At the close of 2021, our C-suite barometer showed businesses were emerging from the pandemic with a sense of confidence and resilience. They were confident in their ability to respond to the trends ahead, expecting to transform their businesses and planning to invest. ESG is now firmly on the C-suite agenda and businesses are making public commitments on a range of ESG topics. But are businesses able to action their strategies?
Conducted in Q4 2021, the Mazars C-suite barometer took the pulse of over 1,000 executives from 39 countries around the world and around 200 executives from 10 countries in the Asia-Pacific (APAC) region to understand the opportunities and challenges they are facing.
Our research reveals:
- Tech and sustainability transformations ahead: Leaders expect their businesses to go through transformations: 68% expect to go through a technology transformation, and 62% expect a transformation in their sustainability strategy within the next three to five years. C-suites in Asia Pacific are confident in their future prospects: Three in four APAC executives (78%) predict revenue growth this year, and 82% of executives in APAC believe that they have resilience to overcome a crisis.
- Confidence and resilience: Our research showed a sense of confidence and resilience: qualities that are likely to be tested once again in 2022, with the ongoing impact of the pandemic and the deeply concerning events in Ukraine. On average, 87% believe their business can tackle the trends ahead and 88% feel capable of overcoming a crisis. Cyber security is particularly in focus and businesses need to be as robust and resilient as possible: resilience is as important as protection. An increased focus on ESG is seen as critical to the future of APAC companies. Three in five APAC leaders (63%) report their focus on ESG increasing because of COVID-19 and two-thirds of APAC companies (67%) of APAC companies have made a public commitment to reducing pollution. They are highly focused on health and safety (62% vs. 63% globally), transparency (59% vs. 57% globally) & compliance (59% vs. 58% globally).
- ESG firmly on the C-suite agenda: Businesses expect to transform their sustainability strategies, boost investment in sustainability initiatives, and are making public commitments on a range of ESG topics. The challenge now is turning intentions into actionable strategies.
- Moving from strategy to action: To tackle the transformations expected, make the most of investments planned and deliver on commitments, particularly related to ESG, businesses need to move beyond planning and intent into action. To do this they need the right programmes in place, and the right people with the right skills. Nearly two thirds (63%) say Covid-19 has changed the future leadership styles their organisation needs, but most (88%) believe that have the skills they need. Are they right?
Those that win out in the marketplace will be the ones that effectively transition from intention to implementation. Now is the time for action.
Download the report below to learn more.
Mazars C-suite Barometer 2021