I just received a copy of PwC’s 17th Annual Global CEO Survey, 2014. Here are some of the highlights from that survey:
“Confidence is improving. That more business leaders are shifting to a growth mode is unmistakable: 62% expect to hire more people this year. It is the highest level of anticipated headcount expansion in the past five years for US CEOs in PwC’s annual Global CEO Survey. Confidence may well be buoyed as much by an improving global economy as by a resolve to reconfigure their businesses for a world that’s much changed—and changing still. Policy shifts in financial services and healthcare. Advancing technologies that disrupt traditional business models. The US energy boom. CEOs are maneuvering on many fronts to capitalize on these waves of change.”
The survey also discussed how U.S. CEOs are reshaping their business model as they face not only increased competition from their well understood competitors, but now increased competition from rising rivals in emerging overseas markets who are able to challeng the entire cost structure. The answer from these U.S. CEOs:
“The answer is to innovate. More than a third of US CEOs say new products and services now offer the main opportunity for growth for their companies in 2014. The technology industry has shown the way. It has created enormous wealth for many participants in technology and other industries by generating value for customers in so many different ways. The app economy, the e-Bay economy, the sharing economy have broadened the view of just where and how all companies create value.”
Each business owner, large and small is faced to some degree with these challenges. Each need to decide whether they have the talent their organization will need to face these new challenges. The survey concludes with the following question:
“Does the management team have enough people who know how to craft and run new experiences and innovations—or is it overpopulated with those who know how to optimize the old? Both are vital, but the CEO’s job is to strike the right balance between running the business today and creating the business for tomorrow.”
For a complete copy of this 36 page Global CEO Survey for 2014, click here.