

"The stable trends in turnover and net profits signal the strength of Cork businesses. The positive outlook for Q1 2024 reflects the adaptability and forward-thinking approach adopted by the business community. In the face of ongoing global economic volatility, it is worth highlighting that confidence in the Irish economy has remained strong throughout the fourth quarter. Cork continues to exude economic resilience, as evidenced by a stream of investments and expansion announcements from some of the region's largest employers.” said Ronan Murray, President of Cork Chamber.

Auriol Kelly, Business Banking Manager at PTSB commented, "It is encouraging to see that despite the challenges in relation to skills shortage, the Cork business community has confidence in the Irish economy, a positive outlook for Q1 2024 and a clear intention to grow, and PTSB is committed to supporting the business community in achieving their growth ambitions.”

In response to skills availability posing a significant threat to business growth, the Q4 survey asked about skills gaps breakdowns to gain deeper insights into business needs.

Mr Murray continued, “The survey found that businesses are contending with skills gaps across various sectors and professions, a trend not surprising given the economy is currently at near full employment. 64% of respondents expect skills shortages to continue over the next 12 months. Particularly noteworthy are the acute skills gaps identified in science, engineering, and technology professions. Many companies are proactively addressing this challenge by implementing training programmes and collaborating with educational institutions.”

In closing, Mr Murray said “The survey findings underscore the proactive stance of Cork businesses in addressing skills shortages. By focusing on upskilling, digitalisation, and strategic collaborations, companies are positioning themselves for resilience in the face of evolving workforce dynamics and an economy at full employment where Cork is competing on a global stage for talent. It is important now more than ever that Cork maintains its competitive edge needed to attract and retain highly skilled talent. Cork Chamber is committed to supporting the region and ensuring it remains attractive to investment and talent alike.”