IoD Isle of Man releases results of first Policy Voice survey
The Institute of Directors (IoD) Isle of Man has published the results of its first Policy Voice survey in which members are invited to provide their views on a range of issues pertinent to the business community and the economy.
Highlighted results
Comparing 2024 with 2023, what do you believe the outlook is for your organisation in the following areas?
- Around half of the respondents expect to invest more in the business this year than 2023.
- Two thirds expect to be paying higher energy bills.
- Three quarters of respondents expect staff costs to increase with a background of static or reduced headcount.
- Just over half expect revenue to grow, with a quarter expecting similar revenues to 2023.
How optimistic are you about the Isle of Man’s economy over the remainder of 2024?
- Nearly 60% of respondents are pessimistic about the Isle of Man economy for the remainder of 2024.
- 12.5% of respondents were Quite Optimistic, 2% were Very Optimistic.
The Isle of Man Government engages well with my sector if it is considering policies that would affect it
- Only 12.5% of respondents considered that IOM Govt engages well with our members’ respective business sectors.
With regards to net zero, has your organisation committed to becoming ‘Net Zero’ by 2050?
- One quarter of respondents have publicly committed to Net Zero before or by 2050, but nearly one half of them have no plans yet to commit to a Net Zero target.
Steve Billinghurst, Chair, IoD Isle of Man, said:
‘The results of our first survey represent the start of a regular gathering of our members’ views, from whch we will analyse the results to ensure we are responding to, and reflecting, the key policy issues of interest and concern to them.
Although the number of responses was fairly low as a proportion of our members, we did enjoy views from a wide range of sectors and the results highlight some themes that we will further explore with our members in future surveys.
The starting point for a strong relationship with Government requires a sound understanding of the issues facing its stakeholders. An open and constructive dialogue between industry and government is critical in ensuring industrial and fiscal strategies are established in ways that support strong economic activity and growth.
In terms of managing the associated risks from climate change, respondents appear to be uncertain about knowing how to approach reducing their carbon footprint. The short and long term financial implications of achieving Net Zero also continue to raise issues, but in particular, respondents indicated that the lack of a green tariff, lack of practical feasibility and higher costs were barriers to pushing towards Net Zero. Interestingly, there is a green tariff offered by Manx Utilities for Isle of Man organisations but there would appear to be a lack of awareness of its availability.
The Institute of Directors in the UK continually seeks its members’ views and we have now instigated a local triannual survey. As well as seeking an assessment of business confidence, we will ask for views and comments about key topical local issues. We will use the information provided to provide insights to policy and decision-makers within Government and in our engagement with other groups such as the Chamber of Commerce.’
