Most chief executives remain positive about the global economy, with 52 percent expecting improvement in the next 12 months, according to the latest CEO Survey 2024.
Confidence in the local industry is also high, with 86 percent of CEOs optimistic about their business prospects and revenue growth in the next three years.
Despite the optimism, geopolitical uncertainty is a major concern for 62 percent of CEOs. Ongoing events such as the Russia-Ukraine war and territorial disputes in the South China Sea impact businesses worldwide.
“Business leaders in the Philippines have been faced with significant challenges stemming from global economic uncertainties, geopolitical tensions, and inflationary pressures, but they are continuously adapting and innovating,” said PwC Philippines chairman and senior partner Roderick Danao.
The survey, a collaboration between PwC Philippines and the Management Association of the Philippines (MAP), highlighted the importance of catering to multiple generations, each with unique characteristics as consumers, producers and leaders.
“Businesses today have to deal with five generations: Baby Boomers, Gen X, Millennials, Gen Z and Gen Alpha. Each generation behaves differently and has unique characteristics as consumers, producers, business leaders and citizens. Organizations need to change because market preferences are shifting. The challenge is to ensure that whatever product or service you offer penetrates each generation,” said MAP president Rene Almendras.
Managing a multigenerational workforce poses challenges, with 75 percent of CEOs citing differences in management and leadership styles as the biggest hurdle. Other issues include communication styles and work-life balance expectations.
Succession planning is also crucial. In the next three to five years, 45 percent of companies plan leadership changes. While only 25 percent have succession plans for all senior executives, over 60 percent are confident in their measures for operational continuity during leadership transitions.
While 75 percent of CEOs acknowledge the potential of generative AI to improve products and processes, only 39 percent have implemented it.
In the next 12 months, most CEOs plan to upskill their workforce, automate processes, and deploy advanced technologies like AI and cloud.
Danao said that “in order to ensure that their businesses survive beyond the next decade, leaders need to reinvent their organizations through investing in new technologies and in the next generation.’
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