The IMI (Irish Management Institute) published new research revealing that AI is not currently a strategic priority among most business leaders in Ireland.
The ‘IMI Leadership Barometer’ surveyed senior business leaders in Ireland from private, public and semi-state organisations across a wide range of sectors including technology, food/agriculture, utilities, banking, finance, professional services, legal, healthcare, logistics, construction and others.
The research provides key insights into the attitudes and priorities of senior decision-makers as they navigate a shifting business environment and the rise of disruptive new technologies.
Findings show that only 30% of business leaders currently consider AI a strategic priority.
Many organisations are still in an experimentation phase with the technology, with 40% of leaders stating that they are testing the technology in areas of their business.
A further 30% of decision-makers reported struggling to keep pace with rapid advancements in the technology, reflecting a clear need for upskilling and education in the technology among business decision-makers.
With businesses continuing to face the impact of a tight labour market, attracting and retaining highly skilled talent is set to continue as a top concern for decision-makers, according to the findings of the Barometer.
36% of leaders state that retaining top talent is set to become more difficult over the coming months.
More than half of business leaders (54%) believe that retaining talent will remain challenging in the next 12 months.
Despite these challenges, business leaders in Ireland are generally confident about their capacity to navigate change.
Findings reveal that 84% of senior leaders are reasonably confident about their capacity to achieve core business objectives over the next 12 months.
Only 4% of decision-makers state their organisation is fully prepared to overcome obstacles and unlock business growth over the months ahead.
Leadership and management capabilities are the top business priority for senior decision-makers, indicating clear awareness among leaders of the importance of strengthening skills in this rapidly evolving landscape.
Future workforce skills/ways of working and technology from a business perspective make up the top three most important areas on leaders’ business agenda for the coming months.
Shane O’Sullivan, CEO of the IMI, said: “Senior leaders across Ireland continue to navigate a fast-evolving business environment from a tight labour market to rapid advances in technology and heightened global competition.
“The IMI Leadership Barometer provides an important insight into the key challenges and opportunities facing leaders in Ireland in this environment and the actions they’re taking to prepare their business for future success.
“It’s clear from the findings of the Barometer that many leaders are still at an early phase of engagement with AI technology.
“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.
“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 new research is released as the IMI announces the agenda for its 2024 National Leadership Conference.
Speakers at the event include Deputy Simon Coveney, former Tánaiste and Minister for Enterprise, Trade and Employment; Michael Lohan, CEO of IDA Ireland; Ann Kelleher, foundry technology development General Manager at Intel Corporation; Bernard Gloster, CEO of Health Service Executive; Siobhan Talbot, the former CEO of Glanbia; Vanessa Hartley, Head of Google Ireland; and Christopher Hartwell, Head of the International Management Institute & Professor of International Business Policy at ZHAW School of Management and Law.
The 2024 edition of the NLC will be held on October 3rd at IMI’s Sandyford campus, with additional speakers due to be announced in the coming weeks.