Majority of leaders believe Budget 2025 will support business growth & objectives, IMI survey reveals

The IMI (Irish Management Institute), a centre of excellence for business education, today published a survey of business leaders at its National Leadership Conference that revealed more than 3 in 5 business leaders (61%) believe that Budget 2024 will support them achieve strategic priorities amid pressing business challenges. 
 
The latest research from the IMI is based on a survey of 180 senior business leaders across private, public and semi-state organisations in Ireland attending its National Leadership Conference. 
 
Findings reveal that the majority of business leaders (61%) surveyed believe that Budget 2025 will support them to grow and achieve key objectives over the next 12 months. A number of tax measures and supports for businesses were introduced by the Government this week including a €170 million energy subsidy scheme for hospitality and retail businesses and an increase in the registration threshold for VAT. 39% of decision makers believe that the Budget will have no significant impact on their capacity to manage change over the next 12 months. 

With businesses continuing to navigate a tight labour market, attracting and retaining talent was highlighted as the most critical leadership challenge over the next 12 months. Aligned with previous IMI research, keeping pace with innovation is another key leadership challenge for 78% of organisations, as the AI transformation accelerates. 
 
Findings revealed that more than 4 in 5 (83%) of leaders believe that attracting high calibre talent will remain difficult over the coming months. To address skills shortages, nearly 2 in 3 leaders (66%) are planning to enhance the capabilities of their workforce through an increased focus on upskilling and reskilling.
 
In response to these evolving leadership challenges, the IMI rolled out the IMI Model of Leadership at its National Leadership Conference. Developed by listening to the needs of organisations around the country, the Model will underpin the IMI’s future educational offering and ensure that its leadership and development programmes evolve to meet the challenges of a fast-changing business landscape.  
 
The Model places people and development at the core of organisational success, addressing three key external challenges for the coming year: leading through uncertainty, reimagining high performance, and seizing the digital advantage. In response, it highlights five critical leadership competencies for the next five years: Managing Self, Managing Others, Executing Strategy, Communicating and Influencing, and Functional Excellence. The Model will drive leadership capabilities in a fast-changing environment, supporting tailored development programmes and serving as a research tool to boost Ireland’s competitiveness
 
Commenting on the release of the research, Shane O’Sullivan, CEO of the IMI, said: “From geopolitical uncertainty to skills shortages across the economy, business leaders across Ireland are navigating a volatile and fast changing business landscape. The survey of business leaders at our National Leadership Conference provides a snapshot into the attitudes and actions of decision makers as they face these pressing business challenges. 
 
“With Budget 2025 recently published, our findings reveal that most leaders believe the measures announced by the Government will support them to overcome obstacles and achieve key strategic objectives. However, the path ahead will not be straightforward. With a tight labour market set to continue over the coming months, it’s clear that leaders have significant concerns about their capacity to attract and retain high calibre talent. Enhancing the capabilities of their workforce though upskilling is one of the key ways that leaders are responding. 
 
“To support leaders strengthen their capabilities and better navigate these challenges, I’m delighted to announce that we’re rolling out the IMI Model of Leadership. Informed by listening to the needs, opportunities and challenges of a broad array of our members across every sector of the economy, it prioritises a model of development that puts people and their growth at the heart of organisational success.
 
“Launched at the IMI’s National Leadership Conference, this new model will support leaders to learn today so they can better shape tomorrow. We hope that by providing a clear framework for advancing capabilities, senior leaders across the country can accelerate their organisation’s growth potential over the next 12 months.”
 
First held over 70 years ago, the NLC 2024 brought together senior business leaders from across Ireland for a series of discussions focused on enhancing leadership skills and positioning their organisation for future success. 
 
Speakers at the event included Deputy Simon Coveney, former Tánaiste and Minister for Enterprise, Trade and Employment; Michael Lohan, CEO of IDA Ireland; Ann Kelleher, foundry technology development General Manager at Intel Corporation; Bernard Gloster, CEO of Health Service Executive; Lorna Conn, CEO of Cpl; Vanessa Hartley, Head of Google Ireland; and Christopher Hartwell, Head of the International Management Institute & Professor of International Business Policy at ZHAW School of Management and Law. 
 
Irish Management Institute (IMI)
Established in 1952, IMI focuses on enhancing the practice of leadership in Ireland and is a centre of excellence for business education.  In partnership with UCC, IMI supports Irish-based organisations across all industry sectors in developing their management and leadership talent.