EMPLOYEE retention is one of the top challenges facing businesses in Munster, a new Mid West survey had found.
The latest HR Barometer, undertaken by HR company Adare and unveiled at a Shannon Chamber event, held in partnership with EI Electronics, found that 63 per cent of businesses in Munster cited employee retention was their top HR concern.
Employee engagement is also a key concern, the survey found, with 50 per cent of businesses citing worries or struggles in this area.
The eighth annual HR Barometer offers insight into the human resources landscape in the Mid West and broader Munster area.
Companies in Munster also cited talent development as a top priority, ranking third in the list of employer priorities.
Employee turnover in 2023 stood at 12 per cent, with renumeration remaining the top reason for staff leaving their jobs (63 per cent). This was closely followed by career progression, with half of employees citing this as their reason to look for a new job.
The HR Barometer also found that the average cost of replacing an employee in 2024 is €10,600, up from €7,321 in 2022.
Managing director at Adare, Sarah Fagan, said that “a critical insight from the survey is that growth isn’t just about profits, it’s about harnessing technology and innovative HR strategies to empower a workforce and thrive in a constantly evolving landscape”.
The Adare managing director added that the company has witnessed “a profound shift towards agile talent management, enhanced employee experiences, and the strategic integration of technology, with organisations clearly focused on unleashing the potential of their people and thrive in the future of work”.
“With very tight labour markets, companies are moving towards non-traditional career paths, upskilling their employees in areas that add value to their business.”
Shannon Chamber CEO Helen Downes said the insights revealed in the survey “will be instrumental for businesses to develop robust and adaptable HR practices, not only tackling current hurdles but also unlocking future possibilities as they plan for the evolving world of work”.
“Change is constant, and never more so than in the world of HR, particularly in a period of almost full employment”.
