Higher corporate taxes and increased regulations are at the top of U.S. CEOs’ list of worries, while global political instability and disruptions to global trade are farther down the list, according to a survey from The Conference Board, a nonprofit member-driven think tank that gives insights for the future.
“C-Suite Challenge 2021” queried more than 900 CEOs and more than 600 C-suite executives from Europe, Asia, and North America to gauge their biggest challenges this year. CEOs from all regions ranked the accelerated pace of digital transformation as their No. 1 organizational challenge for 2021. These same CEOs ranked improvements in innovation as second.
“Recovery will require finding the right balance between conserving cash and investing in innovation needed to succeed in a new commercial landscape,” said Chuck Mitchell, executive director of content quality at The Conference Board.
The Conference Board also asked CEOs for their thoughts about the long-term impacts of the pandemic.
“CEOs believe the need to address the resilience of global supply chains will be one of the most likely long-term legacies of COVID-19,” said Ataman Ozyildirim, global research chair at The Conference Board. “During the pandemic, many policymakers and companies learned that a heavily optimized supply chain often lacked the agility to substitute alternate sources of supply. While concerns about global trade disruptions diminished recently, the global pandemic has exposed new vulnerabilities in supply chains.”
Pragmatic Take: Think about how your products can meet both internal and external executives’ needs. How can you and your team innovate to address problems before they land on your desk—or are solved by your competitors?