Irish chief executives, like their international peers, are adjusting their business models to make their organisations more digital and virtual in response to the Covid-19 pandemic, according to new research by PwC.
The latest CEO Pulse Survey, due to be published on Wednesday, is part of an ongoing research project in 67 countries including Ireland, gleaning the views of almost 700 business leaders on how the coronavirus pandemic has impacted their businesses, and their main priorities going forward.
In June, more than a quarter of Irish chief financial officers (CFOs) said they believed it would take more than a year for their businesses to recover from the pandemic, longer than any other country in the world.
The latest survey findings show how Irish chief executives are focused on making their organisations more digital and virtual. One in four ranked digitising their core business operations and processes as their highest priority business model change following Covid-19.
A further 20 per cent said their number one priority was to add digital products and services.
Remote working
Two-thirds of Irish chief executives surveyed believed shifts towards remote collaboration and automation would have a lasting impact on their business models as a result of the pandemic.
Irish chief executives also plan to develop a more flexible and employee-oriented approach. Almost a quarter (23 per cent) ranked remote working as their highest-priority business model change – higher than global counterparts at 15 per cent.
One-third of Irish respondents said they had decreased financial compensation for leaders as part of their long-term business model changes.
One in 10 said their highest priority was to become leaner and more automated by decreasing staffing levels or replacing humans.
Only half of Irish chief executives surveyed believed low-density workplaces would become the norm after the pandemic has passed. A similar proportion (47 per cent) also see de-urbanisation as temporary.
Half of Irish chief executives surveyed believed State intervention would be a temporary feature, while 43 per cent believed Government support would be sustained.
