More than a third of business leaders in Ireland see retention of top talent as their biggest concern, new research has found.
One in every two of those who took part in the survey also see retaining talent as likely to remain a challenge in the next year.
"With economic indicators suggesting a competitive labour market is set to continue over the next 12 months, our research reveals significant concerns among decision makers regarding attracting and retaining top talent," said Shane O'Sullivan, CEO of the Irish Management Institute (IMI), which carried out the survey.
"Given these challenges, it is crucial that leaders evolve their talent management strategies to meet the evolving needs of their workforce from new ways of working to upskilling programmes and employee compensation."
The study by the IMI also found that just three in every ten leaders currently consider artificial intelligence a strategic imperative.
That may be because firms are currently still in the experimentation phase, as 40% of respondents said they are currently testing AI.
However, one in every three said they are struggling to keep pace with the speed of advancements in the technology.
"It’s clear from the findings of the Barometer that many leaders are still at an early phase of engagement with AI technology."
"Despite growing levels of experimentation with the technology, our research shows most decision makers have yet to form clear AI strategies."
"Enhancing leaders’ AI skills and capabilities will be crucial to fully harnessing the potential of the technology and understanding how it can support their business objectives. As these capabilities grow, we expect AI to accelerate up the business agenda."
Despite the challenges, the IMI also found that 84% of senior leaders are confident about their capacity to achieve core business objectives over the next year.
The new research was published as the IMI announced the agenda for its 2024 National Leadership Conference taking place on October 3rd in Dublin.
