One third of business leaders say Covid has changed required skills sets
Nearly a third of business leaders say the requisite skills and experience on the board of their organisation have changed during the Covid-19 pandemic.
This is according to the latest Director Sentiment Monitor research, published by the Institute of Directors (IoD) in Ireland today.
The monitor also found that business leaders identify increased demand over the next two years for Environmental, Social and Governance (ESG), innovation, cyber security and digital expertise.
Maura Quinn, chief executive of the Institute of Directors in Ireland, said the Covid pandemic has impacted just about every business in Ireland and this movement in relation to requisite board members’ expertise and experience reflects this.
Ms Quinn said that 65% of the survey respondents said the requisite skills and experience on their primary board have not changed over the Covid crisis.
But a “significant” one third of the business leaders said they have changed.
“The shift certainly reflects a post-Covid heightened awareness of environmental, social and governance issues, but also sees innovation, cyber security and digital expertise as enhancing rather than replacing more “traditional” competencies such as strategy, corporate governance, and risk management,” Ms Quinn said.
She also said it is worth noting that the crucial importance of strong business continuity planning expertise came to the fore during the pandemic.
“It served those organisations well that incorporated it into their boards’ strategic planning and risk management functions,” Ms Quinn added.