In a survey of 2,550 private company leaders across 30 countries, including 100 in Ireland, Deloitte found that the majority of respondents anticipate growth in six of eight key business metrics in the next 12 months. The strongest growth is predicted for revenue, productivity and profits.
Overall, three-quarters of private business leaders globally express high or extremely high confidence in the success of their private firm over the next 24 months.
In Ireland, despite 42% of respondents indicating that uncertainty is higher now compared to a year ago, over a third (35%) anticipate growth in revenue by at least 51% in the next 12 months. Overall, 65% of Irish respondents express high confidence in the success of their businesses for the next two years, with another 15 percent expressing very high confidence.
A third believe that it is likely their business will go public in the next 12 months, while a further third believe this is likely after the next 12 months.
In Ireland, increasing the number of full-time employees was identified by 49% of respondents as the top investment in talent, followed by leadership development (32%). In order to attract and retain employees, 45% of Irish firms plan to reimagine learning and development programmes using experiential formats; four in 10 are driving a culture of open and transparent communication with leadership and promoting company commitment to social responsibility; and 36% are increasing their focus on flexibility and well-being programmes. Less than a third (32%) plan to develop new talent strategies, 9 percentage points below the global average.
Commenting on the report, Partner at Deloitte Ireland, Daniel Murray said, "Despite some concern about trade policy and geopolitical uncertainty, with Brexit front of mind for many companies here, the majority of executives we surveyed are highly optimistic about growth and truly have confidence in their companies’ success in the year ahead."
He added, "It is encouraging that private Irish companies have plans, and the ambition and confidence, to scale their businesses. These businesses are the engine of our economy, and their importance and contribution to employment and economic progress here is critical."