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  • The winner of the PwC 2015 Docklands Innovation Awards is Adrian Walsh, CheckVentory | PwC Ireland | Media centre | Press release
    title of best investment proposal 2015 and a prize of 10 000 The finalists all of whom are recent graduates of the Dublin Institute of Technology Hothouse New Frontiers Programme will pitch their investment proposals and be questioned by an experienced panel of judges on their business plans The event is supported by PwC and the Awards Evening took place last night Wednesday 11th March at PwC One Spencer Dock North Wall Quay Dublin 1 The runners up are Eric Risser Artomatix David Palmer FenestraPro The judging panel were Dermot Berkery Partner Delta Partners Sonia Flynn Managing Director Facebook Ireland Barry Murphy CEO TCAS Online Tom Shinkwin Partner Enterprise Equity Venture Capital Each short listed candidate gave a 20 minute presentation on their investment proposal and be questioned by a panel of judges Now in its thirteenth year the Docklands Innovation Enterprise Awards is the initiative of Docklands Innovation and DIT Hothouse and is aimed at showcasing the innovative companies emerging from Docklands Innovation Park to investors and those with an interest in start ups Last year s winner Propertygate went on to raise investment and now employs eight people Docklands Innovation A Bolton Trust initiative was established in 1987 at the height of Ireland s brain drain to promote an enterprise culture and to offer young entrepreneurs an opportunity to develop their business ideas in Ireland There are some 300 people currently employed by the 60 companies based at the 14 000 square metre Docklands Innovation Park on Dublin s East Wall Road Docklands Innovation is committed to helping the growth of indigenous Irish enterprises and fostering entrepreneurship Chairman Pat McCormack commented At this time it is more important than ever for strategic investment in young innovative companies who represent employment opportunities for our economy This year s finalists have been selected from a cohort of twenty excellent applicants all representing real opportunities with global potential for investment Coming from a variety of sectors all are seeking to expand quickly into global markets Speaking at the Awards Ronan Murphy Senior Partner PwC said Recent research by PwC found that the majority of companies feel that innovation is a competitive necessity However it is acknowledged that coming up with new ideas and commercialising them is not easy Forging an organisational culture that promotes innovation getting closer to the customer to find out what they really want and directing innovation accordingly is more important than ever It is equally important to support our young entrepreneurs who are leading innovators and they will create jobs and play a key role in our economy s growth PwC is delighted to support these Awards and wishes the winner and all the candidates every success Since 2001 DIT s Hothouse which is based in Docklands Innovation Park has supported over 300 entrepreneurs at the early stages of their business development Previous participant companies have included Movidius Sigmoid Pharma DecaWave Mick s Garage and Smart Wall Paint Hothouse firms have created over 1 450 jobs and

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-docklands-innovation-awards.html (2016-02-18)
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  • Launch of national export hub | PwC Ireland | Media centre | Press release
    a signpost to the various government and private sector assistance available Patrick Joy founder of Suretank Group and EY Entrepreneur of the Year 2013 will Chair the NEH steering committee and support the Hub Manager The NEH has 3 objectives in its first year To assist 20 companies to grow by increasing their exports whether by exporting for the first time increasing exports to existing markets or by opening a new export market To assist 80 companies through introductions and referrals to the sponsors commercial service providers government and government agencies and through signposting the various schemes and supports available and To increase the infrastructure of support available to all potential Irish Exporters The NEH will aim to Develop and significantly enhance the practical help and support available to all Irish based exporters Increase access amongst SMEs to experienced exporters and to expert support Increase the resources available to SME s in order to assist them to start exporting or to grow their exports effectively Act as a signpost for all available export supports Increase the number of Irish based businesses who are exporting and Provide practical support to exporters on each step of their export journey Speaking in advance of the launch Minister Charlie Flanagan TD Department of Foreign Affairs Trade commented My Department both at headquarters and through our network of embassies works hard to support Irish exporters by improving access to markets supporting Irish businesses seeking to grow overseas and through Ministerial led trade missions Over this St Patrick s Day period Ministerial programmes will take place in 45 destinations across 27 different countries as the Government prepares to maximise the potential of our national holiday We know from feedback that Irish businesses find such events invaluable in building new contacts and deepening relationships with existing clients St Patrick s Day provides a golden opportunity to deepen business networks and to reinforce other ongoing sales and investment activities as well as creating new business opportunities However while St Patrick s Day will come and go our interest in supporting Irish exporters will remain Our doors are open throughout the year My Department is very happy to collaborate with the Irish Exporters Association on the National Export Campaign and National Export Hub which will help further increase Irish exports This growth is key to Ireland s continued economic recovery Simon McKeever Chief Executive of the Irish Exporters Association commented Exporting is a critical sector in the Irish economy with headline figures dominated by the multinationals The existing vibrant and growing SME export base supported by the work of the IEA Enterprise Ireland and Bord Bia has scope to grow significantly Companies that increase their exports add to the Irish economy through direct and indirect job creation influence the supply chain positively and drive increased spending both locally and nationally Ronan Murphy Senior Partner PwC commented Expansion through international markets is key for Irish businesses right around the country to flourish create jobs and drive our economy s growth

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-national-export-hub-pr.html (2016-02-18)
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  • Female millennials are the most confident and ambitious of any female generation | PwC Ireland | Media centre | Press release
    a dual career couple compared to their global counterparts 24 An overwhelming majority 88 of Irish female millennials in a dual career couple earn equal to or more than their partner or spouse Global 66 When it comes to diversity 88 of Irish female millennials seek out employers with a strong record on diversity equality and inclusion Global 86 However while they say employers talk about diversity almost three quarters 74 do not feel opportunities are really equal for all Global 71 Over half 56 of Irish female millennials scored their employers as too male biased when promoting from within placing Ireland as the third most male biased country after Spain 60 and France 58 Malaysia 16 and the Philippines 11 where the least biased according to the survey Susan Kilty People Partner PwC Ireland said Our research shows that when it comes to the female millennial we really are talking about a new era of female talent Female millennials are more highly educated and are entering the workforce in larger numbers than any of their previous generations But this is not the only thing that has changed They also enter the workforce with a different career mindset Dublin based Aoife Flood of PwC s Global Diversity Inclusion Programme and lead author of the report says As a 34 year old millennial woman leading this project with 14 years work experience I recognised that my experience will be very different to that of a 22 year old millennial woman just starting out on her career Hence it was important that we didn t just take a holistic view of the female millennial instead the report looks at the insights and desires of the female millennial by career stage career starters female millennials with 0 3 years work experience career developers 4 8 years work experience and career establishers 9 or more years work experience Aoife Flood continued When it comes to earning power and patterns millennial women in Ireland really are trailblazers with 88 of female millennials in a dual career couple earning as much as or more than their partner or spouse Globally our research also identified that the more experienced the female millennial the more likely she is to be the primary earner in her relationship Our study found that 31 of female millennials with 9 or more years experience are the primary earner in their relationship compared to 18 of millennial career starters and 24 of career developers Aoife Flood concluded Our research also dispels some significant myths for example that women leave work to have families She adds Irish millennial women ranked a lack of career progression opportunities as the most common reason for leaving a former employer Employers must commit to inclusive cultures and talent strategies that lean into the confidence and ambition of the female millennial from day one of their career More highlights of the PwC report about the Irish female millennial include A large majority 85 of female millennials in Ireland said

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-female-millennials-pr.html (2016-02-18)
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  • Strategy& unveil the 8 levers for unleashing superior business design | PwC Ireland | Media centre | Press release
    pinpointed the root causes impeding an organisation s ability to execute a change program can then be designed around targeted areas The redesign should then be geared to where the organisation is going not where it is today In our experience most companies rely too heavily on formal levers in redesigning their organisations Our research shows that companies which balance the formal and informal levers execute better than those that concentrate on one or the other Most importantly organisational design will determine behaviour A company with an operating model aligned to strategy is like an engine firing on all cylinders fueling productivity and innovation The formal design levers are the more visible and concrete tools for aligning an organisation s operating model These are Information The information infrastructure for the most innovative companies is set up to support team based collaboration across internal and external boundaries using highly detailed and granular information Decision rights The most innovative company will employ rapid plan do learn cycles to bring ideas to life as rapidly as possible Motivators The most innovative companies will create incentives to foster ideas creativity experimentation speed to market etc Structure The most innovative companies will have relatively flat organisations with lots of dynamic cross functional teams Strategy recent research reveals that 54 of survey respondents said that the information lever was the most important to delivering on strategy followed by the Decision rights lever 50 the Motivators lever 26 and the Structure lever 25 For each formal lever there is an informal lever While less tangible an organisation s informal elements can have an even more profound impact on execution because they influence workplace habits and relationships They are harder to see but just as powerful Our research shows that organisations with strong execution are more likely to notice and apply informal levers These are Norms The unofficial but firmly established way we do things Commitments The aspirations of employees have for the organisation and themselves Mindsets Ways of thinking deeply held beliefs and unspoken assumptions Networks Webs of direct personal connection lunch friends sports teams interest groups etc Speaking about why leading companies are re designing their organisational structure and operating models Ciarán Kelly Head of Consulting PwC Ireland added Technology and social media have changed everything and business leaders realise that they must re design their operating models also They are taking a look at the entirety of their business operations from the various touchpoints for example staff customers suppliers and stakeholders as well as internal functions such as marketing sales supply chain procurement and how all of these interact with each other In designing a best in class model business will work better if such change is managed in a collaborative way with everyone working together ENDS Notes to Editors The 8 Design levers Formal Informal Structure Roles and responsibilities business processes Networks Relationships collaboration teams other organisational influences Decisions Governance forums and decision rights Norms Values and standards expectations workplace habits Motivators Monetary rewards

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-nearly-half-of-irish-business-pr.html (2016-02-18)
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  • New PwC survey reveals a return to pay increases | PwC Ireland | Media centre | Press release
    offering Indicating a renewed focus on wellness initiatives nearly half 49 of respondents confirmed that their organisations operate a health and wellness programme The survey confirms that more than one in seven 14 are planning to enhance their health and wellness programmes in 2015 Louise O Reilly Manager PwC Reward Advisory Services said As companies navigate the objective of retaining and motivating employees while managing rising costs they need to determine the benefits that have the most impact for employees There is an increasing trend where analytics are impacting benefit planning Using analytics an organisation can establish the value employees assign to various benefits And once companies understand what their employee s value they can tailor their packages appropriately Other key findings in the survey include Fewer companies are planning pay freezes The incidence of companies applying pay freezes is forecast to decline from 22 in 2015 to 12 in 2016 No company wide pay cuts are projected for 2015 and 2016 The survey shows that skills shortages are most prevalent in IT particularly data analysts software developers and web developers finance actuaries risk and compliance experienced engineers sales and senior executive roles Only 14 of participants confirmed they now provide Defined Benefit pension arrangements for new entrants and it is likely that this will continue to fall The survey highlights that many organisations are now looking to enhance the DC rates they pay for their staff Over two thirds 69 indicated they had a company car or car allowance in place for certain levels with 15 having reviewed or planning to review this plan in the year ahead Other perks include mobile phones 93 professional subs 86 free parking 82 and canteen meal allowances 38 Other reward elements include training education 95 flexible working arrangements 76 maternity leave 73 and home working 50 Gerard McDonough Director PwC Human Resource Services added Our global research shows that the availability of talent remains a key concern for business growth This survey backs up these findings and acknowledges that there are particular industries and roles that face more pressure than others A heightened focus on individual performance and external benchmarking would suggest that organisations are conscious of the need to keep hold of their talent and are looking for evidence to justify increases so as to not lose critical skills Ensuring talent management programs are fit for purpose as well as aligned with performance and reward will no doubt be critical as demand for talent heightens ENDS Notes to editors 88 of companies forecasting a pay increase in 2016 This percentage is based on 116 respondents out of 132 who are forecasting an overall increase to employee levels in 2016 Incentive plans include Annual plans Annual bonus cash plan profit share schemes and deferred annual bonuses Long Term Incentives Cash plans share based plans mix of cash and shares Benefit plans include Retirement benefits Defined Benefit DB pension plans Defined Contribution DC pension plans and Hybrid combination of DB DC pension plans

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-new-pwc-survey-reveals-a-return-to-pay-increases.html (2016-02-18)
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  • European cities’ hotel forecast 2015 and 2016 Dublin tops the growth league | PwC Ireland | Media centre | Press release
    to maintain our high standards and attractiveness as a great place to visit and do business Jennifer Gillen Senior Manager PwC Ireland Hotel and Leisure Practice added Many cities are benefiting from improving economic conditions in the Eurozone and a recovery in business travel Travel is likely to benefit from the likely depreciation of the euro arising from the ECB s QE programme Many visitors come from outside Europe and the improving economic situation in the US should also lead to more tourists Dublin was yet again a star performer in Europe in terms of RevPAR growth in 2014 and is expected to have the highest growth in 2015 and 2016 Occupancy is now past the 2006 peak and although it is expected that it will continue to increase RevPAR growth will primarily come from growth in room rates Room rates are expected to get back to the 2007 peak by 2016 Dublin continues to offer good value for visitors with rooms considerably cheaper than European cities such as Paris London Rome Amsterdam Barcelona it is important that we continue to stay competitive and offer good value ADR growth Dublin will see the strongest ADR growth forecasted for 2015 and 2016 at around 7 each year The lack of new supply in Dublin in 2015 will help incumbent hoteliers London is also expected to see robust gains in both years 3 and 4 4 respectively Madrid Edinburgh and Barcelona also see growth on top of growth Highest ADR In 2015 the most expensive city is Paris 257 followed by Geneva 232 Zurich 193 London 182 Rome 143 Milan 131 and Amsterdam 125 In 2016 all cities bar Geneva and Zurich see further growth albeit marginal for some Occupancy league table In 2015 occupancies are forecast to be above 80 in three cities London 84 3 Edinburgh 81 and Paris 80 5 In 2016 most cities see further growth but there will be no change in the top rankings London 84 3 Edinburgh 81 3 and Paris 80 9 Highest RevPAR In 2015 the high ADR and occupancy rates translate into lofty RevPAR levels for Paris 206 in particular almost 50 ahead of Geneva But Geneva 157 London 153 and Zurich 141 stay ahead of the others with Rome ranked 5th at 101 some way behind In 2016 there is more growth in yields as Paris stays top but London jumps into second place Hotel investment and deals outlook The European deals market in 2014 was very active with an estimated 30 increase in transaction volume year on year The availability of debt and the improved trading conditions across Europe have resulted in increased investor demand for hotel assets and a more stable environment for banks and lenders to dispose of over leveraged assets Deal activity will remain strong in 2015 with many countries expecting an increase in deal volume although deal size may not be as strong as 2014 due to potential limited supply in further high value pan European

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-european-cities-hotel-forecast-dublin-tops-the-growth-league.html (2016-02-18)
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  • Financial services firms globally lack the talent they need to succeed | PwC Ireland | Media centre | Press release
    FS CEOs now look for a much broader range of skills when hiring than they did in the past with 58 saying they have a strategy in place to promote diversity and inclusiveness A further 20 say they plan to adopt one 90 of FS CEOs believe that greater talent diversity would improve their ability to attract talent 85 of FS CEOs believe it would enhance performance whilst 79 say it would improve their ability to innovate Speaking about the survey results Gerard McDonough Tax Director HR Services PwC said The key challenge FS CEOs globally and in Ireland are faced with is in how to attract train and retrain people who for example combine digital and FS skills few as yet possess such hybrid capabilities The sudden demand for more people in areas such as risk and compliance has created an inevitable shortage In tandem the image of FS has been eroded making it harder to compete with other industries in attracting people with prized skills It is telling that 62 of FS CEOs see lack of trust as a threat to growth even higher than last year Further from the development of sharper Human Resources analytics to tapping into new pools of talent most FS firms globally are only just beginning to get to grips with these challenges creating opportunities for forward thinking and faster moving businesses to pull ahead According to the report FS CEOs concerns centre on the relentless disruption generated by new technology changing customer behaviour and a new breed of tech enabled competitors When banking insurance and asset management CEOs were asked from which industry a significant competitor is most likely to emerge technology topped the list some way ahead of other FS sectors Almost half of the FS CEOs surveyed by PwC say they plan to enter into a new joint venture or strategic alliance over the coming year Nearly 40 see this as a way to access new and emerging technologies in tandem a means to acquire the talent required bypassing recruitment Gerard McDonough added However getting people from FS and other industries to talk the same language can be difficult when few FS leaders have had experience outside the sector According to PwC the need to create a more flexible and customer centric organisation demands fewer people with specialist product expertise depth and more all round athletes breadth These people will have the varied technical skills and multi industry experience to move easily between clients countries and assignments Gerard McDonough concluded Our survey shows that in most cases FS organisations do not have the talent they need to succeed 70 of industry leaders see the limited availability of key skills as a threat to growth Only 5 are confident they can secure all the skills they need The proportion of industry leaders expressing concerns over the availability of skills has risen from less than 50 in the survey three years ago The findings also show that industry leaders do recognise the

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-fs-firms-globally-lack-the-talent-they-need-to-succeed.html (2016-02-18)
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  • Insurance CEOs globally face disruption on multiple fronts - Speed of technological change a real threat | PwC Ireland | Media centre | Press release
    they already do just via a different channel Leaders are using digital to engage more closely with customers fine tune underwriting and develop customised risk and financial solutions They are also pushing back frontiers in areas like real time risk monitoring more proactive risk prevention and lowering the cost of life and pensions options for younger and less wealthy consumers More than in any other industry over regulation is another disruptor 91 of insurance CEOs deem it to be a threat to their growth prospects With Solvency II now less than a year from going live and other regional and local changes coming up over the horizon PwC says the challenge is how to minimise the upheaval and build the new requirements into a reliable and cost efficient business as usual Other findings show 71 of insurance CEOs see the limited availability of key skills as a threat to growth and diversity is now recognised as a key way to enhance business performance innovation and customer satisfaction Nearly three quarters have or plan to adopt a strategy to promote talent diversity and inclusiveness Nearly half of CEOs operating in insurance say they plan to enter into a new joint venture or strategic alliance over the course of the next 12 months Two thirds see these tie ups as an opportunity to gain access to new customers far greater than in other financial services sectors More than 30 see alliances as an opportunity to strengthen innovation and gain access to new and emerging technologies Yet only 10 are looking to partner with start ups even though such alliances could provide valuable access to the new ideas and technologies they need Business networks customers and suppliers are seen by insurance CEOs as the most important focus for strategic collaborations These will require

    Original URL path: http://www.pwc.ie/media-centre/press-release/2015/2015-pwc-ireland-18th-annual-global-survey-results.html (2016-02-18)
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