Tag: stress

Nine in ten CFOs in Ireland feel decisions about financial strategy are made without sufficient data or insight

An overwhelming majority (90%) of CFOs and finance leaders in Ireland feel that decisions about their organisation’s financial strategy are made without sufficient data or insight, according to a new CFO Mindset Report by AccountsIQ, an award-winning provider of cloud-native accounting software for mid-sized businesses.

The survey of 260 CFOs across Ireland and the UK highlights the increasing pressures facing finance leaders, with many reporting a growing sense of stress and instability as they navigate economic volatility, rising operational costs, and unpredictable revenue.

CFO challenges

The survey determined external factors currently facing CFOs and other senior finance professionals. In Ireland, the top threats to financial stability are technology and software disruptions (42%), market competition (38%), and economic downturn (38%). However, concerns about financial decline are markedly lower than in the UK (48%), where it ranked as the most pressing matter of contention.

When it comes to internal challenges, more than a third (34%) of CFOs in Ireland and the UK report technological limitations as the biggest threat to their organisation’s financial stability. In Ireland, other prominent issues include a lack of skilled talent (34%), being behind on targets (34%), reporting accuracy (30%), and the time spent on manual data input (30%).

Despite differences in contributing factors, internal and external pressures are making it increasingly difficult for finance leaders across Ireland and the UK to maintain control over their organisation’s financial future, significantly limiting the potential for long-term operational success in both countries.

Operating in survival mode

While 70% of CFOs in Ireland and 58% in the UK say their finance function is scaling up to meet business growth demands, 16% describe it as actively slowing down. More than a third (38%) of all respondents state that better financial technology and software would most help them regain control, underlining the urgent need for organisations to implement improved financial tools.

Darren Cran, CEO of AccountsIQ, commented: “The need for modern solutions is clear. CFOs are facing immense pressure to make strategic decisions in the dark, without the right data or technology to support them. It’s a problem across the board but is particularly prevalent in Ireland. The sheer scale of the challenges they’re up against – from volatility to rising costs – is forcing them to operate in survival mode rather than driving growth. This is where finance leaders urgently need better tools and insights – and the good news is, they are out there. These tools can build trust in the numbers and give CFOs the confidence to make informed decisions. It also empowers CFOs to shift from firefighting to forecasting, taking back control of their financial plans and driving sustainable business growth.”

You can download the full report here

35% of gamers in Ireland say that online gaming is good for their mental health

Pure Telecom, the Irish high-speed broadband company, today announces the results of a survey, which found that 35% of gamers in Ireland believe that online gaming benefits their mental health by providing an outlet for stress relief. The research also found that male gamers are spending almost an hour more on their hobby per day than female gamers.

The survey of 1,006 adults in Ireland was conducted by Censuswide on behalf of Pure Telecom as part of its Connected Lives study. The survey explored the proliferation of online gaming in Ireland and its impact on people’s lives, spending and mental health. It found that 50% of Irish adults identify as online gamers – in other words, those who play video games that require an internet connection. This rises to 75% for those aged 18 to 24.

The survey revealed that the average gamer in Ireland spends €180.30 per year on online gaming. That includes money spent on new games, add-ons, in-game purchases and consoles. Again, this increases significantly for 18- to 24-year-olds, who spend an average of €291.50 per year. The research found that male gamers are also more likely to dig deep to fund their online gaming hobby than female gamers are, spending €260 versus €132.50 per year.

This theme continues with regard to the amount of time being spent on online gaming. On the average day, male gamers spend two hours and 20 minutes playing online games, compared to one hour 26 minutes for female gamers. The average among the entire online gaming community is one hour and 47 minutes per day – a stark increase from the average one hour 10 minutes per day in Pure Telecom’s 2022 survey findings.

Pure Telecom’s research also provided insights into why online gaming has such widespread appeal – and why adults are dedicating significant proportions of their days to it. In addition to the perceived mental health benefits, the survey found that 21% of gamers enjoy the social aspect of online gaming, while 19% believe it enhances their problem-solving skills. Despite these merits, gamers who say online gaming is their main hobby are in the minority, with just 16% saying this is the case.

Paul Connell, CEO, Pure Telecom, said: “The findings from our research demonstrate the significant and multifaceted impact that online gaming is having on our society. Online gaming is not only an outlet for entertainment, but also provides a space for people to build connections, have a chat with other gamers and look after their mental wellbeing. These findings are consistent with recent research* which shows that gamers can perform better and faster at cognitive challenges.

“Many of the most popular video games being played today rely on an internet connection. We see the effects of this in Pure Telecom, with download volumes spiking on days when there are big gaming releases. Knowing the growing popularity of online gaming, we are dedicated to providing the fastest broadband speeds available in Ireland so our customers can enjoy the multitude of benefits they experience from online gaming – uninterrupted.”

PMI survey says 46% of project managers feel AI will help to reduce stress

A survey from the Ireland Chapter of Project Management Institute (PMI) has found that nearly half (46%) of project managers feel that Artificial Intelligence (AI) will help to reduce stress in the workplace, but 72% feel that advancements in technology have led to unrealistic expectations from stakeholders who do not understand its capabilities.

Conducted by PMI, the survey of 122 project managers was carried out ahead of its annual conference, the Work Smart Summit 2024, in association with EY. The event, which takes place in Dublin’s Convention Centre on April 23rd, will discuss the future of project management and will feature David Rowan, founding UK Editor-In-Chief of WIRED magazine and author of the bestselling book Non-Bullshit Innovation as keynote speaker.

Feedback was positive on the potential impact of AI on project management as a whole. In fact, some 70% say it would have a permanent transformative effect on the industry, and 74% say it is driving innovation.

Three-quarters (75%) agree that AI has already had a significant positive impact on the profession, with 41% saying that the technology is improving project completion rates and delivery times.

In terms of project completion, the survey found that the average cost of failed projects in the last 12 months was €710,896.23*, and only 11% of project managers’ ten most recent projects met all project success metrics of schedule, cost, project benefits and resources.

On the topic of resources, constraints in this area were cited as the top cause of stress by 52% of project managers. The other leading causes of stress were competing priorities (50%), and frequent scope changes (45%).

However, the survey did find that nearly two thirds (63%) of respondents feel their workplace has open channels of communication to discuss mental health issues such as stress, burnout, and fatigue.

Commenting on the findings, Peter Glynne, Ireland Chapter of PMI President, said: “Project management can of course be a high-pressure profession, but it is clear that – as well as adequate training and effective ways of working – emerging technologies like AI can streamline projects and boost success.

“In turn, this enables project managers to work smarter – the theme of our annual conference in April – as opposed to longer or harder. AI can also play a pivotal role in driving automation and innovation, something which we will be discussing at the Convention Centre next month and which makes the future of the industry very exciting.”

Jennifer Ryan, EY Ireland Business Transformation Partner added: ““EY Ireland is proud to once again sponsor the PMI’s national conference, the Work Smart Summit. Project managers are at the heart of transformational change, and harnessing systems, technologies and strategies that simplify complex endeavours and enable people and organisations work smarter, comes naturally to them.

“Artificial Intelligence, in particular Generative AI, offers project managers the opportunity to further embed innovation and efficiency into their projects, automating routine or process driven tasks and enabling people to focus on higher value tasks and most crucially, enabling more human interactions.”