PwC finds business leaders are twice as positive as they were in the previous year
Canadian chief executives are significantly more optimistic about business prospects than their global counterparts, but they remain uncertain about technology’s effects on their businesses.
A recent survey from global professional services company PwC shows that CEOs all over the world became more optimistic this year than last year (57% from 29%), with Canadian business leaders even more so (72% from 36%).
According to the PwC report, the surge in general positive sentiment is a result of a stronger-than-expected US economy, the effect of tax reform and deregulation, opportunities in Asia and the influence of the middle class. Canada also saw a higher-than-expected GDP – in fact the strongest performance among G7 countries.
Still, “Canadian leaders have yet to fully appreciate the extent to which these technologies will benefit and disrupt their organizations and improve their customer experience,” said Bill McFarland, CEO and chief inclusion officer of PwC Canada.
Among those surveyed, just 28% said they were clear about how robotics and artificial technology can improve customer experience. Globally, 47% of CEOs -- 81% of Chinese and 34% US leaders – were clear.
Canadian executives also believe that globalization has helped most (70%) in enabling universal connectivity. Other benefits were improving the ease of moving capital, people, goods and information (49%), enabling a skilled and educated labour force (30%), and having a full and meaningful employment (26%).
Some 67% believe that disruptions in their businesses will occur in the next five years, higher than the global average of 64% but significantly lower than their counterparts in China (85%) and the US (84%).
Canadian CEOs believe the US remains their most important partner (88%), followed by China (53%), UK (30%) and Germany (19%).
Eighty-eight percent believe that geopolitical uncertainty is the top threat to growth, followed by protectionism (84%) cyber threats and over-regulation (both 81%).
There appears to be confidence in their employees, with just 65% of Canadian CEOs concerned about the availability of needed skills in their workforce. Globally, the average is 76% with China and the US significantly higher at 93% and 86%, respectively.
Relatively, fewer CEOs in Canada are worried about declining trust, be it between the government and their organization (21% versus 24% globally), their workforce and senior leadership (14% versus 19% globally), and between their organization and their customers (9% versus 18% globally).
Finally, in moving forward, PwC believes that three main points will ensure business success of Canadian organizations: a purpose-led, values-driven, trustworthy organization, a transition from awareness to action in terms of technology, and an effort to build the workforce of the future.
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