Member perspectives: looking to the future

As the year draws to a close, we talk to three members about the challenges of the past 12 months and their hopes for the future

Pamela McCreedy
Chief Operating Officer Police Service of Northern Ireland

The most recent economic forecasts make for sobering reading—a perfect storm of powerful geo-political and economic currents ushering in a period of profound economic uncertainty and, most likely, recession. 

Combined with the most recent Northern Ireland Fiscal Council report, which points to a perilous public finance landscape and a growing cost-of-living crisis, it is perfectly understandable that hope and optimism are in short supply.

Reform of Northern Ireland’s public sector has been a matter of significant discussion for decades, but the public finance landscape will necessitate a return to difficult first principle discussions about how we operate public services, to what standard and how these might be prioritised. There is a consensus that painful choices lie ahead.

In stark choices, however, there are also opportunities. Service redesign, especially on the scale the public sector will need to embrace, often offers a chance to think and do things differently.

In my own organisation, which faces unprecedented budgetary pressures, we have embarked on a demand and capacity analysis. While the circumstances necessitating this innovation are regrettable, it will provide a more evidence-based, outcomes-orientated approach to policing service delivery.

But there are chinks of light that leaders can cling onto when looking ahead to next year. In the first quarter of 2022, Northern Ireland’s economic output was at a 15-year high. According to the Northern Ireland Statistics and Research Agency, over the last three years, we have grown strongly, with output up by 4.8 percent compared to GDP growth of 1.3 percent in the UK.

This is not to diminish the challenges that lie ahead for families and local communities—rather, simply to make the point that, with the right combination of public policy and leadership, we can overcome these challenges and thrive as an economy and a society.

This year has seen our society emerge from the most difficult public health crisis of our time. While we are glad to begin leaving that behind, perhaps one positive has been our renewed sense of concern for our neighbours and a reminder of the importance of people in any organisation. 
As we emerge from one crisis, however, we enter another. Behind these stark economic indicators are real families who are struggling now, many of whom work in our respective organisations. 

As we move into 2023, we will need to rediscover that sense of solidarity in helping our people through another crisis year.

Brian Murphy
Audit & Assurance Partner, Deloitte 

It has been another year that wasn’t quite what we imagined it would be, as we spun from one crisis to the next. Looking towards the New Year, it’s clear uncertainty will once again prevail. 

Inflationary pressures have resulted in weakening consumer and business sentiment. Of the 23 countries surveyed in Deloitte’s most recent Global Consumer Tracker, consumers in Ireland were the most concerned about inflation. We are in an energy supply crisis while the climate emergency continues to heighten. There’s no doubt that businesses are approaching the New Year with caution. Deloitte’s bi-annual CFO survey found that just 32 percent of CFOs are forecasting an increase in revenue over the next 12 months—down from 61 percent six months ago. 

Businesses are also facing a huge talent shortage. In fact, according to the same survey, 96 percent of Irish CFOs feel that retaining and attracting the right talent is one of the biggest risks they will face in the coming year. 

Through our work with clients, we are seeing more focus on upskilling the existing workforce and ensuring workplace settings and policies meet the needs of employees to help them navigate the changing terrain. 

The pandemic implemented new ways of working that are here to stay, and I believe businesses that continue to offer employees flexible working patterns, and invest in programmes that meet employee needs, will stand out in the year ahead. 

All this considered, there have also been great opportunities in the Irish business landscape this year. One of the highlights for me was taking the helm of Deloitte’s Best Managed Companies programme. What set our winning companies apart in 2022 were the innovations that allowed them to endure and drive profitability, a distinct focus on local communities, and putting people at the heart of their organisations. I expect and look forward to seeing this continue in 2023.