Majority of family-owned businesses planning to hire new staff

Family firms have mixed views on the future of the workplace environment, with 41% planning for a full return and another 41% anticipating a hybrid model.

Some 80% of family owned-businesses in Ireland are likely to create new jobs in the next 12 months with 60% of businesses feeling more optimistic about the future compared to three months ago.

The results come from the National Family Business Sentiment Report which provides an insight into the current sentiment of business owners who employ nearly 1m people across Ireland.

Taxation was ranked as the number one concern of the sector, with high levels of Capital Gains Tax and the Capital Acquisitions Tax acting as key obstacles to growth. 

Continuing government supports for family businesses and the cost of business insurance were ranked the second and third greatest concerns. 

The vast majority (85%) of family businesses also say that stimulating and growing the economy is the best approach in funding the cost of navigating the Covid-19 pandemic.

Family firms have mixed views on the future of the workplace environment, with 41% planning for a full return and another 41% anticipating a hybrid model.

“It’s clear from the report that family-run businesses are eager to play their role in supporting a jobs-led recovery that Ireland needs right now," John McGrane, executive director, Family Business Network said.

"Family firms want to hire more people, invest and support both their local and national economies."

However, Mr McGrane said this growth was contingent on a policy and economic environment which "nurtures and supports home-grown family firms".

"Targeted reforms to Capital Gains Tax would help unlock investment in family-owned businesses and remove the threat of families being forced to sell key parts of their business as it passes from one generation to the next."