{"id":42553,"date":"2020-08-26T22:17:13","date_gmt":"2020-08-26T21:17:13","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=42553"},"modified":"2020-08-26T22:17:17","modified_gmt":"2020-08-26T21:17:17","slug":"philips-consulting-ceo-report-predicts-august-2021-normalcy-for-nigerian-businesses","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/philips-consulting-ceo-report-predicts-august-2021-normalcy-for-nigerian-businesses\/","title":{"rendered":"Philips Consulting CEO Report Predicts August 2021 Normalcy For Nigerian Businesses"},"content":{"rendered":"

About 84 per cent of chief executive officers in Nigeria have agreed that the real estate industry in Nigeria is plagued due to the pandemic, especially, companies in the business of office rentals. This revelation is contained in the recently published CEO Report, a Philips Consulting initiative for 100 Nigerian business leaders.<\/span><\/p>\n

The pcl. CEO Report further stated that 83percent and 55 percent of CEOs have adopted a \u2018Work From Home Strategy\u2019 and \u2018Standby Model Strategy\u2019 respectively, and are beginning to question the need for large office spaces.<\/span><\/p>\n

\u201cOnly 46 per cent CEOs are considering retaining their current offices, while others will seek smaller and cheaper offices, shared offices, or adopt an entirely virtual working model,\u201d added the Report.<\/span><\/p>\n

 In commercial cities like Lagos where massive high-rise office complexes are commonplace, real estate players must be ready for a shift in demand. They might be forced to repurpose their buildings or provide new services to suit the new mode of work, the Report recommended.<\/span><\/p>\n

The pcl. survey that recently engaged 100 Nigeria business leaders on the current economic landscape and presented the insights in its \u201cCEO Report\u201d said, \u201cOne word that best describes today\u2019s business environment is \u201c<\/span>uncertain\u201d<\/span><\/strong>.<\/span><\/strong> The \u2018new normal\u2019 occasioned by the effects of the Coronavirus pandemic is gradually fading away and being replaced by what is termed the \u2018next normal\u2019.<\/span><\/p>\n

Amidst the frenzy of realigning strategies to better position businesses for recovery after the pandemic, the Philips Consulting\u2019s CEO, Rob Taiwo mentioned that \u201cWe have been hit with the harsh reality that the Coronavirus might be here to stay. There is no going back to normal; instead, we have a next normal that is unpredictable.\u201d<\/span><\/p>\n

He said, the conversation to be had now is how to prepare for a future full of unknowns. <\/span><\/p>\n

Speaking on which industries benefit from the crisis, Taiwo, a transformational leader said, \u201cGlobally, the IT sector experienced a surge in the wake of the pandemic, as a result of the shift to remote working. This resulted in a heavy reliance (or dependence) on IT products for both personal and business purposes. <\/span><\/p>\n

Nigeria is no exception, he stated, \u201cFrom our survey, 86 per cent of CEOs reported that the pandemic led to them improving the IT infrastructure of their organizations. Our respondents predict that Nigeria\u2019s healthcare,<\/span><\/p>

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agribusiness, and manufacturing industries stand to benefit from the next normal.\u201d<\/span><\/p>\n

\u201cThey expect the professional services industry to experience comparatively minimal disruption. This is primarily due to their vast array of services, relatively low operational expense, lean and agile business model, and legacy clients.\u201d<\/span><\/p>\n

On the <\/span>levels of preparedness for the pandemic, the Report said, o<\/span><\/strong>nly 6 per cent of CEOs reported that their organizations were prepared for the pandemic. Hence, it comes as no surprise that 55 per cent of Nigerian businesses are currently operating below 50 per cent of their operating capacity.<\/span><\/p>\n

The 6 per cent mentioned above stated a strong leadership team as the most critical factor of their preparedness. Other important factors include having a robust business continuity plan, government support, and a well-articulated business strategy.<\/span><\/p>\n

On forging ahead into the next normal,  the CEOs Report revealed that <\/span><\/strong>57 per cent of CEOs expect that the earliest possible time for the business environment in Nigeria to normalize will be August 2021.<\/span><\/p>\n

CEOs are increasingly taking responsibility for their companies, and are not necessarily looking up to the government for solutions to the problems occasioned by the pandemic. As against the 79 per cent of CEOs that voted in the 2019 general elections, only 67 per cent of CEOs reported that the pandemic would make them more interested in the outcome of the 2023 election.<\/span><\/p>\n

Taiwo said, \u201cResults from our survey showed that the Nigerian government and business leaders should pay close attention to the post-COVID19 policies and strategies of the United Kingdom, China, and the United States of America as these will have the most profound impact on the Nigerian business environment.<\/span><\/p>\n

\u201cAt pcl., we are committed to working with our clients and partners to build and develop people\u2019s capabilities, technology systems and processes, effective and robust strategies, and business continuity plans. Let us work with you to future proof your business in the next normal.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

About 84 per cent of chief executive officers in Nigeria have agreed that the real estate industry in Nigeria is plagued due to the pandemic, especially, companies in the business of office rentals. This revelation is contained in the recently published CEO Report, a Philips Consulting initiative for 100 Nigerian business leaders. The pcl. CEO …<\/p>\n","protected":false},"author":6,"featured_media":22820,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[],"coauthors":[2391],"class_list":["post-42553","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news"],"yoast_head":"\nPhilips Consulting CEO Report Predicts August 2021 Normalcy For Nigerian Businesses - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/philips-consulting-ceo-report-predicts-august-2021-normalcy-for-nigerian-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philips Consulting CEO Report Predicts August 2021 Normalcy For Nigerian Businesses - National Wire\" \/>\n<meta property=\"og:description\" content=\"About 84 per cent of chief executive officers in Nigeria have agreed that the real estate industry in Nigeria is plagued due to the pandemic, especially, companies in the business of office rentals. 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