CEOs Emphasise Workforce Issues and Sustainability in 2022-23
A survey by Gartner highlights the recent trends in the corporate field, with workforce issues and sustainability gaining momentum. The survey found that environmental sustainability emerged in the ninth position, up from 13th in 2020. Meanwhile, the workforce issue is in third place, up from fifth in 2020.
The survey analysed the priorities of 400 senior business leaders and depicted a radical shift in CEOs' mindsets.
Growth remains the most frequently mentioned priority (51 per cent), albeit at a slower rate this year. According to Gartner, this reduction is due to supply chain issues, as CEOs may not push as hard to increase demand if they cannot deliver it.
Digitalisation, e-commerce, and cybersecurity are ranked second and third, with 34 per cent each. The epidemic underscored the importance of remote work, e-commerce, and other digital technologies for CEOs. They are ready to keep their focus on technology.
For the second year in a row, the importance of workforce issues such as talent retention, hiring, and diversity, equity, and inclusion (DEI) has risen significantly, placing it in the third (31%), far ahead of financial issues such as profitability, cash flow, and capital funding, as well as corporate initiatives such as M&A, strategy change, and restructuring.
Environmental issues were ranked ninth, with 9% of respondents ranking them as top-three. Although this is a small amount in absolute terms, it is the first time the category has ever made the top ten, indicating a considerable surge in interest. (Three years ago, it was ranked 14th, and seven years ago, it was ranked 20th.) Customers, investors, regulators, and employees urge business leaders to do more on environmental sustainability, and sustainable business is considered a way to increase efficiency and income.
The confluence of societal trends surrounding DEI and the pandemic's social attitude consequences have resulted in workforce concerns worthy of the CEO's time and attention.
It's the biggest problem in the workplace, with 15% of senior executives saying it was one of their top three priorities, up from 8% last year. This is a big change.
Between the two periods in which the poll was performed, employee worries increased significantly, with 48 per cent of respondents in 4Q21 considering resignations to be a significant issue, up from 34 per cent in 3Q21. Overall, 49% of CEOs agreed with the statement that "finding and hiring the kind of individuals we need in our organisation is very challenging for us."
