Dublin will suffer a drain of top management talent to Cork, Limerick, Galway and a host of international cities because of the high cost of living, an executive recruitment expert has claimed.
The suggestion comes as business groups from Dublin, Cork, Limerick, Galway, and Waterford join forces to promote the five cities.
The founder of Ardlinn, a unit of recruitment agency CPL, said the cost of living in Dublin will “create significant talent supply chain problems within five years” in relation to would-be chief executives, chief financial officers and chief operating officers.
Áine Brolly said: “When you look at where the majority of foreign direct investment and big business is based in Ireland, it is largely Dublin-centred.
"The problem with that is middle management, and talented professionals, one or two rungs below chief-level are being priced out of the market and are increasingly considering options elsewhere.
“Having seen this occur first hand in San Francisco’s Silicon Valley, where costs forced investors and talent to relocate, I am concerned Dublin could suffer a similar fate,” she said.
Ms Lawlor said that the trend could be a boon to the likes of Cork, Limerick and Galway.
Very constructive meeting this morning between the new City Regions Ireland group - made up of @DubCham, @CorkChamber, @waterfordcc, @GalwayChamber & @LimerickChamber - and Minister @MurphyEoghan. Vital that Ireland’s cities have a strong voice. pic.twitter.com/fnPHPKGQEM— Dublin Chamber (@DubCham) November 28, 2018
“In 2018 we have seen an increase in large multinational companies like Genesys and Merck creating jobs in places like Galway and Carlow, so as Dublin continues to price out future chief-level talent, cities like Cork, Limerick and Galway can benefit, and provide options for professionals to remain within Ireland,” she said.
However, she said as Dublin has so much foreign investment in technology, medical tech, and life sciences, it often came down to a choice of Dublin or a move abroad.
Meanwhile, chambers of commerce from Dublin, Cork, Limerick, Galway and Waterford have united to create an entity to lobby for infrastructure, housing, and planning measures in the five cities.
City Regions Ireland met Housing Minister Eoghan Murphy to press proposals to reduce urban sprawl, improve ports and airports, and rejuvenate urban centres.
Dublin Chamber chief executive Mary Rose Burke said: “For too long urban Ireland has been badly in need of a unified voice calling for what all of our cities require, calling for sustainability.”