Irish businesses remain resilient in their outlook for 2021 with almost two thirds of businesses forecasting a bounce back in recruitment in the sector next year, despite any impending threat of redundancies which is also looming large in the minds of business owners.
This was the sentiment revealed by the latest survey from the Association of Compliance Officers of Ireland (ACOI). The survey of over 300 ACOI member organisations, primarily compliance leaders employed in large financial organisations around the country, sought to gain insight into how businesses feel they will fare as they face into another difficult year, given the current economic climate and COVID landscape.
Most (64%) believe that firms in their sector will recruit in 2021, while more than half say they have not had to implement pay cuts and are not expecting to experience any in the near future.
A 2019 Department of Finance report illustrates the significant contribution the financial services and fintech sector makes to the economy - generating an estimated €11 billion in exports, 6.3% of GDP and €2 billion in tax receipts.
Commenting on the research, CEO of ACOI, Michael Kavanagh said, "The results are encouraging, particularly in light of the economic outlook for Ireland in 2021, and given what businesses have already been through over the last 4 or 5 months. That 64% of respondents believe firms in the financial services sector will recruit in 2021 shows signs of optimism and confidence."
He added, "What’s more just 23% of firms have had to cut pay or benefits so far – this demonstrated the resilience of sector. And we believe that most of these cuts were to benefits or bonuses rather than core salary."