C-suite barometer 2023

Despite economic instability, growing energy prices and geopolitical tensions, executives are optimistic about future growth.

Optimism in the face of ongoing challenges

A quarter of leaders say a new or revised talent attraction and retention strategy is a strategic priority and know the inability to attract a skilled workforce could hold back their company’s growth. Leaders consider teamwork/camaraderie, quality of team members and the opportunity for advancement vital ingredients for attracting talent. Despite acknowledging the importance of a diverse workforce, true equity remains elusive in many companies, with little progress in terms of gender diversity among top decision-makers.

Recognising the importance of diversity and talent

Most businesses have a positive outlook for growth in 2023.

86%

Data quality (37%) and data tracking (28%) are the top two impediments to producing a sustainability report.

37%

Most businesses already produce a sustainability report.

65%

A new or revised sustainability strategy is number two on the list of C-suite strategic priorities for the coming three to five years, second only to transforming company IT/technology. And over two thirds plan to increase investment in sustainability initiatives in 2023. Most businesses produce a sustainability report but admit data quality and tracking can be challenging. Meanwhile, just over a third feel totally ready for new ESG reporting requirements.

Investing in a sustainable future

C-suite say a new or revised sustainability strategy is a key priority over the next three to five years - second only to transforming company IT/technology (32%).

29%

Businesses plan to increase investment in sustainability initiatives in 2023.

68%

More than any other external trend, executives are confident they can deal with emerging technology (54% “very confident”, 39% “somewhat confident”).

93%

Transforming company IT/technology is the top strategic priority for the coming three to five years. The C-suite expect the emergence of new technology to have a big impact on their business and are confident in their ability to manage it. They recognise the importance of new technology, particularly AI, automation, big data and Web3, though many concede a lack of familiarity with these technologies.

Embracing a digital world

Almost a third expect the emergence of new technologies to have the biggest impact on their organisation in 2023 – after economic trends (40%) and energy prices/shortages (35%).

31%

Nearly a third (the leading response) identify “transforming company IT/technology” as a top strategic priority over the next three to five years.

32%

Bold leadership for a sustainable future

Our C-suite barometer: outlook 2023

Top 3 trends expected to have the biggest impact on companies in 2023

Based on insight from more than 800 executives from 27 countries, our C-suite barometer 2023 uncovered a fighting spirit. Whilst recognising the significant challenges of 2022 – including inflation and economic instability, high energy prices, war and geopolitical tensions – the C-suite have a positive outlook. Technology and sustainability stand out as their top strategic priorities and leaders are boldly investing in these areas, ensuring their business is fit for tomorrow.

Over a third are “completely ready” to meet new ESG reporting requirements; another 38% are “mostly ready”.

36%

Only 44% of businesses say female executives make up 30% or more of their leadership, essentially unchanged from previous years.

44%

More than half have a programme for gender equality and sexism – a 12-point increase vs last year.

53%

A third consider gender equality a top three strategic priority.

33%

Executives recognise an inability to attract a skilled workforce could hold back their organisation’s growth.

28%

A quarter of respondents say a new or revised talent attraction and retention strategy is a top strategic priority for their business over the next three to five years.

25%

Some 38% of leaders say a sense of teamwork/camaraderie is essential for attracting talented employees to their organisation; in Latin America this rises to 57%.

38%

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Are businesses confident they can manage the upcoming external trends?

“To shape a sustainable future, for both their business and wider society, the C-suite are increasingly investing in technology and sustainability. With uncertainty the norm for the foreseeable future, they need to continue to be bold today, to achieve sustainable success tomorrow.”

Economic trends including inflation/higher cost of living

Energy prices and/or shortages

Emergence of new technologies

40%

35%

31%

Bold leadership for a sustainable future

C-suite barometer

Mark Kennedy, Partner & Group Executive Board Member, Forvis Mazars

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Mark Kennedy

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Partner & Group Executive Board

Leaders are most confident in their ability to manage emerging technologies, over half say they are very confident.

54%

Our Confidence Index (average % of very confident across all trends) is at 37%, slightly down from our 2021 survey (44%), but up on 2020 (32%).

37%

Just over a quarter of leaders feel very confident managing energy prices/shortages.

27%

A third of businesses are very confident tackling economic trends.

33%

Just under a third of leaders say they are very confident handling the scarcity of talent.

32%

Businesses are least confident managing geopolitical instability, less than a quarter are very confident.

23%

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