Northern Ireland Business Leaders In Confident Mood – Business Eye

KPMG’s annual CEO Outlook Survey of business leaders shows CEOs confidence is high in both Northern Irish and global economies. Such optimism is reflected in future plans, with nine in ten (90 percent) of business leaders here expecting to add jobs over the next three years. Northern Ireland CEOs also have a clearer view of how Gen AI will give their organisation a competitive edge and have put it at the top of their organisational priority list. 

Confidence in the three-year growth prospects for the Northern Irish economy stands at 93 percent, up from 67 percent in 2023.

• 90 percent of CEOs here expect to increase headcount over the next three years.
• CEOs in Northern Ireland are prioritising the adoption and investment of Gen AI. A total of 63 percent reported that understanding and implementing Gen AI is a top investment priority for their organisations. However, there are worries that with the technology comes ethical challenges, a concern shared by 77 percent of Northern Ireland CEOs.
• Against this backdrop a majority (87 percent) of CEOs in Northern Ireland are clear on how Gen AI will benefit their organisation and create a competitive advantage, a stronger  position than their global counterparts where just three quarters (76 percent) have clarity.

Economic confidence inspires hiring plans

Confidence in the three year prospects for the Northern Irish economy is strong, with 93 percent of respondents anticipating economic growth over the period, according to the 2024 KPMG CEO Outlook Survey. A hugely positive 87 percent of CEOs in Northern Ireland (up from 80 percent last year) are also optimistic about the future prospects of the companies they run in terms of predicted growth over the next three years, despite risks of labour shortages, cost pressures and geopolitical insecurities.

The report, now in its ninth year, also found Northern Irish CEOs are looking to hire like never before with 90 percent of respondents expecting to increase headcount in the next three years. This is up from 67 percent only two years ago.

Johnny Hanna, Partner-in-Charge of KPMG in Northern Ireland, said: “This year’s KPMG CEO Outlook Survey reveals a relatively buoyant mood amongst Northern Ireland’s leaders, with prospects for growth in the coming years strong. With an appetite and understanding of emerging technologies such as Gen AI also apparent, CEOs have proved they are able to adapt to the changing environment they face with ease.

“These attributes, when combined with the unique offering of dual market to both EU and GB markets under the Windsor Framework and the potential to reduce corporation tax on a par with the Republic, build a compelling case. They set the scene for a future of prosperity and provide the conditions for the Northern Ireland economy to make good on our CEOs positive forecasts.”

CEOs in Northern Ireland driving AI Adoption

Northern Ireland’s CEOs have a clearer grasp on how Gen AI will create a competitive advantage in their organisation than their global counterparts, and are implementing the technology at pace, the KPMG CEO Outlook 2024 has found.

The report reveals a leadership fully cognisant with the benefits Gen AI can bring to their business. Nearly all CEOs (87 percent) said they were clear on the opportunities Gen AI will offer their organisation, higher than the global score of 76 percent. With that understanding comes prioritisation, with two thirds (63 percent) reporting that understanding and implementing Gen AI is a top investment priority for their organisations. 

Commenting on the survey findings, KPMG in Northern Ireland AI Director Alan Lavery, said; “Northern Ireland CEOs have been quick to grasp the benefits of Gen AI and are making it a key business priority. That bodes well for the future of the Northern Ireland economy as the benefits which the technology can bring are significant. However, the report also uncovered a number of concerns around the adoption of the technology which will need guidance to navigate in the coming years.

“When it comes to adapting the workforce, it’s pleasing to see that 50 percent of CEOs in Northern Ireland are investing in upskilling, a higher figure than the 41 percent reported globally. This shows the importance with which leaders here place on Gen AI as a an embedded part of their business in the future.”

However enthusiasm for AI is curbed somewhat by concerns around ethical challenges which accompany Gen AI, a worry 77 percent of leaders expressed. A lack of regulation is also a concern for a similar number (77 percent) while 47 percent said the technical capability and skill required to implement Gen AI is also an issue.