Canadian business leaders, while maintaining confidence in their three-year growth outlooks, are increasingly under pressure to meet environmental, social, and governance (ESG) commitments and enhance productivity. According to KPMG International s 2024 CEO Outlook survey, 76% of CEOs from Canada s largest companies feel this pressure, with 76% confident in their growth prospects and the Canadian economy. Similarly, 86% of decision makers at small- and medium-sized businesses (SMBs) in Canada express confidence in their growth and the economy, but also feel the pressure for long-term prosperity. CEOs are actively seeking ways to improve productivity, optimize revenue, and leverage new technologies like generative AI. The top concerns for derailing their growth plans include operational risks, cybersecurity, and environmental/climate change. Cybersecurity is a top concern for both Canadian CEOs and SMBs, with SMBs also prioritizing emerging technologies and energy security. Economic uncertainty is a significant challenge for both Canadian CEOs (59%) and SMB leaders (31%), with growing protectionist attitudes in some markets also a concern. In response to scrutiny from stakeholders, regulators, and lawmakers, Canadian CEOs prioritize executing on their ESG strategy, with 50% feeling prepared to withstand potential scrutiny. In contrast, SMB leaders rank ESG as their fourth operational priority, with generative AI as their top concern. The skills shortage is a perennial concern for SMBs, with 84% expecting labor market shifts to impact their organizations. Only 28% of CEOs share similar concerns, but 79% agree on the importance of investing in skills development and lifelong learning within local communities to secure future talent. In summary, Canadian business leaders are confident in their growth prospects but face increasing pressure to meet ESG commitments and enhance productivity. Cybersecurity, economic uncertainty, and labor market shifts are among the top concerns, with a focus on implementing new technologies and investing in skills development to safeguard future success.
Source: canadianmanufacturing.comPublished on 2024-10-02
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