A global survey conducted by the Young President’s Organization showed that CEOs in 44 industries had positive outlook for 2022 despite lingering uncertainties from COVID 19 and inflation.
THE Young President’s Organization or YPO whose members count 24,000 super rich executives across 130 countries held a Global Pulse survey from November 18 to December 5 among 1,700 chief executives across 101 countries.
The result showed that most global CEOs in 44 industries have a positive outlook for 2022 despite uncertainties from COVID 19.
YPO said in a statement that those surveyed showed 81 percent with favorable business outlook for 2022 but this will come with high uncertainty and volatility.
The survey indicated that 37 percent of executives recorded a 20 percent increase in revenue or more since the start of 2021, while 17 percent of respondents said they experienced a decline of 10 percent or more since the beginning of the year.
YPO said hiring improved, with 38 percent of the respondents experiencing a 10 percent increase or higher in the number of employees since the start of 2021, while 45 percent of companies said that their total employee count is “about the same” as it was in early 2021, and 16 percent said employee count dropped.
The survey also showed that 71 percent of chief executives were “either very or somewhat” concerned about the impact of inflation on their businesses for 2022. Some 51 percent of respondents also plan to raise prices to alleviate the effects of inflation.
The respondents from Food and Beverage industry (74 percent), manufacturing (73 percent) and retail and wholesale sales (62 percent) “were planning to raise prices in response to inflation,” YPO said.
Among respondents, leaders from the United States were more concerned about inflation compared to their counterparts all over the world.
YPO also reported that only 2 percent of respondents believed that supply chain problems will be resolved in early 2022. Some 39 percent said the issue will be addressed by the end of next year, while 38 percent expect it to happen in 2023 or later.
Difficulty in finding employees
The survey also disclosed that 67 percent of respondents find that it is somewhat or very difficult for the businesses to find employees for the general work force at present and 57 percent of respondents had the same levels of difficulty when it comes to C-Suite and executive hires.
“Despite clear concerns over productivity, many are moving forward with flexible and remote work schedules. Even though only 1 percent of executives surveyed believe employees are more productive at home than in the office, 74 percent of business leaders shared that some form of flexible work arrangements will become more permanent,” YPO said.
“With pandemic pressures taking their toll on teams, some businesses are taking steps to improve mental health benefits, with 35 percent reporting some type of mental health investment or strategy for employees and 16 percent saying they don’t have one now but plan to add one,” it added.
Meanwhile, YPO said 28 percent of respondents have invested in cryptocurrencies, with 13 percent planning to invest in the future, and 60 percent saying that they do not have plans to invest.
The survey added that the top regions where respondents do not plan to invest in cryptocurrency include South Asia, Western US, and Mid-America US.
In contrast, regions where members are investing in cryptocurrency include Northeastern US, Africa, and Southeast US and Caribbean.
Focus on key management issues
“Heading into 2022, YPO member chief executives shared all business leaders should keep their eyes focused on these key management issues (such as) improving employee engagement and work culture/retention, exploring alternative cash streams and protecting existing cash flows, preparing for the impact of inflation, planning for any future supply chain issues, and understanding evolving customer needs,” YPO said.
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