The vast majority of business leaders in Ireland do not consider artificial intelligence (AI) to be a strategic priority for their organisation, a new survey from the Irish Management Institute (IMI) has revealed, with talent attraction and retention still foremost among their concerns for the future.
More than half of the 190 organisations polled by the institute as part of its leadership barometer survey said retaining talent will remain a challenge over the next year with 36 per cent of business leaders expressing specific concern about retaining talent at the top of their organisation.
“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,” said Shane O’Sullivan, chief executive of the IMI.
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Meanwhile, just 30 per cent of survey respondents said they consider AI to be a strategic priority for their business with many organisations still in an experimentation phase with the technology. Some 40 per cent of businesses said they are continuing to test AI in areas of their business while 30 per cent said they are struggling to keep up with with face-paced advancements in the technology.
This reflects a “clear need for upskilling and education in the technology among business decision-makers”, the IMI said.
Mr O’Sullivan said it was clear business leaders were still at an early phase of engagement with AI. “Despite growing levels of experimentation with the technology, our research shows most decision makers have yet to form clear AI strategies,” he said. “Enhancing leaders’ AI skills and capabilities will be crucial to fully harnessing the potential of the technology and understanding how it can support their business objectives. As these capabilities grow, we expect AI to accelerate up the business agenda.”
Despite headwinds, business owners and executives remain upbeat about the future with 84 per cent indicating reasonable confidence in their organisation’s capacity to achieve its goals over the next 12 months. Just 4 per cent of respondents, meanwhile, said their business is fully prepared to overcome obstacles.
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Published on Thursday, the survey release coincided with the announcement of the line-up for the IMI’s National Leadership Conference 2024. Taking place at the IMI’s Sandyford campus on October 3rd, the conference will hear from IDA Ireland chief executive Michael Lohan, head of Google Ireland Vanessa Hartley and former tánaiste Simon Coveney among others.
“By taking on board the advice of our expert speakers, decision makers can enhance their leadership skills and better seize new opportunities for future business growth and success,” Mr O’Sullivan said.