With insights from around 800 executives across 30 countries, Mazars uncovers the strategic priorities on the C-suite’s agenda and the market trends and transformations expected to impact businesses in the years ahead. Mazars’ latest study reveals that 2024 is set to be a bounce forward year: a year of increasing investments to transform businesses and support growth ambitions.
Optimism is on the up
This year’s global C-suite barometer indicates a business world optimistic for the future, confident about growth and ready to take on the challenges ahead. 94% leaders have a positive outlook for growth, 89% anticipate increased revenue and 66% are increasing investments to support transformation and growth ambitions.
Confidence in tackling the challenges ahead
While leaders seek to shape a positive future for their businesses, they can’t take their eye off the big external trends all organisations will need to navigate:
· Economic trends (including inflation and cost of living): 37%
· Energy prices: 33%
· Emergence of new technologies: 33%
Businesses feel they are ready to manage these trends and our Confidence Index shows an average of 44% “very confident”. Leaders are particularly confident managing new technologies (87%).
Investing for growth
Along with revenues, optimism and confidence, planned investment also rebounds this year with our Investment Index (percent of businesses planning to increase investment, averaged across 24 activities) moving up to 66%.
Topping the C-suite agenda
Looking ahead, leaders see enormous potential to transform their businesses, with technology topping the list of strategic priorities once again. Alongside this, leaders are equally focused on international expansion, sustainability and talent strategies.
· 32% Technology transformation remains the biggest priority for the coming 3-5 years.
· 25% International expansion appears in the top 3 strategic priorities for the first time.
· 25% New or revised sustainability strategies remain high on the agenda
· 25% Talent attraction and retention remains a key focus
Transformation in a digital world
C-suite executives remain invested on the technological advances that will transform business opportunities and establish more robust operations. As with all innovations, there are considerations around the level of investment needed, and ethical responsibilities that come with new technologies, but 87% of leaders are confident in preparing for the tech trends that will deliver long-term solutions.
The rise in international growth as a strategic priority
Businesses are approaching 2024 with international expansion front of mind. Leaders are seriously assessing opportunities to expand internationally and the regions of the world most attractive to deliver their plans.
Recognising greater sustainability commitments
Sustainability responsibilities are rising as the business community continues to expand around the globe and regulation becomes increasingly complex. C-suite executives are committed to meeting this challenge with most organisations now producing a report (71%) and 72% factoring this into budget planning. Less-prioritised areas of reporting, including human rights, are also now gaining attention and budgets are increasing to support the need for greater in-house expertise.
The new ‘laws’ of talent attraction
Investing in people means more than a benefits package and generous salary. Competition for talent is set to continue and 76% of leaders are prioritising new or revised strategies that offer more learning, training and development opportunities to retain and attract the best people that will contribute to the long-term growth of their business.
The full report is available for download for free on the Mazars Website. Visit https://www.mazars.ph/Home/Insights/Our-publications/Mazars-C-suite-barometer-outlook-2024.
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