PwC Finds CEOs Target the Acceleration and Elevation of Critical Change

CEOs are determined to drive transformative change in the face of persistent challenges and growth concerns, with a focus on their own catalytic role, investments in necessary skills and technology, and the rise of generative AI (GenAI).

A heightened focus on the need to truly transform their organisations is dominating the business plans of UK CEOs. They are feeling the pressure of ongoing economic turmoil and expressing concerns about both the growth prospects and long-term viability of their organisations. Many are taking personal responsibility for creating the necessary change to drive growth alongside meeting now vital commitments on climate and trust.

The need to not only create change, but to deliver fundamental reinvention of their business model is highlighted by the one in five UK CEOs (21%) who say their organisation will not be economically viable within 10 years on its current path - a statistic barely changed from last year (22%). Confidence in their prospects for growth this year is also down, from 48% expressing strong confidence in their growth prospects last year to 42% this year.

Furthermore, many CEOs are not expecting a challenging UK economy to offer an organic uplift. While sentiment is improved from a deeply concerned outlook last year, nearly two-thirds of UK CEOs still expect the UK economy to either remain stagnant (27%) or decline (35%) this year (combined: 62% compared to 90% last year). And while 39% believe the UK economy will pick up, there is far more confidence in the global economy (61% expect growth).

That creates the need for a major intervention from UK business leaders to kickstart growth. Years of dealing with constant disruptions have given them reserves of resilience they will need to draw upon, as the level of change required is significant and must be more all-encompassing rather than iterative.

A heightened focus on the need to truly transform their organisations is dominating the business plans of UK CEOs. They are feeling the pressure of ongoing economic turmoil and expressing concerns about both the growth prospects and long-term viability of their organisations. Many are taking personal responsibility for creating the necessary change to drive growth alongside meeting now vital commitments on climate and trust.

The need to not only create change, but to deliver fundamental reinvention of their business model is highlighted by the one in five UK CEOs (21%) who say their organisation will not be economically viable within 10 years on its current path - a statistic barely changed from last year (22%). Confidence in their prospects for growth this year is also down, from 48% expressing strong confidence in their growth prospects last year to 42% this year.

Furthermore, many CEOs are not expecting a challenging UK economy to offer an organic uplift. While sentiment is improved from a deeply concerned outlook last year, nearly two-thirds of UK CEOs still expect the UK economy to either remain stagnant (27%) or decline (35%) this year (combined: 62% compared to 90% last year). And while 39% believe the UK economy will pick up, there is far more confidence in the global economy (61% expect growth).

That creates the need for a major intervention from UK business leaders to kickstart growth. Years of dealing with constant disruptions have given them reserves of resilience they will need to draw upon, as the level of change required is significant and must be more all-encompassing rather than iterative.

Read the complete article at PwC UK.