Over 2,750 chief executives from 110 countries weighed in on this critical business topic
NEW YORK, March 17, 2020 /PRNewswire/ — YPO, the global leadership community of more than 29,000 chief executives in 130 countries, conducted an all-member survey to get a snapshot of the business impact of COVID-19 and gain insight into actions chief executives are taking as a result of this new business reality.
This new YPO Chief Executive Global Survey, conducted 10-13 March 2020 and drawing over 2,750 respondents, found that most chief executives have already experienced a negative impact of COVID-19 on at least one aspect in their businesses, and many more chief executives anticipate things to get worse within the next six months before they get better. Key additional findings include:
- Business travel (87%), new business development (62%), and revenues (58%) are the top three areas where most chief executives say they are currently experiencing the biggest impact of COVID-19.
- Almost all business leaders (82%) are expecting declines in revenues over the next six months, but one year from now, more than half (54%) expect no negative impact to revenues due to COVID-19.
- Ninety-five percent of leaders report taking action in response to COVID-19. These actions include communicating more regularly with employees (68%), adopting new health and safety procedures (67%), cancelling major events (64%), and halting business travel (53%).
- Chief executives, when asked for their open-ended advice for fellow leaders, shared this is a time to stay calm, focus on facts, continue to communicate regularly with employees and other key stakeholders, anticipate and make plans for both the short and long term, and stabilize supply chains.
YPO Chief Executive Global Survey on the Business Impact of COVID-19 Methodology:
The YPO Chief Executive Global Survey on the Business Impact of COVID-19 was conducted by YPO from 10-13 March 2020 via an online questionnaire. A total of 2,754 YPO members responded to the survey. The members in this sample are representative of the larger YPO population, come from 110 different countries, and range in age from 25-93. Roughly half of survey respondents are from the United States. The margin of sampling error is plus or minus 1.8 percentage points at the 95 percent confidence level.
YPO is the global leadership community of more than 29,000 chief executives in 130 countries who are driven by the belief that the world needs better leaders. Each of our members have achieved significant leadership success at a young age. Combined, they lead businesses and organizations contributing USD 9 trillion in annual revenue. YPO members inspire and support each other through peer learning and exceptional experiences in an inclusive community of open sharing and trust. For more information, visit ypo.org.