Cork businesses worried about skills gaps

THE voice of business in Cork, Cork Chamber, has published its latest Economic Trends, which sees members share their experiences of the most recent business quarter and their outlook for 2024.

In response to skills availability posing a significant threat to business growth, the survey also asked about skills gaps breakdowns.

The survey, supported by PTSB, found that 80% of respondents expressed confidence in the Irish economy, and 81% said net profit had either increased or stayed the same in Q4, 2023.

However, 64% of respondents expect skills shortages to continue this year and 57% anticipate skills shortages will be most acute at mid-management level.

Ronan Murray, president of Cork Chamber, explained, “The survey found that businesses are contending with skills gaps in various sectors and professions, a trend not surprising given the economy is at near full employment.

“Particularly noteworthy are the acute skills gaps identified in science, engineering, and technology professions - many companies are proactively addressing this challenge by implementing training programmes and collaborating with educational institutions,” said Mr Murray.

Auriol Kelly, business banking manager at PTSB, added: “It is encouraging to see that despite the challenges in relation to skills shortage, the Cork business community has confidence in the Irish economy for Q1, 2024, and a clear intention to grow.”

Mr Murray concluded, “By focusing on upskilling, digitalisation, and strategic collaborations, companies are positioning themselves for resilience in the face of evolving workforce dynamics and an economy at full employment, where Cork is competing on a global stage for talent.

“It is important Cork maintains its competitive edge needed to attract and retain highly skilled talent.”