A new survey by the Institute of Directors (IoD) in Ireland reveals that almost 8 out of 10 (78 percent) of business leaders in that country say their organization had a business continuity plan in place in advance of the COVID-19 pandemic. However, of the 17 percent who said that their organization did not have business continuity plan in place prior to the novel coronavirus, over half (51 percent) admit that their organization still does not have a business continuity plan in place to deal with a future crisis.
The latest quarterly IoD Ireland Director Sentiment Monitor research was conducted between 18th January and 4th February 2021 amongst its 3,000 members, comprising CEOs and company directors.
Other key findings in the survey include:
- 91 percent of business leaders said that their business model has changed - either significantly or marginally - since the arrival of COVID-19 in Ireland early last year.
- 58 percent of business leaders say the quality of board meetings has deteriorated - either significantly or marginally - since moving online. Just 18 percent say the quality of the meetings has improved, while nearly a quarter (23 percent) say there has been no change.
Commenting on the survey results, Maura Quinn, Chief Executive of the Institute of Directors in Ireland, said: “While business leaders in Ireland are still trying to navigate their way through the COVID crisis, it is encouraging to highlight that nearly 8 out of 10 have had a business continuity plan in place to help plan for such an eventuality. Having a business continuity plan in place is not just a formulaic process. It’s absolutely essential, and even more so today, to allow a business to anticipate and effectively adapt and pivot during a crisis. Furthermore, developing a rolling strategy and adapting business models are essential considerations to ensure a business can deal with a constantly changing environment.”