Only 45% of respondents in a new PWC 2022 survey predict supply chain disruptions are likely to ease by end of the year; and only 62% of business leaders indicate they will increase the price of goods and services in 2022 to manage against these risks.
Nearly 70% of business leaders believe that COVID-19 will turn from pandemic to endemic in 2022, but many expect that inflation will remain elevated, according to the survey.
More than 650 c-suite Executives participated in the survey. They said the ability to hire and retain talent is both the most important factor (77%) and biggest risk (48%) in reaching their organisations’ growth goals in 2022.
The survey reveals that business leaders recognised importance talent has in achieving growth this year; they are less optimistic on the current label market and only 36% believe that voluntary turnover will return to the pre-pandemic rate by the end of the year. And only 31% are of the opinion that talent shortages will ease by the end of 2022.
Also, the survey found that board-members view talent management as a top issue – with 73% planning to devote more time to workforce and diversity, equity and inclusion efforts.
The business leaders also plan to deploy a number of initiatives to retain and attract talent: including offering hybrid work options for employees (43%); increasing career advancement and upskilling opportunity (36%); increasing compensations for employees (31%); and making remote work a permanent option (30%).
In addition to talent issues, executives identify supply change and disruptions and vulnerabilities (32%); the US policy and regulatory environment (29%); and business model changes (28%) as the biggest risks impacting their organisational growth.
The survey found that focus has shifted to evolving global task environment, and business leaders are now considering a number of digital and technology investments to address these challenges. More than 40% are considering accelerating digital transformation initiatives, while 38% are considering automating processes and 36% are considering making sizable technology investments.