- Most of the companies participating in the Mazars C-suite Barometer (86%) have a positive growth outlook for 2023
- Business leaders indicate the technological transformation of the company and the implementation of a new or revised sustainability strategy as the top two strategic priorities for the next three to five years
- Economic uncertainty, energy prices, geopolitical instability and difficulty in recruiting a skilled labor force were the main factors pointed out as impeding growth next year
March 27, 2023: Mazars, an international audit, tax and consulting firm, has launched its C-suite 2023 barometer: bold leadership for a sustainable future. This report is the result of an in-depth survey conducted in the fourth quarter of 2022, which measured the pulse of more than 800 executives from 27 countries around the world.
"To shape a sustainable future for both their businesses and society at large, C-suite executives are increasingly investing in technology and sustainability. With the predictable normalization of an uncertain future, leaders need to continue to be bold today to achieve sustainable success tomorrow," says Mark Kennedy, partner and Group Executive Board member at Mazars.
For her part, Maria João Vaz, Head of Sustainability Services at Mazars in Portugal, points out that "this study reveals that sustainability is increasingly on the agenda of companies and their managers, who are becoming aware of the challenges that this poses in their businesses," adding that "the coming years will require that ESG factors are increasingly integrated and managed transversally.
According to Maria João Vaz, "trends show that economic issues are the priority, given the current international context, and technologies appear as a challenge, but also as an opportunity that can help companies respond and integrate all these issues.
The Head of Sustainability Services at Mazars in Portugal also points out that "it is necessary to motivate leaders in building a more sustainable future in order to create more resilient companies that can generate more value for all."
Optimism in the face of continuing challenges
Despite economic instability, rising energy prices and geopolitical tensions, executives are optimistic about their company's future growth: 86% have a positive outlook (28% very positive) for growth in 2023.
Trends impacting business in 2023 and the confidence to respond
According to Mazars' research, the top three external trends that are expected to have the greatest impact on business this year are:
1. economic trends, including inflation and cost of living increases.
2. Energy prices and/or scarcity.
3. Emergence of new technologies.
Leaders are more confident in their ability to manage emerging technologies (54% very confident). But they are less confident in dealing with geopolitical instability (23% very confident), energy prices/shortages (27%), talent shortages (32%), and economic trends (33%). These are also those that are considered the main barriers to growth.
Mazars' Confidence Index (average percentage of 'very confident' across all trends) is 37%, down slightly from the previous barometer (44%), but up from our 2020 survey (32%).
Embrace a digital world
Transforming enterprise IT/technology is the top strategic priority for leaders in the next three to five years. The emergence of new technologies is expected to have a major impact on their business and executives recognize the importance of technologies such as artificial intelligence, automation, big data, and Web3. Cyber threats remain a daily reality, but leaders are confident that their data is protected.
Investing in a sustainable future
A new or revised sustainability strategy is second on the list of C-suite strategic priorities for the next three to five years, and more than two-thirds (68%) plan to increase investment in sustainability initiatives in the coming year, giving more significance to the importance of ESG on the C-suite agenda. Most companies (65%) produce a sustainability report, but admit that data quality and tracking can be challenging, and just over a third (36%) feel fully ready for the new ESG reporting requirements.
Recognizing the importance of diversity and talent
A quarter of leaders say a new or revised talent attraction and retention strategy is a strategic priority, with nearly a third (28%) identifying the inability to attract a skilled workforce as a barrier to their company's growth. Despite recognizing the importance of a diverse workforce, true equity remains elusive in many companies, with little progress on gender diversity among key decision makers.
Mazars' research also reveals that executives are investing time, money and resources in the areas that matter most: technology, sustainability and people. In the face of continued uncertainty, this shows courage, with leaders making bold moves to shape a sustainable future.
Kennedy concludes, "Companies will face more volatility this year-they will have to be agile and may need to reprioritize and refocus. But companies have developed a lot of resilience since the 2008 financial crisis, which will keep them in a good position next year."
About the study
The Mazars C-suite barometer was designed and conducted by GQR Research, in collaboration with Mazars. Data was collected via an online survey between November 9, 2022 and December 14, 2022. The total sample size is N = 832. Full report available here
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Contact
Jorge Magalhães AfonsoSayU Consulting
jm.afonso@say-u.pt // +351 966 603 799
Lorraine Hackett, Group Brand & Communications Director, Mazars
lorraine.hackett@mazars.co.uk // +44 (0)7881 283 962
About Mazars
Mazars is an integrated international partnership specializing in audit, accounting, advisory, tax and legal services*. Operating in approximately 100 countries and territories around the world, we draw on the expertise and more than 47,000 professionals - 30,000+ in the Mazars integrated partnership and 17,000+ through the Mazars North America Alliance - to support clients of all sizes at every stage of their development.
*when permitted by local legislation.
In Portugal, Mazars is present in 3 cities (Lisbon, Porto and Leiria) and has more than 230 professionals.
http://www.mazars.pt | https://www.linkedin.com/company/mazars-portugal |
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