TLDR: Despite facing significant geopolitical challenges, a recent survey reveals that Irish CEOs are largely optimistic about growth in the next year, with a notable focus on AI investments aimed at measurable outcomes. The findings suggest a strong confidence among local business leaders, even as they navigate complexities in the global landscape.
Irish business leaders are clearly not letting global uncertainty dampen their spirits. According to the latest CEO Outlook Survey from EY Ireland, which surveyed 1,200 chief executives worldwide—including 40 from Ireland—92% of Irish CEOs express confidence in achieving revenue growth over the next year. This figure stands in stark contrast to the global average, where only 86% of CEOs are similarly optimistic. In terms of competitive positioning, a remarkable 92% of Irish CEOs believe their companies are well-placed to compete, compared to 80% globally.
However, this upbeat sentiment doesn’t come without its caveats. Geopolitical instability emerged as a primary concern for 70% of Irish CEOs, significantly outpacing the global average of 56%. The survey highlights macroeconomic volatility (42%), trade and supply chain disruptions (22%), and talent shortages (16%) as other prominent issues that executives are grappling with.
Interestingly, the report also notes a shift in how Irish organizations are approaching artificial intelligence. CEOs are now focused on tangible outcomes rather than mere experimentation. Over 84% of Irish CEOs reported increased investments in AI this year, slightly surpassing the global average of 80%. Furthermore, nearly 58% stated that AI is already making a measurable impact on core business operations—a positive indication of AI’s integration into daily workflows.
Yet, the road to AI adoption isn’t entirely smooth. Over a third of Irish CEOs (38%) indicated that cultural resistance to change is a major barrier, a stark contrast to the global figure of just 16%. Add to this the complexities around AI regulations—42% of CEOs indicated that regulatory landscapes are still evolving—businesses may find themselves in murky waters.
On the bright side, 60% of Irish CEOs foresee widespread reskilling and upskilling of employees as a major workforce change over the next three years. Only 10% believe that AI could lead to a reduction in hiring for specific roles.
As Helena O’Dwyer, Partner and Head of Strategy at EY-Parthenon Ireland, pointed out, “Irish CEOs are navigating a complex, unpredictable, and rapidly evolving landscape.” It’s a bit cheeky, isn’t it? CEOs exuding confidence while wrestling with geopolitical tension, supply chain crises, and the ever-mysterious AI. It’s almost as if they’ve entered a business reality show where the challenges are scripted by global events, and the outcomes are determined in conference rooms rather than boardrooms.
Carol Murphy, Partner and Head of Markets at EY Ireland, noted that companies are moving beyond pilot studies in AI and are eager to see real results. It’s a question of not whether to invest in AI but what returns it yields and what’s next on the agenda. One can’t help but think of the classic Irish refrain: “The good news is… the bad news isn’t as bad as it could be!”
In related trivia, did you know that Ireland has the potential to be one of the largest hubs for AI talent in Europe? With a high percentage of graduates in STEM fields and a growing tech sector, we’re well-positioned to make an impact, not just at home but globally!
