70% of Cork employers offering hybrid working to new hires

Even as Covid restrictions are lifted, many workers and employers alike wish to retain hybrid working as part of their employment strategy. Stock picture

Almost a third of Cork businesses have hired for a fully remote role in the past year with the majority of these workers living outside the county.

The figures from Cork Chamber’s latest Economic Monitor highlight the long-term future of hybrid working models despite the removal of many workplace restrictions.

Along with the new workers, the survey shows that 70% of employers in the region now offer hybrid working options to new employees.

The Government last month lifted most of the Covid restrictions that had been in place for the past two years paving the way for a full return of office-based work.

Fresh guidelines were issued this week for workplaces that remove a requirement for masks and a 2m distance between work stations.

Despite this, huge numbers of workers and employers wish to retain hybrid working as part of their employment strategies.

'Virtual hiring allows firms attract more candidates'

'Hiring virtually allows businesses to access a larger talent pool,' said Cork Chamber president Paula Cogan. Picture: Darragh Kane

Cork Chamber president Paula Cogan said: “30% of Cork Chamber members surveyed have hired for a fully remote role in the past 12 months. Of these, 60% were from outside the Cork region: 

The last two years have been turbulent for businesses, this, in turn, has led to talent shortages amongst other issues. 

"The experience of Cork Chamber members mirrors that of companies globally — attracting the best candidates and recruiting people for the right roles has been a significant challenge for businesses of all sizes.

“Hiring virtually allows businesses to access a larger talent pool and attract more potential candidates to apply with the incentive of increased flexibility. This fact offers both challenges and opportunities for employers and the Cork region at large.”

Regardless of the working models, almost two-thirds of Cork Chamber members plan to increase their employee numbers in the coming year with half currently having vacancies advertised.

Some 37% are reporting difficulty filling the open roles with positions remaining unfilled for greater than three months.

On top of this, virtually all businesses expressed confidence about the future. Mags Brennan, head of business banking at Permanent TSB said it is encouraging to see the continued high level of confidence among the Cork business community — reported at 92% over Q4 2021 and returning to pre-Covid levels.

The survey shows that 63% of survey respondents experienced a turnover increase in the final three months of 2021, which compares to 48% turnover increase in the third quarter.

In respect of net profits, half of the respondents reported a net profit increase in the fourth quarter. In the previous quarter, net profit estimations were 41%. This shows a level of optimism building in the final quarter of the year.

Despite the lifting of restrictions and strong optimism for the future, businesses reported Covid-19 as the biggest threat to the future followed by fears over cost competitiveness and skills availability.