CEOs in the UK are showing an increase in commitment to diversity and inclusion (D&I), and recognising the importance of wellbeing in the workplace, according to the latest PwC survey. Its 23rd CEO survey reveals that companies are increasing their focus on purpose and culture, as issues such as sustainability, diversity and wellbeing have become ‘business critical’.
The survey shows that 68% of UK CEOs have made ‘significant to moderate’ progress on their D&I strategy. However, 21% ‘have yet to really focus on this issue’ and are just starting on this journey, which is ‘surprising given the attention this matter has been getting’, says PwC.
WELLBEING THREAT
Furthermore, 59% of UK CEOs believe that the declining wellbeing of their workforce is a threat. Addressing these issues therefore not only demonstrates a commitment to workplace equality, but also reflects growing recognition that greater diversity can improve decision-making, according to PwC.
With skills a priority, it is essential for CEOs to promote a company culture that complements their recruitment and retention plans by helping them to attract, retain and nurture the people they have and the talent they need, PwC points out. A clear focus on culture with more purposeful measures will certainly help organisations appeal to talent and customers, and protect them better from reputational issues.
ECONOMIC UNCERTAINTY
However, the biggest concern for UK CEOs is economic uncertainty (88% compared to 81% of CEOs globally). In fact, 64% of UK CEOs are expecting a global economic decline, compared to 53% globally, the survey reveals. Chief executives are therefore very much focused on combating that uncertainty by implementing practical measures, such as increasing efficiency and launching new products and services in order to keep growing this year.
“CEOs globally say the availability of skills is the number one threat to their business and it’s a top three concern for UK CEOs, yet only about half are focused on upskilling their existing workforce,” states Kevin Ellis, Chairman and Senior Partner, PwC UK.
“Technology can help businesses upskill at scale. And by improving skills, they can tackle the other major challenges they are most concerned about, such as cyber threats and the climate change,” adds Ellis. “So while uncertainty is the watchword for CEOs everywhere, there are also significant opportunities for those that can successfully navigate the uncertainty.”
Click here for more details on PwC’s 23rd CEO survey.
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