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The Consumer Market Monitor - Q2 2019

Posted By The Marketing Institute & UCD Michael Smurfit Graduate Business School, Thursday 15 August 2019
Updated: Wednesday 14 August 2019

consumer market monitor Q2 2019Irish households expected to spend €6.5 billion on holiday trips this year, back at Celtic Tiger levels 


- Holiday trips are up by 7.4% this year suggesting a jump to €6.5 billion;
- €4.83 billion (80%) was spent on foreign holidays and €1.23 billion (20%) on domestic holidays last year;
- 5,155,000 foreign holiday trips were made averaging 8 days and costing approximately €1,000 on average; 
- 5,323,000 domestic holiday trips were made, typically short breaks of 3 days with an average spend of €230.  

 

read report

 

Dublin, August 15, 2019: The latest Consumer Market Monitor (CMM), published today by the Marketing Institute of Ireland and UCD Michael Smurfit Graduate Business School shows that the recession is well and truly over if the level of spending on holidays by Irish households is anything to go by. The €6 billion spent on holidays last year was back to the heady level last seen in 2007, and this year is poised to increase again as overseas trips are up by 7.4% in 2019, signalling a potential rise in spending to €6.5 billion. 

Fortunately, these strong figures are based on a much sounder footing than at the last peak, reflecting a larger working population with good incomes rather than reckless borrowing, according to Marketing Professor Mary Lambkin of UCD Michael Smurfit Graduate Business School, author of the report.  

Commenting on the report findings, Tom Trainor, Chief Executive of the Marketing Institute of Ireland, said: “The continuing growth in employment and income are leading to improvements in household finances and consumer spending, which continues to grow despite weakened confidence due the uncertainty of the Brexit outcome.”

Other key findings from the Consumer Market Monitor report include:

  • Household finances have been boosted by the increasing value of peoples’ homes, with household net worth per capita now standing at €158,000, up 70% from the low of 2012;
  • The disposable income of Irish households rose by 6% in 2018 to a total of €110 billion, significantly overtaking the last peak of €101 million in 2007;
  • Unlike during the Celtic Tiger, credit and borrowing are not major contributory factors in recent spending, with the ratio of debt/disposable income of Irish households down from a peak of 215% in 2012 to 124% this year;
  • Savings deposits grew by €4 billion in 2018, with deposits for a house purchase estimated to be a major factor, with approximately 30% of renters or 10% of all Irish households saving for a deposit.

The Irish consumer economy continues to perform strongly and remains a key contributor to overall economic performance, accounting for 51% of GNP. Personal consumer spending grew by 3.4% in 2018 to €105 billion, and this positive trend is continuing in 2019 with spending up by 2.9 % in the first quarter and indications that it has also grown strongly during the second quarter. Consumer spending is forecast to grow by 2.6% for the full year 2019, to about €108 billion, and by a further 2.4% in 2020.

This strong spending is particularly impressive against a backdrop of weaker consumer confidence resulting from anxiety about the outcome of Brexit. It is likely that this uncertainty will continue to weigh on sentiment in the coming months, up to the October deadline but, hopefully, the strong fundamentals in the Irish economy will outweigh any negative sentiment associated with Brexit.  

The key fundamentals are the continuing growth in employment and incomes, leading to significant improvements in household finances. There are now 2.3 million people at work, up 50,500 (2.3%) year-on-year, and up by 439,000 or 20% from the low in mid-2012. Employment is expected to continue growing but at a moderating rate as the economy approaches full employment. Projected growth of 2.4% for 2019 and 1.7% in 2020 will add another 100,000 people to the workforce. 


Earnings growth has played a more significant role in recent years as wages have begun to rise.  Wages have been increasing by around 2.5% per annum since 2015 and wage growth is expected to reach 3.6% this year and 3.7% next year, as the labour market approaches capacity.


The combination of more people working and higher wages has led to substantial increases in the amount of disposable income circulating in the Irish economy. Aggregate disposable income has increased by about 5% a year from 2015 to 2017. This accelerated to 10% in 2018 reaching €110 billion and was up again in Q1 of this year by 8.5% year-on-year, suggesting a final figure of about €120 billion. 


Consumer spending has also been supported by improving household finances, mainly influenced by the increasing value of peoples’ homes. Household net worth per capita now stands at €158,000, up 70% from the low of 2012. Perceptions of increasing wealth feed confidence and encourage consumers to release some of their wealth for spending.


Irish consumers are also beginning to supplement their own resources by taking on some debt, mainly to support the purchase and furnishing of homes. Following a decade of deleveraging when repayments consistently exceeded new borrowing, borrowing is beginning to increase again at a modest rate. Net new lending of €1.4 billion was advanced in 2018, an increase of 2%.  €1.1 billion of this was for the purchase of residential property with the balance for other personal consumption. Much of this is going on purchases of household goods, the strongest retail category currently.


It is important to note, however, that credit and borrowing are not major contributory factors in recent spending, unlike in the last boom. The ratio of debt/disposable income of Irish households has continued to fall, down from 215% at the peak in 2012 to 124% this year, a reduction of 40%. Also, savings deposits grew by €4 billion, or 3.6% in 2018, indicating that consumers are not spending all of their income on consumption. One obvious reason for saving is to generate a deposit for a house purchase and survey evidence suggests that this is a definite objective for about 30% of renters or 10% of all Irish households. 


55,000 homes were sold in 2018 and sales have been flat so far this year suggesting a similar outcome for 2019. However, the number of mortgages approved is up 10% in the first half of the year indicating that demand is still strong. 65% of those mortgages are going to first time buyers demonstrating that this is still the predominant need. 


The market for cars is the most troubled sector right now; sales for the first half of this year are down by -12.9% for a total of 50,861. Annualised, this suggests sales of 105,000 for the year. This continues a negative trend for the past two years, with sales down -10.5%, in 2017 to 127,045, and by a further -4.6% in 2018 to 121,157. In contrast, there has been a large increase in the number of imported second hand cars reaching 99,456 in 2018. This trend is continuing in 2019 with sales up 4.9% in Q1 to 25,906, suggesting a final figure of about 104,000. 


In summary, car registrations were flat in 2017 and 2018 at about 220,000. This looks like dropping to 210,000 for 2019 with sales divided more or less equally between new and imported second hand cars. This compares to a total of 240,000 in 2007 of which 180,745 were new cars.

 
 

infographic consumer market monitor q1 2019

 

About the Author

Mary Lambkin

Mary Lambkin is Professor of Marketing in the UCD School of Business where she teaches courses to undergraduate and postgraduate students and is involved in a range of research projects under the general heading of marketing strategy.  She has written extensively on this subject in academic journals, and also writes commentaries on marketing topics of contemporary interest for professional publications. She has served as Head of the Marketing Group, as Dean of the UCD Business School and as a member of the Governing Authority of the university at various times, and also holds a number of positions in companies and professional organisations outside the university.


About UCD Michael Smurfit Graduate Business School


The UCD Michael Smurfit Graduate Business School is Ireland’s leading business school and research centre offering world-class business programmes that equip students to become future industry leaders. It is the only business school in Ireland, and one of an elite group of schools worldwide, to hold the ‘triple crown’ of accreditation from three centres of business and academic excellence—EQUIS, AACSB and AMBA. 

 
Academic programmes at UCD Smurfit School consistently rank among the world’s best and are accredited by the most internationally respected organisations. The Masters in International Business Management is ranked 7th in the world by the Financial Times and the school is ranked 24th among leading European business schools.
 
Engagement efforts have resulted in one of the world's top, business school, alumni communities with over 75,000 professionals around the globe in over 35 international chapters. Along with academic administration, leadership derives from two advisory boards, the Irish Advisory Board and the North American Advisory Board.
 
The UCD Michael Smurfit Graduate Business School is one of four constituent parts of The UCD College of Business and offers postgraduate courses, including the MBA and a wide range of MScs in business, to approximately 1,300 students per year. The Michael Smurfit Graduate Business School opened a campus solely dedicated to graduate business education in 1991 and grew most recently with a new centre for PhD research in 2017. 

 

About The Marketing Institute of Ireland

The Marketing Institute is the professional body for Ireland's marketing people. It exists “to enable marketers to build great brands and great careers”. It does this by sharing best practice, insights and expert content, building the community of marketers, and aiding marketers in career progression. The three themes of content, community and career underpin all Institute activities. The Marketing Institute also owns and operates the All Ireland Marketing Awards, the CMO Summit, and DMX Dublin, Ireland's largest marketing conference.

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Marketing Matters... with Martina McDonnell, Marketing Director, Small Business Group EMEA at Facebook

Posted By The Marketing Institute, Wednesday 14 August 2019
Updated: Tuesday 13 August 2019

Martina mcDonnell Facebook

Tell us a little bit about yourself and your role.

My role at Facebook is to promote the use of digital tools and Facebook’s family of apps and services to small and medium businesses throughout the EMEA region.  

We know that SMEs are the backbone to economies throughout the region and we also know that digital skills are, and will continue to be, essential to support their business growth.

We run a program called Boost with Facebook to educate and inspire businesses to make the most of the opportunities offered by the digital economy through tools, programmes and events.   This comes to life through campaigns, in-person events and online trainings to help businesses find new customers and grow at home or abroad.  One of our most recent Irish campaigns, ‘Made by Ireland Loved by the World’ showcased some examples of great Irish brands who are using Facebook and Instagram to grow their businesses overseas.

We have a small but mighty team of brilliant marketers based at our EMEA HQ here at Grand Canal Square.  Through insights led planning and research, content and campaign creation, digital and events marketing we engage the businesses, throughout the region, to avail of the programmes.  I feel very privileged to be able to do this working in the city I grew up in.  

I’m married to Brendan and I’m mum to an eight-year-old girl.  Outside of work I juggle to get the right balance of family and ‘me’ time and love it most when we get to spend time together on holiday somewhere relaxing and hot!



Why did you choose a career in marketing?


I feel like my career in market chose me if I’m honest.   I wasn’t at all academic so didn’t immediately feel like continuing my studies after my Leaving Cert.  I went to work in branch banking with AIB and I absolutely loved it. It was genuinely the best place to learn all about consumer behavior and the importance of putting the customer at the heart of your business.  Four brilliant years at Enable Ireland in Sandymount followed, where I learnt all about fundraising and marketing and it was then I decided to go back and study by night.  I initially undertook a Diploma in PR with the Public Relations Institute and then studied with the Marketing Institute of Ireland and the Irish Management Institute.  With both practical experience and the academic know-how my career in marketing grew with a really interesting role in Forfas, where I ran the first government funded science and technology awareness programme which gave birth to Science Week Ireland (www.scienceweek.ie) before I returned to financial services spending long stints in more senior roles with both Aviva and HSBC.  

I love the creativity and business acumen that marketing demands.  Marketing is a key enabler of business strategy and connects people with the brands and services they need and love.  It is a powerful asset for businesses everywhere, at every stage of development and I’m grateful that I get to do what I love and through my work at Facebook share the benefits of marketing with businesses everywhere.


In your opinion, what is the biggest challenge marketers are facing today? How would you tackle it?

The biggest challenge is for marketers to gain a place at the leadership table and not operate in a vacuum.  Too often marketers need to prove out the value of their function and role which takes valuable time away from helping the business drive real business results.  This can be tackled by marketers committing to having a deep understanding of the business environment, collaborating and working cross functionally in the business and becoming more comfortable using data and insights to articulate strategies that deliver results.  Also, when we think about how AI, AR and other technologies will change the face of business, I don’t think there is any other profession better placed to lead how businesses can adopt these technologies – we are innovative and creative thinkers and doers.   As an industry, we need to think broader than we’ve ever thought before and I’ve been so encouraged by the work the MII are doing on skills and competencies to support this evolution.


What advice would you give to someone starting a career in marketing?

 My path hasn’t been the most conventional however, my career path really crystalised when I could bring together both the theory and practical experience.  The academic knowledge is important, but it is equally important to understand how to practically apply that knowledge – that is what really matters in the everyday and will ensure that you have the ability to flex with the needs of the business.  Take every opportunity that is offered to you to build your knowledge, your network and your career especially when it takes you outside your comfort zone.  I have always had formal and informal mentors, most often those who are not marketers, to help build my business acumen.  I read a lot, listen to podcasts, keep up with trends, look at what competitors and others are doing and love to talk to people inside and outside of marketing.  In short, never stop learning.  



What makes a great marketer?


As I said above ‘never stop learning’ as I truly believe this is the secret to your success and continued growth as a marketer and a business leader.  In addition, being results orientated, understanding the inner workings of your business so that you can use data to mine the right insights and being unafraid to fail and to share the learnings are just some of the traits that make a great marketer.   I also firmly believe that CMOs can also strive to be CEOs – they are by nature innovative thinkers and have managed the top line as well as thinking about how to grow the bottom line.  I would love to see more CMOs taking CEO roles in the future.



What is your favourite marketing campaign of all time? Why?

 I love Nike, Just do it!  I am about as far from an athlete as you can imagine but I think the beauty lies in that it speaks to everyone – regardless of ability.  More than a slogan, Nike’s philosophy has lasted three decades in part because of this universality.  It can be applied to occasional joggers and elite athletes alike.   I also love how Nike has evolved over the years to focus on equality and most recently, activism.

Closer to home, I hugely admire the work that AIB did to regain trust through ‘Backing Brave’.  This for me is a brilliant example of a truly integrated brand idea to not only return the bank to profitability but to save the brand from extinction.  It was more than a brand campaign it was lived by everyone working in the bank demonstrated through how they did business and how its customers experienced it.  It’s a remarkable story of a brand turnaround.


Where do you look for professional inspiration?


I work with a really talented team of marketers in Facebook, so inspiration is around me every day!   I also feel very lucky to work at a business with hugely inspirational leaders like Mark Zuckerberg and Sheryl Sandberg.  My admiration of them both was a huge motivator to join Facebook almost 5 years ago and continues to this day.  I’m also inspired by some of the best names in marketing throughout the ages from Michael Porter and Philip Kotler to Seth Godin and Gary Vaynerchuk.  And I’m hugely inspired by individuals who have clarity of purpose and a clear view on how they can use that to effect change, people like Bill Clinton who saw how he could influence the situation in Northern Ireland over 20 years ago, David Attenborough and his continued push for a more sustainable world and Malala Yousafzai for never giving up on what she believed, advocating for education of women and children.

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Marketing Matters... with Jill Downey, Managing Director at Core Sponsorship

Posted By The Marketing Institute, Wednesday 7 August 2019
Updated: Thursday 1 August 2019


Tell us a little bit about yourself and your role.

I am the managing director of Core Sponsorship, the sponsorship practice at Core. We help clients move sponsorship strategies and negotiations from ‘gut feel’ to precision-based decision making by using data-led intelligence and bespoke research tools like our National Sponsorship Index. NSI measures the power of passion for sponsors, proving that sponsorship drives real return for brands. 

We give clients complete confidence in their sponsorship decisions because we understand both the value of sponsorship, and how to measure its impact. Every day we help brands harness the power of fan passion for commercial gain and we work with rights holders to unlock commercial opportunities that brands want. It is a thrilling area of marketing to work in and it is genuinely more fun and fulfilling that I had ever imagined. 

When I am not immersed in the world of sport or music or the arts, I lead Core’s Diversity & Inclusion strategy. Together with our incredible D&I committee and HR team we are dedicated to making Core a more inclusive and supportive place to work, where everyone can show up to work as themselves. At home, I have three adorable daughters who keep me busy, active and grounded and who make it very difficult to concentrate on whatever match or sporting event I am likely to be watching.


Why did you choose a career in marketing?

Following a science degree in UCC, I searched the country for a post graduate course that would excite and challenge me and bring me into a business environment. I found the MSc in Advertising in DIT, applied for it, made it through the interview stage and found myself on an incredibly exciting adventure. I began my career in Mediaworks, which was part of Owens DDB at that point, and I was very fortunate to learn my trade under the guidance of Paul Moran and Fiona Field. It was a wonderful place to work, and I caught the end of the golden era of Irish advertising agencies, the end of full service and the magic of creative and media working seamlessly together. 


In your opinion, what is the biggest challenge marketers are facing today? How would you tackle it?

I think marketers are under so much more pressure now more than ever to be accountable for their role and every penny they spend. With ever increasing workloads and often decreasing headcounts, they are constantly required to do more with less. Their positions are sometimes undermined at board level where they often don’t have a seat at the table. As more and more customer sales and interactions happen through the digital sphere, roles such as CIO have overlapping priorities. Marketers need to get to grips with data science and proving return on investment. They need to get a better balance of consumer opinion-based research with real customer data and ROI metrics. The nettle must be grasped, or other departments will do it for you. 


What advice would you give to someone starting a career in marketing?

Don’t be afraid to speak up from day one and get stuck into the challenges that need solving. Find your way to working for a CMO or Head of Marketing who is passionate about marketing, someone who understands the power of brands, the importance of creativity and the value of consistent measurement. Seek out marketing teams who are not afraid to make decisions. Look for a company who will allow you to constantly improve and update your skills through continuous professional development. 


What makes a great marketer?

One who can make a decision based on solid information and gut instinct and who backs that decision all the way – and backs everyone who goes on that journey with them. Passion for brands is infectious - you will do your best work for someone who has conviction and loves what they do. 


What is your favourite marketing campaign of all time? Why?

Now that is very difficult. I loved the simplicity of Guinness’s’ Not Men but Giants’ campaign for their sponsorship of the GAA Hurling Championship. They elevated the sport and reminded us all of the incredible talent on display through our national games. It takes a special brand (and creative agency) to excite passionate fans like that and to do it with such simplicity and clarity, in particular, with their outdoor execution. 

More recently I love Nike’s ‘dream crazy’ campaign - its culturally relevant, on brand, brave and beautifully crafted. Again, it balances great story telling content, with incredibly powerful outdoor posters and it has transformed Nike’s brand ambassador work into more meaningful partnerships. Sport can be such a wonderful platform for brands. 


Where do you look for professional inspiration?

I am a case study junkie and love award winning work. I love pouring over the Cannes Lions winning commentary and looking up winners on their Love the Work site. I can watch video after video and marvel at the creativity and intelligence in our industry. I find myself gasping, applauding, crying and inspired to do better work. Sometimes awards are dismissed as vanity projects and are pushed down the agenda to prioritise day to day work. I think the discipline and practice of entering awards makes you better, it helps you identify what matters, and it sharpens your focus on effectiveness. There is a proven correlation between awarded work and effectiveness. And who doesn’t want to work on work that works?!


 

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Why brand building is critical for B2B technology companies

Posted By Ian Blake, Squaredot, Wednesday 24 July 2019
Updated: Monday 22 July 2019

B2B brand building

Background

When we set up our B2B marketing agency Squaredot in 2015 the word from the wise was that content marketing was the way to go. And who were we to argue,  a new kid on the block, we looked to other B2B agencies and thought leaders for direction and advice and they were doing content marketing in spades and waxing lyrical about the results.

The mighty Hubspot were and still are peddling their message to create more content. "Build it and they will come."

The lead generation template was to conduct buyer persona research, understand what their challenges are, where they hang out online, and what content they are interested in. Couple this with answering questions they have at each stage of the ‘buyer's journey’ and you’ll have your audience putting their hands up for your content in no time, not to mention the sales you’ll close.

This all made sense to us, we had seen it in operation before we set up Squaredot and believed it would work for us and for our clients.

So off we went, the good boys and girls that we are, we researched the buyer, understood our clients’ markets, created impactful content and distributed it to the channels that our target persona’s hung out on.

As we ran more and more campaigns for ourselves and clients the results were mixed. We were doing all the things that our more experienced marketing colleagues were doing, we were getting results but not in the volumes that we were led to believe would be realised.

 

Something was up

Most of our clients were small businesses, and in a lot of cases investing in marketing was a new venture for them and they wanted a return and quickly. And by return they meant closed won business. They also wanted results fast, like within 3 or 6 months and were disappointed when they didn’t arrive in volume.

We also noticed that bigger, more established B2B brands we worked with had significantly better results with the same effort. B2B brands that had a longer track record, and had been doing various forms of B2B marketing including content and digital campaigns performed much better than smaller newer B2B businesses.

Something was up, why were there so many agencies shouting about their results from the rooftops and companies like Hubspot waxing lyrical about the results their clients were having.

On our 4 year journey in Squaredot we constantly asked what we could do to improve our own results and our clients, we tried variations of the activity we were doing and some new tactics along the way.

 

Eureka!

During our many conversations and deliberations, our Creative Director in particular was asking what are we doing to build our clients' brands. What are we doing to ‘advertise and brand their content’ which were valid questions, and something that required further investigation.

These questions coincided with an event I attended delivered by the Marketing Institute of Ireland where a talk was given by Peter Field of the noted British researcher duo Les Binet and Peter Field.

Binet and Field are most famous for The Long and The Short of It, a popular 2013 book published by the UK’s Institute of Practitioners in Advertising (IPA) that recommends specific best practices in balancing short- and long-term marketing strategies. The two updated their findings in a presentation at EffWeek in London last year.

At the MII event Peter Field presented findings from their extensive research of over 500 brands. Some had invested their marketing budget on brand building only, some on activation (lead generation) only, and others had split their budget between brand building and activation. The conclusion of the research was that brands that split their budgets between brand building and activation out performed the others. Companies that focused on brand building only came in second with companies who focused on activation (lead generation or offers) only coming in third.

The research didn’t say whether it was B2B or B2C, so I assumed it was both. At the time I thought it would be great to have the B2B only version of this and wondered did it exist. As luck would have it, LinkedIn commissioned Binet and Field to study the same issues in a B2B context. The two presented their results at a private LinkedIn event in New York City a few weeks ago, 22 May 2019. LinkedIn exclusively shared the major findings with Samuel Scott  and The Drum in advance of a planned public release later this year. The new research uses Binet and Field’s prior methodology but isolates the B2B case studies in the IPA’s databank.

The findings validated Binet and Field’s prior research which advocated a general best practice of allocating, on average, 60% of spend towards long-term brand building and 40% towards short-term activation. The most significant difference in Binet and Field’s new B2B research is that, on average, the divide is reversed but a little more equal. Activation – or lead generation, in B2B terminology – should get 54% of spend while brand building should receive 46%.

“B2B is a bit more rational, a bit more activation-heavy,” Binet said.

This is very interesting to us, in that when we look at the results we generate for our clients the clients that perform the best with roughly the same amount of effort, distribution channels and content quality are the ones with the best, or most established brands. The ones that struggle are small, relatively new B2B tech brands making their first move in the market.

 

Conclusion

With this research, we can conclude that the reason our content marketing efforts were performing best with more established brands is that content marketing/lead generation/inbound marketing/activation, whatever you want to call it works better when you have already established a strong brand. When you have a strong brand you have built trust in your market so layering lead generation campaigns on top of a strong brand has a great chance of success.

I had also seen this whilst running B2B Marketing for Mobile Teleco Three. Launching a B2B content marketing campaign with a brand like Three with 00,000’s of website visits per month, great brand awareness and a number of ongoing consumer and business brand campaigns running was like throwing petrol on the fire. When you’re a B2B tech company starting out, running your marketing is like starting a fire with wet kindling and one match.

 

What does this mean for CMOs and CEOs

The problem with CEO’s of small tech companies and B2B Tech CMO’s and marketers is that they are fixated on leads and ROI and are rarely aware of or interested in brand building. B2B tech CMO’s will get that brand building is important, however they are typically under so much pressure to deliver leads that they take their eye off or ignore brand building in the quest for lead generation activities.

In addition to this, if you say that it’s going to take two years to build your brand their answer could well be that if they don’t win business in that time they may not be around to reap the rewards of these brand building efforts.

 

The Solution (small but mighty campaigns)

If you look after marketing for a smaller brand you have a bigger challenge. You need to split your budget too, but you have less of it to split and you are under pressure to generate leads.

Our advice in this scenario is to make sure your sales team are selling like the always did, lets face it, if your company is alive you’re generating sales. Assess where the best leads are coming from and do more of that lead generation activity.

To make a mark brand building, try this - pick an event or a piece of research to conduct, go all in on it, partner with an industry body to promote the heck out of it and own it. We are a small business and do something similar with our Irish B2B Digital Marketing Survey. This works very well to build our brand amongst our target audience of Irish B2B CMOs and marketers and generates qualified leads.

 

The Solution (big and beautiful campaigns)

If you’re a CMO of a bigger B2B brand with larger budgets you don’t have to worry, just be sure to apportion 54% of your budget to lead gen and 46% to brand building and make sure your brand building campaigns appeal to your targets emotional side.

In conjunction with your lead generation activations, plan and execute a campaign to help build your brand. We recently launched such a campaign for our client, Origina. They are the world’s leading, independent, third party IBM software support specialists. Their only competition is IBM themselves. Their challenge was to disrupt the market, get their message heard, and introduce more personality into their brand and do it all on a limited budget. While the campaign has only just launched, the early signs are hugely encouraging with over 200,000 full video views for minimal ad spend in just over 8 weeks.

 

About Squaredot

Squaredot is a creative B2B digital marketing agency based in Dublin, Ireland. We generate demand by connecting brands with the modern B2B buyer. Squaredot uses research and data to create targeted marketing collateral, combined with award winning creative, design and copywriting to craft engaging content that converts attention into nurtured leads. Squaredot’s services include research, strategy, persona development, SEO, content production, brand building, design and promotion.

www.squaredot.eu

squaredot

 

 

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Age in the Workplace: Employment Report 2019

Posted By William Fry, Tuesday 23 July 2019

age in workplace 201961% believe older workers are inhibited by technological change 

  • According to a survey of 1,000 employers and employees in Ireland, 61% of employees believe they will have to work past age 66 years while only 32% would like to work beyond that age. The research published in the William Fry Employment Report 2019: Age in the Workplace looked at some of the current issues around two well debated topics - an ageing workforce and mandatory retirement.

    Survey findings include:

    - 35 - 54-year: 67% believe they will have to work past 66 although only 28% want to work over 66

- Over 55-year: 36% believe they will have to work past 66 but only 41% want to work over 66

- Retirement age: 53% of females have jobs with a retirement age in contrast to 44% of males

- Perception of older workers: 61% believe that older workers are inhibited by technological change

Commenting on the Employment Report 2019, Catherine O’Flynn, Head of William Fry’s Employment & Benefits Department, said: “According to recent CSO figures, there are 76,000 workers over the age of 65 in the Irish workforce, up from 69,000 in the previous 12 months. Factors driving these changes, include improved longevity, higher living costs and delayed receipt of State pension. With the majority of employees believing that they will have to work longer than ever before, now is the time for employers to act and prepare for a more age-diverse workplace”.

The Report also notes that there were 1,449 equality complaints made to the Workplace Relations Commission (WRC) in 2018. Of these complaints, age was included in approximately 49% of all equality claims. These figures show a significant increase in age related disputes when compared to the 2017 figures, where discrimination on the ground of age was alleged in only 24% of equality claims.

According to William Fry, recruitment and promotion processes are particularly prone to age bias, whether conscious or unconscious. To avoid this, some of the measures that employers should implement include:

  • Ensuring that recruitment material is age neutral and non-discriminatory.
  • Providing training on unconscious bias to internal recruiters and decision makers.
  • Ensuring diversity amongst recruitment and decision makers.
  • Using objective assessment criteria when recruiting/promoting.
  • Never base a decision to hire/ not hire/ promote on any discriminatory grounds, including age.

In conclusion, Catherine O’Flynn, cautions employers: “Irish employers have introduced age-diverse policies and initiatives, such as raising the age of retirement, physically adapting the workplace, and aligning retirement age with the State pension age. However, all employers in Ireland need to plan for employees wishing to work beyond 66 years old. When this growing trend is added to the significant increase in age related disputes before the Workplace Relations Commission, many employers may be unnecessarily exposing themselves to legal risk.” 


Download the full Report at www.williamfry.com

 

About William Fry:

Leading law firm William Fry has over 320 legal and tax professionals and over 460 staff. Our client-focused service combines technical excellence with commercial awareness and a practical, constructive approach to business issues. We advise leading domestic and international corporations, financial institutions and government organisations. We regularly act on complex, multi-jurisdictional transactions and commercial disputes. Strong client relationships and high quality advice are the hallmarks of our business.

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