Quality of Life Program: National Cultural Awards culminates support to Saudi culture, intellectuals    KSrelief Supports Early Recovery and Livelihoods Sector as Part of Saudi Arabia's Grant to Support Yemen Humanitarian Response Plan 2020    KSrelief Continues Distributing Ramadan Food Baskets in Lebanon    King, Crown Prince condoles Turkmen president on death of his father    Presidency to increase capacity of Mataf Courtyard, allocating 4 paths for elderly    India Reports New High of 1,761 Daily COVID-19 Deaths    Russia reports 8,164 new COVID-19 cases, 379 deaths    Custodian of the Two Holy Mosques Directs Disbursement of SR 1.9 Billion of Ramadan Aid for Social Insurance Beneficiaries    China administered total of 195.02 mln COVID-19 vaccines as of April 19    Prince Khalid meets with UK PM's envoy to Gulf region    10 million people in UK receive second dose of COVID-19 vaccine    Video clip showing expats being assaulted is old: Riyadh Police    US immigration agencies ordered to end use of terms 'alien' and 'assimilation'    US warns against travel to 80% of all countries due to COVID-19 State Department 'strongly recommends' US citizens reconsider any travel aborad    Chairman of Libyan Presidential Council Meets with Algerian Foreign Minister    In Jeel Tamooh's third edition, BCG experts, 100 world-class Saudi students come together    UAE government adopts 'blockchain' technology in authentication services    KSrelief signs two joint agreements to serve needy people in Yemen    Jadwa Investment partners with MHRSD to develop non-profit sector    Oilfields Supply Center's $570m investment in SPARK    SRC Obtains Good Ratings From Moody's, Fitch    National Center for Privatization Hosts Chinese Investors Forum    Saudi Stock Exchange Main Index Ends Trading Higher at 10,097 Points    Saudi Al-Hilal Defeats UAE Shabab Al-Ahli witn AFC Champions League    Saudi Al-Ahli, Qatari Al-Duhail Drew 1-1    Messi fires Barca to dominant Cup final win    Bayern moves closer to title but Flick says he's leaving    IRTI Report Showcases Sustainable Development Goals for IsDB Member States    Bayern move closer to title but Flick says he's leaving    The importance of legal specialization    Indian actor and environmentalist Vivek dies at age of 59    Alert over shortage of new drugs for 'world's most dangerous bacteria'    Helen McCrory, 'Harry Potter' and 'Peaky Blinders' star, dead at 52    New global compact aims to drive down diabetes deaths, boost insulin access    Welcome to beautiful Ramadan customs    Foundation stone laid for Jeddah Formula One circuit    Laying the Foundation Stone for Jeddah Formula One Circuit    King Salman Center for Disability Research Launches 2nd Edition of its Story Collection (Awareness)    Riyadh Light Witnesses Conclusion of External Artworks    Riyadh Light Turned the Capital into Lights' Aura    Colored Triangles Decorate Conference Building, at King Abdullah Financial Center    Vaccination does not invalidate fasting, says UAE Fatwa Council    It is high time to correct wrong concepts about women's status    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Court facilitates young woman's marriage after stripping father's guardianship    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    Senior Scholars Council Issues Decision No. 246 Regarding Attendance of Friday Prayer and Prayers at Mosques in a Case of Spread of Epidemic or Fear of its Spread    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





CEOs: Post-COVID changes are permanent and there are more to come
Published in The Saudi Gazette on 11 - 08 - 2020

The need for business leaders and policy makers to fundamentally rethink the way they plan, invest and operate in the future is underlined in a new survey of 699 global CEOs released by PwC.
The survey shows the majority of CEOs believe that COVID-19 pandemic driven shifts towards remote collaboration (78%), automation (76%) and fewer people working from offices (61%), are here to stay. Overall, 61% say their business model will be more digital in the future — a change accelerated by the pandemic.
Responses show digital infrastructure, flexible working and employee well-being will top their boardroom agendas as they reconfigure business operations to secure growth in the next 12 months and beyond.
Fifty-eight percent of CEOs say ensuring supply chain safety will remain a focus, driving technology investments to enable tracking of products from production to delivery, and to ensure their suppliers and partners are resilient during crises.
"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.
"And they need to do that, thinking not just about the COVID-19 acceleration of change in society and the rising expectations of their broader stakeholders, but also the other issues that are going to fundamentally reshape the future of business - from climate change to populism," says Bob Moritz, global chairman, PricewaterhouseCoopers International Limited.
In a challenge to decades of increased globalization, almost two in five (39%) of CEOs believe there will be a permanent shift towards onshoring and insourcing, and a similar share expect an enduring increase in nationalism.
Kristin Rivera, global leader, Forensics & Crisis, PwC US, commented: "The COVID-19 pandemic has reminded CEOs of the importance of building resilience into their operating model. Firms that were able to quickly adopt digital working practices or switch their supply chains were better able to withstand the shock.
"CEOs now need to simultaneously contend with the unfolding pandemic and to rethink how they operate in the future. Not every innovation developed in a crisis is right for the long term, but there is much to learn."
CEOs are naturally cautious on their own revenue growth prospects in the year ahead (45% somewhat confident: 15% very confident). 65% are predicting a decline in global growth. Concern about the global economy is highest in Africa, Central & Eastern Europe, Asia and Latin America.
Business leaders also believe the pandemic increased the importance of responding to a wider range of stakeholder issues, particularly employees. Employee support measures included health and safety (92%), well-being (61%) and financial support (24%). Forty-two percent made contributions to community organizations and almost a third (32%) of business leaders reduced their own pay.
Those CEOs who maximized retention (36%) and protected employee health and safety (92%) believe it will have a positive impact on their organization's long-term reputation.
Bhushan Sethi, joint global leader, people and organization, PwC US, commented: "The accelerated shift to flexible working has been valuable for many companies. Whatever new models emerge, it's clear that employee-oriented policies that invest in safety, protection and well-being could become the new differentiator for recruitment, retention and company reputation."
The changes driven by COVID-19 add significantly to an already full agenda for CEOs. Climate change remains an influential trend for consumers and businesses alike. When asked if the shift to climate change mitigation would endure, the majority of business leaders (47%) said it would.
Business leaders believe short term increases in disposables (including sanitizers, masks) and decreases in the use of the sharing economy would only be temporary.
Limited retreat from cities
While the majority of CEOs (61%) believe that there will be lower workplace density than before, they remain divided about what role cities will play in the future: 34% believe the shift towards de-urbanization will continue; 38% believing it is temporary.
Divided about the role of government
Business leaders are not expecting extended government support, with the majority (57%) believing state intervention to be a temporary feature, despite the potential for governments to use the support to influence COVID-19 recovery and policies impacting business.
Less than one in three (30%) believe government support will be sustained, despite a gloomy outlook for global and organizational growth prospects in the next 12 months. One in five respondents say they declined government backed support for their business during the pandemic.
Moritz commented: "Some CEOs may feel like they've passed a critical test. What's critical now is that they use the important knowledge they've gained about their organizations effectively for business and society.
The most enduring shift in this pandemic is the reality that it can no longer be a choice between the long and the short term. We need to address both."
About the survey:
PwC's CEO Panel survey, conducted in June and July 2020 as an extension of PwC's Global CEO Survey — reflects the views of 699 CEOs on emerging business models and key trends resulting from COVID-19. They are leaders of private businesses and public companies, of small firms and $1 bn+ enterprises, and represent a diverse cross-section of industries, countries and territories. Respondents came from 67 countries/territories including: Western Europe (42% of respondents): North America (7%); Middle East (3%). — PRNewswire


Clic here to read the story from its source.