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WELLINGTON - Labour shortage, staff retention and rising costs are the top three concerns for business owners, according to an international survey published yesterday.

Rising costs have concerned more than 70% of global businesses in major economies surveyed, said David Price, CEO at Employsure New Zealand, adding this will be a challenging year for many businesses.

Peninsula Group conducted a survey of 79 000 businesses across New Zealand, Australia, Canada, Ireland and Britain to see what the top priorities and concerns were for employers in 2023.

Growth is the main business goal for 58.6% of employers in all five countries, the survey showed. However, the current recession is having an impact on businesses in Britain and Ireland, with 38.4% and 34.7% respectively listing survival as their main goal for the year.

Rising costs are the top concern for businesses in Canada, Ireland and Britain, whereas in New Zealand and Australia, it only comes in third as a concern, it said.

Labour shortages are the top concern for 66.2% of New Zealand and Australian businesses, with employee retention the second highest concern. The cost-of-living crisis and staffing shortages are having a significant impact, with 66% of employers offering financial remuneration to help retention, according to the survey.

Those who are unable to offer financial incentives are offering flexible working hours and mental health support to help prevent employees from leaving.

The temporary measures that were brought in during the pandemic have changed the shape of work for many, with nearly 29% of employers prioritising health and wellbeing and almost 28% making some form of flexible working a permanent feature, the survey showed.