Job losses in Irish family businesses due to the Covid-19 pandemic have been more than three times that of their European counterparts, while more than two-thirds have seen revenues decline, according to new data. Just 5 per cent of Irish family businesses said Covid-19 has resulted in revenue increases, compared with 9 per cent globally and 11 per cent in Europe. Some 27 per cent of Irish businesses said revenues were unaffected (27 per cent), compared with 22 per cent globally and 25 per cent in Europe. Similarly, Irish family businesses sought to consider alternative types of incentive compensation for top management during the crisis above deferring or reducing executive pay, which was the main strategy implemented by family businesses globally. Olivia Lynch, a partner at KPMG Private Enterprise, said it was “clear that the impact on Irish family businesses has been substantial”.

Source: The Irish Times March 18, 2021 05:00 UTC