Almost two thirds of company chief executives believe the next three years will be more critical for their industry than the previous 50, a new study has found.
The findings are published in Now or Never: KPMG's Irish CEO Outlook for 2016 which shows that over half of chief executives expect to increase employment between now and 2019.
Some 44 per cent of chief executives are confident about the Republic’s growth prospects over the next 12 months, with 48 per cent confident about the global economy.
The survey was conducted following the UK’s referendum on EU membership and shows that Irish company chiefs are divided on the impact that Brexit will have on business confidence in the global economy.
Some 25 Irish chief executives responded, each of whom heads a business with turnover of at least €450 million in areas including investment management, technology and retail.
Almost half (48 per cent) say Brexit will have no impact; 20 per cent think the impact will be somewhat positive; 32 per cent predict a negative impact; 52 per cent anticipate it will have no impact on their company’s revenue growth; while 32 per cent expect a somewhat negative impact.
UK relocation
Research conducted by KPMG in the UK suggests that a majority of UK chief executives are assessing the possibility of relocating their headquarters or operations outside the UK.
KPMG managing partner Shaun Murphy said the study also indicated that company leaders expect their firms to "transform" into new entities in the medium term.
“Our research set out to uncover insights from Irish CEOs about the forces and opportunities shaping the businesses they lead,” he said. “The research shows that Irish CEOs, in keeping with their global peers, believe the companies they lead are likely to be significantly transformed in the medium term.
“As a result of this constant and increasing rate of change, Irish CEOs are reviewing strategies, focusing on skill sets and revaluating opportunities for alliances.
“They are doing so in an environment in which they are also relatively more optimistic about the outlook for both their business and their sector than they are about the Irish and world economies.”
Mr Murphy added that there was no sense of panic among chief executives in relation to Brexit.
"Most CEOs I speak with, whilst concerned, are fairly pragmatic about Brexit simply because no one really knows what the ultimate outcome will be," he said. "The preferred result for Ireland is obviously maximum access and minimum disruption in terms of trade and freedom of movement."
