Prioritizing Recruitment and Cybersecurity Measures: Key Focus for Irish Enterprises

Recruitment of Staff and Cyber Security Threat are Priority Areas for Irish Businesses 

A recent survey by Ernst & Young (EY) Ireland found that recruitment and retaining employees are important priorities for businesses, along with dealing with increasing cyber threats. The survey included responses from 151 Chief Financial Officers (CFOs) in Ireland.

Recruitment of Staff and Cyber Security

The survey also revealed that cost-cutting, cybersecurity, automation, and talent are the top strategic priority areas for the finance function of Irish businesses. On the other hand, only 15% of the CFOs surveyed considered building skills in non-financial/ESG reporting as a key priority for the next five years.

Despite these challenges, 64% of Irish CFOs remain optimistic about the economic outlook. However, they are facing more risks due to increasing cyber threats, supply chain pressures triggered by geopolitical events, and rapid digital disruption.

Cybersecurity is becoming a bigger concern for Irish businesses, with 60% of respondents saying they have increased investment in cybersecurity tools and technology over the past two years. Another 59% have invested in employee training to improve cybersecurity in their finance functions. This is due to the increasing volume and severity of cyberattacks, which pose significant financial and operational risks for businesses.

The survey also found that talent shortages continue to be a significant disruptor for Irish financial leaders. 40% of respondents identified upskilling current staff as a priority for driving growth in the coming year, while another 34% cited investing in new talent as the best way to drive growth. Recruitment is a critical success factor, with 44% of respondents citing talent shortages and talent retention as a key challenge to reaching the desired level of growth over the next five years.

Overall, CFOs are increasingly playing a strategic role in their organizations beyond the traditional finance function, which should help attract a new generation of finance professionals to support growing Irish businesses.

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