Irish CEOs are more likely to accept the transition, says EY – the latest news

First look at Ireland's plans for a circular economy - the latest news

While CEOs in Ireland are more optimistic about transformation than their global rivals, they are not sure about working remotely in the post-Covid world.

A new survey indicates that the vast majority of Irish CEOs plan to launch a major transformation venture within the next year.

The new EY CEO Impressive Study 2021, which surveyed more than 300 CEOs from around the world, found that 81 percent of Irish executives plan to transform their business within the next 12 months, 61% globally.

The survey also found that 47 per cent of Irish CEOs expect a significant change in their product or service next year to meet customer needs, compared to just 35 per cent of CEOs globally.

“If businesses are to survive and thrive in the post-Covid world, CEOs need to act fast to adopt new business models.”
– Frank O’Keefe

Irish CEOs have a positive outlook on business growth, with 53% of them expecting moderate or significant growth over the next three years compared to the previous three years.

In addition, business leaders in Ireland lead the charge in security, with 70 per cent of Irish CEOs ranking cyber security as an area that needs C-level attention, compared to 37 per cent of CEOs globally.

This seems to coincide with a PWC survey earlier this year, which found that 90% of Irish business leaders were concerned about cyber threats, up from 78% last year.

Frank O’Keefe, EY Ireland’s Managing Partner, said the past 12 months of experience have accelerated the need for businesses to transform.

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“It’s really encouraging to see Irish CEOs ready to embrace this new agenda.

“If businesses are to survive and thrive in the post-Covid world, CEOs need to act quickly to adopt new business models that are appropriate for the new environment, as we have seen, Irish business leaders are already at a crossroads. Far. “

However, as Irish CEOs embrace transformation, they are not as open to a permanent remote operational structure as their global rivals.

“The basic understanding of where and how we work was not old-fashioned.”
– Jackie Gilmore

Only 16% of Irish CEOs are expected to switch to remote, hybrid jobs, with Pandemic coming in, compared to 40% of CEOs globally. A KPMG survey in March found that only 17% of world leaders want to reduce their offices due to an epidemic.

Given how the company has adapted to the new working models over the past year, the EY report says that Irish organizations – not sticking with them – are to some extent unrealistic. Number of future projects.

Jackie Gilmore, an associate at People’s Counseling Services in Ireland, echoed the sentiment. “Irish CEOs must be responsible for changing new and far-reaching practices in future human strategies,” she said.

“The basic understanding of where and how we work was not old. CEOs in Ireland need to adapt their staffing plans to support this, otherwise they will be caught up without the right policies, procedures, infrastructure and leadership to support such a working model when challenged. “

Another disconnection comes in the form of stability. While the vast majority (94%) of Irish CEOs agree or strongly agree that companies should play a key role in addressing social challenges such as climate crisis, 25% believe that climate and sustainability are the trend that has the greatest impact on their business. .

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