Global survey of chief executives identifies predictions for long-term trends, including stronger focus on stakeholder issues
As they face the unenviable task of surviving the current crisis and ensuring sustainability for the future, global executives are considering how the COVID-19 crisis is causing ripple effects across industries – with some changes potentially becoming permanent.
In a new survey of 699 global CEOs conducted by PwC, the majority foresee that shifts toward remote collaboration (78%), automation (76%), and fewer workers going to the office (61%) will persist for the long term. With that in mind, 61% of respondents said they’re moving to a more digital business model in the future.
In an effort to overhaul business operations and secure growth in the next 12 months, participants said they’re putting digital infrastructure, flexible work conditions, and employee well-being at the top of their boardroom agendas. Supply-chain safety will be a continued focus area for 58% of CEOs, with initiatives including technology investments to enable product tracking and ensuring the ability of their suppliers and partners to weather crises.
When asked about their own revenue growth prospects for the year ahead, the responding CEOs struck a cautious tone overall with 45% saying they’re somewhat confident and 15% being very confident. Views on the global economy were more pessimistic as 65% predicted a decline in global growth.
Another key finding of the study was a broad appreciation of more stakeholder issues, particularly those concerning employees. Among the different employee-focused priorities, the vast majority (92%) looked at health and safety, while others identified well-being (61%) and financial support (24%). Contributions to community organisations were a critical activity for 42%, and nearly a third (32%) cut their own pay as a show of solidarity with others impacted financially by the pandemic crisis.
While most CEOs expected workplace density to be lower going forward (61%), there was little consensus on the role cities will play in the future. A near-even split emerged between those who thought the de-urbanisation shift will carry on (34%) and those who thought it will stop eventually (38%).
And while the breathtaking government support extended during the crisis can potentially set the course for a COVID-19 recovery, 57% of business leaders believed that it’s just temporary. Only 30% believed there would be sustained government support despite a bleak 12-month outlook for global and organisational growth.
“Business leaders need to simultaneously keep their company running today and fundamentally rethink their strategy for tomorrow, so they come out of the pandemic ready to reconfigure their business to thrive in a very different world,” said Bob Moritz, global chairman of PricewaterhouseCoopers, in a statement.
