Attracting the right people critical for competitiveness
Best Managed Companies Awards
Irish companies face challenge in attracting international talent due to personal taxation levels and competition locally from multinationals
An analysis of Irish companies, published today by Deloitte, shows that attracting and retaining the right skills for positions is the most challenging issue they face. Deloitte conducted the analysis of the winning companies ahead of the Best Managed Companies Awards Gala Awards, at which this year’s winners will be announced.
All of the companies included in the analysis are recipients of a 2016 Best Managed Companies award, and are drawn from a range of industries including technology, construction, retail, and hospitality. Over 20% of the companies were drawn from the tech sector, demonstrating again the growth of Ireland and Dublin as a global technology hub, but also proof of the high levels of excellence in the indigenous Irish technology industry.
The analysis also found that international expansion and new product development were the second and third biggest challenges on the minds of the companies. Interestingly, regulatory issues emerged as less of an issue, with only 6% citing this as a challenge.
Richard Howard, Partner, Deloitte commented: “While the research showed that attracting the right talent was a big issue for all companies, it was especially noticeable in the technology and export-orientated industries. These companies are competing with the large multinationals to attract the supply of young, highly educated, and very mobile international talent. In many cases, this challenge is compounded by the high personal tax rates in Ireland. Our fear is that these Irish companies will base elements of their businesses in lower cost locations and we will miss out on the employment in Ireland. This is something we will urge the incoming government to consider as they formulate their personal tax policies.”
When asked about the factors that give their companies a key advantage in the marketplace, excellent customer relationships (22%), commitment to continuous improvement (19%), and a good business strategy (18%) were the top factors identified.
The development of existing products and services was identified by over a fifth (22%) of companies as the most important factor in achieving sustainable growth, followed by the expansion of new product and service lines (18%) and strategic alliances and partnerships (18%). Acquisitions were a priority for 14% of the companies as a means of growing their business.
For more information:
Corporate Communications Manager
01 417 2356/087 9777783
Aoibheann O’Sullivan / Jill Farrelly
01 498 0300 / 087 738 6608
About Deloitte Best Managed Companies Awards
The Deloitte Best Managed Companies programme, in association with Barclays Bank Ireland, promotes and recognises excellence in Irish owned and managed companies. It is the only awards scheme on the island of Ireland that considers a business’ performance from every perspective. Entrants to the programme will compete for this designation in a rigorous and independent process that evaluates the calibre of their management abilities and practices. This year 115 companies will be recognised as Best Managed Companies.
Programme sponsors are Barclays Bank Ireland, the Irish Management Institute and the Sunday Business Post. For further information, visit www.deloittebestmanaged.ie. The Best Managed Companies Programme originated in Canada in 1993, where it has been run successfully ever since and is the country’s leading business awards programme. In addition to Ireland and Canada, the programme is also run in The Netherlands and Mexico.
At Deloitte, we make an impact that matters for our clients, our people, our profession, and in the wider society by delivering the solutions and insights they need to address their most complex business challenges.
As one of the largest global professional services and consulting networks, with over 220,000 professionals in more than 150 countries, we bring world-class capabilities and high-quality services to our clients.
In Ireland, Deloitte has approximately 2,000 people providing audit, tax, consulting, and corporate finance services to public and private clients spanning multiple industries. Our people have the leadership capabilities, experience, and insight to collaborate with clients so they can move forward with confidence.