IROs more confident in their crisis management skills following Covid-19

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More than eight in 10 IROs find their experience with the Covid-19 pandemic has made them more confident in handling any future crises, according to the latest Crisis Communications report from RI Magazine.

More than a quarter of IROs surveyed went further, saying the experience made them much more confident. Only 2% of IROs said the pandemic left them less confident in their abilities to deal with any potential crisis in the future.

The global experience of the pandemic has led to a worldwide increase in confidence in crisis management. The lowest heightened level of trust is found in Asia, but even here more than three-quarters of IROs feel better able to handle a crisis after Covid-19.

Confidence has also grown among IROs, regardless of the size of the company they work for. Although small-cap IROs have the fewest numbers, seven out of 10 IROs who work for these small companies still express increased confidence. Fewer than one in 20 say they feel less confident.

The experience of Covid-19 is considered valuable for future crisis management, regardless of the nature of any potential crisis. IROs were asked to rate how useful their experience would be in dealing with a number of categories of crises, from corporate financial or managerial crises to natural disasters and macroeconomic issues. Only the product / service issues category saw less than two-thirds of IROs rated as positive.

While the Covid-19 crisis is ongoing, it is likely that 2022 will see the end of its pandemic phase. And although the past two years have been difficult, the IR community has learned clear lessons from the experience.

According to the report, the main finding for IROs from the Covid-19 experience is the importance of regular and transparent communication with all stakeholders. As one IRO puts it: “It’s better to over-report than under-report”, while another expresses how important it is “to be available, quick to respond, open and transparent”. Be specific, don’t make too many promises.

This may be a product of the universal nature of the Covid-19 crisis, but IROs also appear to be more confident and less vulnerable in expressing to stakeholders the uncertainties they face and that this is an important lesson. to manage any future crisis.

As one IRO puts it, “We were well received by reporting on known impacts early on, even though we couldn’t quantify them financially. It’s fine to say you don’t know it right now, but you think it’s likely to be a significant issue and you will communicate more as soon as you can.

RI MagazineThe Crisis Communications report is available to advanced subscribers for RI Magazine.

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