The Conference Board C-Suite Challenge™ 2021 examines the issues business leaders say are keeping them up at night in 2021. CEOs cite the COVID-19 virus, vaccine availability, and changing consumer buying behaviors as the key potential game changers in 2021. Despite some good news — including modest growth expectations for the global economy — they report having lingering recession concerns.
US CEOs ranked concerns about increased corporate taxes and regulation higher than their global peers, while CEOs globally ranked global political instability and disruptions to global trade higher than their US counterparts. Unlike leaders outside the US, American CEOs are placing a high priority on employees returning to the physical workplace. Overall, the strategies CEO say they will focus on in 2021 are a mix of prudent financial management and cultural changes to drive growth and accelerate digital transformation.
The survey was conducted between November 7 and December 10, 2020. More than 900 CEOs and more than 600 C-suite executives weighed in from primarily three regions: Europe, Asia, and North America.
CEOs say they are laser-focused on these top internal strategies …
- Accelerate pace of digital transformation
- Improve innovation
- Modify business model
- Lower costs
- Streamline processes
… and internal obstacles in 2021
- COVID-19-related disruptions
- Lack of quality talent
- Resource constraints relative to business needs
- Lack of an innovation culture
- Regulation
Despite the strong resurgence of the virus during the months of September and October, CEOs are cautiously optimistic about business prospects. The Conference Board Measure of CEO Confidence ™ for Europe by ERT for the second half of 2020 rose to 61 from 34 in the first half of the year. This overall measure is based on three questions about business and economic conditions now, conditions in six months, and the prospects for their own industry. A reading above 50 points reflects more positive than negative responses.
