Waterford businesses need to be supported

Staff recruitment and retention is the top challenge for Waterford businesses, it’s been revealed, while concerns around investment into SETU and Waterford Airport are also highlighted.

Waterford Chamber has released the findings of its Q1 Business Sentiment Survey, which shows 39% of respondents agree that staffing issues are the most challenging.

This is followed by ‘access to finance’ at 17%, with other areas of concern being energy costs, changes in consumer spending and increasing productivity.

Staff costs have proven the top barrier to businesses attracting and retaining staff, with specific skills shortages also proving a concern.

“What’s interesting here is that 50% of the companies surveyed want to increase their staff levels in the next 12 month,” said Gerald Hurley, CEO of Waterford Chamber.

“Business in general terms is good, profits and productivity are increasing, but securing the right people to drive our economy forward is the overarching challenge,” explained Mr Hurley.

“Training and upskilling obviously plays an important role here, and it is heartening to see that 72% of companies plan to increase their staff training in the next 12 months.

“This is important for our university, as it develops in line with industry demand and organisations like Waterford Chamber Skillnet, which are demand-led, in providing the relevant training to meet the needs of our employers,” he said.

The biggest issue in relation to business competition in Waterford, according to the survey, is the lack of availability of housing/renting accommodation available, where 44% topped the poll.

“Housing is the number one challenge, not just in Waterford, but nationally, so this result was to be expected and everyone surveyed believes more needs to be done in terms of infrastructural investment in Waterford, particularly around the co-ordination in sustainable community, social and housing development,” continued Mr Hurley.

The survey results indicated Waterford Airport's need of investment. Traffic management along Waterford’s Quay front, investment in SETU, as well as broadband, retail experiences and more manufacturing and office space to attract indigenous and foreign direct investment were also addressed in the survey results.

“Issues such as recruitment and the cost of doing business are posing as major challenges. Our business community is very much in-tune with what is going on around them in terms of economic and structural development, but they need to be supported so we can drive our economy forward and achieve the ambitions goals in line with the National Development Plan,” concluded Mr Hurley.