Coronavirus tops concerns for CEOs in 2021: survey
Regulation and corporate tax concerns among US CEOs rose significantly
CEOs in the U.S. and around the world rated COVID-19 as their No. 1 external concern in 2021, new survey results released Wednesday show.
Global CEOs ranked a recession risk as their No. 2 concern, vaccine availability as their No. 3 concern and shifting customer/buyer behaviors as their No. 4 concern in the annual C-Suite Challenge survey conducted by nonprofit business research organization The Conference Board.
"In 2021, a hybrid model with a mix of onsite and remote workers will likely be the new norm," Rebecca Ray, executive vice president of human capital at The Conference Board, said in a statement. "In this environment, as new employees join teams and have little personal contact with existing team members, leaders will need to ensure that all have a sense of belonging."
Belgian Yves Hanoulle, an IT professional, walks on a treadmill installed under his desk, with an average of 20 km (about 12 miles) daily, as he works in his home in Ghent, Belgium, on June 11, 2020. (REUTERS/Yves Herman)
She continued: "Organizations should take a hard pause to ask themselves: Is the culture we had – and, perhaps, want to preserve – the right culture for this new environment?"
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U.S. CEOs ranked vaccine distribution as the No. 2 issue that will likely impact business in 2021, while Chinese CEOs ranked it as No. 9. Recession risk was the No. 1 external concern for CEOs in China.
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“While CEOs continue to fret about a possible downturn, 2021 is poised to be the light at the end of the pandemic tunnel. In most regions – especially the United States – CEOs believe the distribution of a successful vaccine will have a significant impact on their businesses this year," The Conference Board Chief Economist Dana Peterson said in a statement.
Technicians conduct COVID-19 tests at a new facility Friday, Oct. 30, 2020, in Valencia, Calif. (AP Photo/Marcio Jose Sanchez, Pool)
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She added that the continued distribution of COVID-19 vaccines "will, among other benefits, provide greater clarity and predictability around short-term planning and operations.”
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Regulation and corporate tax concerns among U.S. CEOs also rose significantly going into 2021. Concern about corporate tax rates rose from the No. 14 concern among U.S. CEOs in 2020 to the No. 5 concern in 2021. Regulation was the No. 9 concern for U.S. CEOs in 2020, and now it ranks No. 4.
On the other hand, concerns about trade disruptions and global political instability dropped.
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Additionally, global and U.S. CEOs ranked the accelerated pace of the digital transformation as their No. 1 internal concern for 2021.
"The current crisis means the luxury of having a years-long lead time to digitally transform is gone. Investment in digital technology is only a piece of that puzzle," said Chuck Mitchell, The Conference Board's executive director of content quality. "Organizational culture, enlightened leadership, and talent will ultimately create a sustainable competitive advantage."