Being able to attract and retain key staff is the number one concern of businesses going in to 2018, according to a December survey of 210 companies. The survey found that more than two thirds of firms (69%) rank the retention and attraction of employees as an issue of high concern for 2018.
Concerns about new GDPR data protection legislation – due to come into effect in May 2018 – provide the second biggest headache for firms. 62% stated that they are highly concerned by how the new regulations will impact on their business.
1 in 4 firms (23%) said they felt their business is unprepared for GDPR. More encouragingly, 60% said they feel ‘quite prepared’ for GDPR, while 11% believed they were ‘very prepared’.
Traffic is expected to remain a big issue for firms in the year ahead. 53% of firms said they were highly concerned about the impact of increasing congestion on their firm in 2018.
Unsurprisingly, Brexit continues to occupy the minds of Irish business owners and managers. Around half of respondents (49%) pinpointed Brexit as an issue they were highly concerned about over the coming 12 months.
Other issues highlighted by businesses in the survey, carried out by business group Dublin Chamber, included rising insurance costs (40%), Euro/Sterling currency fluctuations (34%) and Government instability (32%).
SIGNS OF CONTINUING RECOVERY
The vast majority of firms are optimistic about 2018, with more than 4 out of 5 firms (84%) stating that they expect revenues to increase in 2018. Just 1 in 20 (5%) indicated that they anticipate a drop in revenues in the year ahead. The other 11% expect revenues to remain flat.
Companies are predicting that 2018 will be good for the bottom line too. Around three quarters (72%) said they expect profits to increase in the coming 12 months, with 18% of respondents saying they do not expect profits to rise.
Encouragingly, the anticipated uptick in revenues is likely to translate into new jobs being created. More than two thirds of respondents (68%) said they hope to increase staff numbers in 2018. One quarter (25%) said they do not anticipate staff numbers growing, while 6% said they did not know.
But 2018 won’t be without its pressures. In terms of operating costs, just 8% of firms are predicting a decrease in costs, with 76% anticipating an increase.
