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Investment in transformation, technology, and talent emerge as top priorities.
A new survey suggests business leaders — after three years of navigating economic uncertainty and complex challenges — finally are experiencing some optimism about the economic and business environments, as well as their companies’ ability to mitigate risk.
“The PwC Pulse Survey: Focus on reinvention,” conducted by the PwC network of firms in 152 countries that are committed to delivering quality in assurance, advisory, and tax services, gathered responses from more than 600 U.S. executives in early August. The survey indicates business leaders also are less concerned about cyberattacks and the U.S. regulatory environment than they were a year ago. What’s more, only 17% of respondents strongly agree there will be a recession in the next six months, down from 35% in August 2022.
“Business leaders have continued to demonstrate resilience and adaptability while navigating a complex environment in recent years,” Neil Dhar, vice chair-U.S. consulting solutions co-leader for PwC US, said in a statement. “As worries about the economy ease, executives are increasingly comfortable future-proofing their businesses by pursuing investment alternatives focused on growth and operating model efficiencies — all underpinned by technology and a focus on delivering outcomes for their stakeholders.”
Indeed, executives are strategically channeling their investments into technology and transformation, according to the survey, with more than 1 in 2 leaders saying they will invest in new technologies (59%). And nearly half (46%) say they will invest in generative AI (GenAI) specifically in the next 12 to 18 months.
Looking at the next 3 to 5 years, embedding new technologies into their business model is the top-ranked strategic priority — but it also creates the most challenges. Business leaders’ top challenges to their companies’ ability to transform largely center around tech, including achieving measurable value from new tech (88%), the cost of adoption (85%), and training talent (84%).
“Emerging technologies — especially AI and generative AI — are catalyzing a transformative influence, reshaping customer experiences, enhancing productivity, and deepening risk-sensing activities. Their immense value, when harnessed responsibly, is undeniable,” said Wes Bricker, vice chair-U.S. trust solutions co-leader for PwC U.S. “Yet, it’s not just about the technology itself, but the synergy between people and AI platforms, which requires new skills and ways of working. Prioritizing upskilling is critical in the seamless integration of new technologies to create sustainable value.”
As executives continue to focus on business transformation and growth, they’re shifting their attention toward developing and retaining current talent following past cycles of hiring and subsequent layoffs. According to the survey, many are prioritizing upskilling initiatives and improving benefits, with more than 6 in 10 executives saying they have implemented or plan to expand mental health benefits (64%), train employees on new technology (64%), or increase compensation for existing employees (60%).
Related: Financial benefits: Employees are ‘laser-focused’ on them in 2023
They’re also keeping an eye on key policy areas. The majority (82%) of survey respondents say they are monitoring closely or actively engaging policymakers on cybersecurity, and 68% say they are monitoring closely or actively engaging policymakers on privacy. And as GenAI remains top of mind for many business leaders, more than half (61%) are monitoring closely or actively engaging policymakers regarding regulatory and legislative action around GenAI.
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