Irish businesses increasingly focused on staff pressures, report says
The inaugural Business Risk Index for Ireland, compiled by insurance broker Gallagher, shows a shifting landscape of concern and operational uncertainty.
The report, which captures the views of 200 leaders across small, medium and large enterprises, highlights that today's commercial risk environment is being shaped less by traditional threats, and more by evolving workforce and cyber threats.
The top concern for Irish businesses right now is employee retention, cited by 29 per cent of respondents, with this figure rising to 40 per cent among companies employing more than 150 people.
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Next is the cost-of-living crisis, seen as a serious threat by 27 per cent of businesses and most acutely felt by companies with between 10 and 50 employees, where concern spikes to 34 per cent.
Concerns around sector competition (22 per cent), cybercrime (21 per cent) and a lack of skilled talent (19 per cent) also rank high on the corporate risk radar.
The cost of salaries was flagged as a risk by 15 per cent of respondents, as was the cost of materials (14 per cent), and compliance with regulations (14 per cent). These challenges are affecting firms across all sectors and sizes.
Risks related to legal issues – with employees, clients or suppliers – as well as business interruption, vandalism or theft, and the cost of servicing debt, were among the least frequently mentioned.
When asked about the broader trading environment, Irish business leaders were notably cautious. More than one in three (35 per cent) said that trading conditions had worsened over the past 12 months and that it was now riskier to run a business.
Another 24 per cent felt that although the trading environment had not changed dramatically, the type of risks they face has evolved.
About 20 per cent of businesses reported stability in both trading and risk terms – a view most common among smaller firms. Just 5 per cent said that the environment had become less risky.
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Ireland was the third most expensive Eurozone country for bread and cereals; ninth most expensive for meat; eighth most expensive for fish; eighth most expensive for milk, cheese, and eggs; 12th most expensive for oils and fats and the sixth most expensive country for fruits, vegetables and potatoes. Ireland's bread and cereals prices were 17% above the EU27 average, and the lowest were in Romania at 44% below. The Irish prices for meat were level with the EU27 average. Pic: Getty Images Ireland's bread and cereals prices were 17% above the EU27 average, and the lowest were in Romania at 44% below. The Irish prices for meat were level with the EU27 average. The highest meat prices among the 20 Eurozone countries were in Luxembourg at 37% above average, while the lowest was Slovakia at 30% below the EU27 average. Fish prices here were 5% above the EU27 average, while for milk, cheese and eggs, Ireland was the eighth most expensive of the 20 Eurozone countries. CSO senior statistician Edel Flannery said: 'Looking at specific food categories, we can see that except for meat, prices for the various types of foods in Ireland were all higher than the EU27 average in 2024. 'Prices for breads and cereals were 17% higher than the EU27 average, while milk, cheese and eggs were 11% higher; fruits, vegetables and potatoes were 9% higher; oils and fats were 6% higher; and fish prices were 5% higher. 'For tobacco, Ireland was the most expensive of the 36 countries surveyed in 2024, with prices 159% higher than the EU27 average. Tobacco prices were lowest in Turkey with prices 74% below the average for the EU27.'
