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Irish business growth slashed by impact of Coronavirus

Written by Robert McHugh, on 22nd Jun 2020. Posted in Ireland

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Just 18% of Irish businesses are now planning to hire staff this year, according to new research from CIPD Ireland. Nearly 350 respondents from a range of industries including retail and hospitality, financial services, public sector, manufacturing and transportation took part in the online survey for CIPD Ireland.
 
The survey shows that just 10% of businesses are now planning to increase rates of pay this year, down from 47% a few months ago. Meanwhile, 59% are planning to maintain rates of pay in the rest of 2020, which is up significantly from 27%.

One quarter (24%) of businesses say more than half of their employees are receiving either the Pandemic Unemployment Payment or are registered for the Temporary Wage Subsidy Scheme. Just over half (54%) of respondents say their staff aren’t receiving the Pandemic Unemployment Payment or the Temporary Wage Subsidy Scheme.

Commenting on the figures, Director of CIPD Ireland, Mary Connaughton says, "As with all aspects of Irish society, business was hit with a seismic event this year. Many enterprises have unfortunately not made it to his point and it's a testament to the resolve of others that they are adapting even as the ground under their feet continues to move."

She added, "One positive note recorded in the survey is that about half of businesses are planning to maintain staff numbers for this year. At CIPD Ireland we believe the incoming government must increase its supports for those facing redundancy."

Source: www.businessworld.ie

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