A new survey of 699 global CEO’s released by PwC underlines the need for business leaders and policymakers to fundamentally rethink the way they plan, invest and operate in the future.
PricewaterhouseCoopers (PwC) is a multinational professional services network of firms headquartered in London. The participants of the survey included leaders of private and public companies of various scales that belong to a wide range of sectors from 67 countries.
The survey shows most CEOs agree that COVID-19 pandemic-driven transitions to remote collaboration (78%), automation (76%) and fewer people working from offices (61%) are here to stay. Overall, 61% of them say that their business model is going to be more interactive in the future.
Responses suggest digital infrastructure, flexible work and well-being of employees will top their agenda as they restructure company operations to ensure success over the next 12 months and beyond.
58% of CEOs claim that maintaining stability in the supply chain will remain a priority, which will include driving technological innovations to allow product monitoring from production to delivery and making sure that their suppliers and partners are resilient during crises.
Evidently, CEOs are cautious about their own revenue growth expectations in the year ahead (45% optimistic, 15% doubtful). 65% expect a global growth decline. Concerns regarding the global economic issues are strongest in Africa, Central & Eastern Europe, Asia and Latin America.
Business leaders also believe the pandemic has increased the importance of attending to a wider range of issues affecting stakeholders, particularly employees. Employee welfare measures included health and safety (92%), well being (61%) and financial support (24%).
42% donated to community organizations and almost a third (32%) of CEOs cut their own salaries. 36% of the CEO’s who maximized retention of employees and 92% of them who secured their health and safety believe it will have a positive impact on the long-term reputation of their company.
The changes driven by COVID-19 add significantly to an already full agenda for CEOs. Climate change remains an important concept for consumers and businesses alike. When asked if the transition to combating climate change would last, 47% of business leaders said it would.
Although 61% of CEOs agree that workforce density will be lower than before, they remain divided about what role cities will play in the future. 34% believe that the transition to de-urbanization (a process by which people move from urban areas to rural areas) will continue while 38% say it is temporary.
Business leaders do not anticipate increased government support, with 57% assuming that state intervention is a temporary function. Less than one in three (30%) believe government funding will be continued over the next 12 months, amid a negative outlook for global and organizational growth prospects. One in five respondents said that they declined government-backed support for their company during the pandemic.
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