Aspira teach people the importance of carrying out a Lessons Learned exercise at the end of each project, to make sure you learn from your lessons when starting the next project. Tune into talk radio on any given day and you’ll hear the Irish economy is bouncing back into full on recovery. We’re on the up and up again, but how exactly has that recovery come about… and have we really learned any lessons from the recent past?
The construction sector is visibly improving with planning permission notices for new housing littering the countryside. New road development projects and the rejuvenation of our city docklands area is on the horizon – multiple cranes can once again be seen on our skyline and ‘breakfast roll man’ is making a comeback, albeit with muesli and a skinny Latte instead of the full Irish breakfast.
Can we have any confidence that things will be different this time?
We hope that part of our recovery is based upon more mindful spending on the part of the consumer, more reasonable pay on the part of the employers and more prudent savings on everyone’s part.
But it’s not enough to expect consumers to self-regulate. We also need stronger banking regulations and enforcement of compliance. Recent headlines and court cases have exposed some nefarious practices in the world of high finance. We need a change of mind-set so that ‘wheeling and dealing’ practices are not seen as clever or admirable – instead we need to return to valuing good old fashioned principles such as honesty and integrity.
There are some warning signs that the recovery of the economy may soon start simmering over. We see that the property bubble is expanding again as demand far exceeds supply, with house prices back up to pre-crash levels. It makes alarm bells ring out when we hear mortgage providers advertising their “cash back” options – the kind of options guaranteed to encourage reckless borrowing.
The other major source of uncertainty is Brexit. What exactly will it mean for the economies of Europe? I don’t know. Perhaps I should refer to the architects of the Brexit deal – but it turns out that they have no clue either how it will affect either the UK economy or the wider EU economy. The only thing we know for sure is that it will be harmful, and that uncertainty will continue. And it is uncertainty that makes markets jittery and could precipitate another crash.
But rather than focus on the negative, let’s remind ourselves that current economic indicators say that the economy is right back where we were in 2008, we are back to effectively full employment and we anticipate unprecedented levels of employment growth, with jobs in the technology sector leading the way. Aspira has been named as one of Europe’s Fastest Growing Technology companies by the Financial Times for the second year in a row, so there is every reason to be hopeful for continued success. Remember – a pessimist sees the difficulty in every opportunity, but an optimist sees the opportunity in every difficulty.
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Author: Paula Good, Accounts Dept., Aspira