of local CEOs anticipate global economic growth in 2021
the number of local CEOs who see cyber as a threat to business growth
of local CEOs see climate change and environmental damage as a threat to business growth
the number of local CEOs optimistic about increasing headcount over the next three years
Building resilience: from reactive to proactive provides the actions business leaders should take in 2021 to explore what can be done differently to overcome organisational challenges and protect against ongoing disruptions.
The path forward is optimistic with most of Australia’s CEOs expecting global growth to improve in 2021. And while local CEOs cite over-regulation, tax issues and trade conflicts as threats to growth; they may be underestimating the potential impact of supply chain volatility and slow population growth. It’s encouraging that many local CEOs have signalled their intent to pursue mergers and acquisitions, but business leaders must be bold in other ways too.
Digital transformation efforts have accelerated as organisations adapt to a ‘COVID-normal’ world. The unpredictability of current events has highlighted vulnerability and the need for a focus on cyber resilience. Although more CEOs are considering cybersecurity in their business decisions, organisations still have much to do to overcome challenges; including a greater investment in their people to ensure they have the skills they need.
The majority of Australia’s CEOs feel confident enough to hire more staff in the next three years, but many aren’t prioritising strategic solutions to skills shortages or investment into upskilling. Organisations who actively engage their workforce and form a long-term plan that meets their changing needs will be the ones to reap the rewards.
An increasing number of Australia’s CEOs see climate change as a serious threat to their organisation’s growth prospects and are factoring this into their strategic risk management activities. However, compared with their global peers, local CEOs don’t think they should do more to measure their environmental impact. Without sufficient transparency and accountability, Australian companies will likely be at a disadvantage when competing for investment on the global stage.
Australia’s CEOs appear less focused on risk management than their overseas counterparts. To date, Australia has escaped many of the pandemic’s worst hardships and this may explain why risk appears lower on the agenda. Risk management strategies need to be revisited and re-engineered so that CEOs can make more informed and reliable decisions in the pursuit of business and economic growth, and achieving their strategic objectives.