13th Annual PwC CEO Survey
Thriving in the age of continuous change
Accelerating the reinvention of our businesses
Key findings for Cyprus
We live in an era where businesses and their leaders face an ever-changing environment characterised by multiple challenges and threats. In order to cope, companies are doing whatever it takes to reinvent themselves.
CEO Message
This year’s Global CEO Survey confirms that organizations are faced with existential threats. Almost half of the global CEOs consider that their businesses, in their current state, will not survive beyond the next 10 years. Having recognised the need for reinvention of their business models CEOs are already taking steps in this direction. Key drivers for this reinvention are the continuous advancements in technology including the emergence of GenAI, the resulting changes in customer preferences, increasing government regulation and the consequences of climate change.
The survey delivers a very clear message:
Despite the actions that are already taking place in organizations, the pace of reinvention must be accelerated in order to stay viable and be relevant to customers, employees and other stakeholders. CEOs recognise that in the era of continuous reinvention they need a different approach on how they create, deliver and capture economic value. CEOs also recognise enormous inefficiencies within their organizations and expect that GenAI will be part of the solution to overcome these.
Another significant finding from the survey is one of agility and adaptability: Despite the significant headwinds that organizations continue to face in the form of high inflation, geopolitical tensions, macroeconomic instability and cyber risks, CEOs are more optimistic about global economic growth compared to the previous year. This reveals that CEOs are becoming increasingly confident to navigate in conditions of uncertainty and to be focusing their energy on areas they can control.
Philippos Soseilos
CEO & Chairman of PwC Cyprus
A total of 102 business leaders have participated in PwC’s 13th Annual CEO Survey in Cyprus, sharing their thoughts for the future. Let’s take a brief look at the key points they have highlighted.
40%
believe that global economic growth will increase over the next 12 months
45%
will increase their headcount within the next year
43%
consider that the economic growth of Cyprus will improve over the next 12 months
The Reinvention Imperative
CEOs in Cyprus claim that in the last five years: technological change with 66%, changes in customer preferences with 53%, and government regulations with 49%, have led to significant changes within their company. CEOs in the Eurozone single out government regulations with 52%. And, CEOs Globally, with a percentage of 46%, agree with the Cypriot leaders on the degree of influence of technological developments.
Climate Change
Regarding climate change, CEOs report that the level of progress in achieving their stated objectives is open to imporevement. 57% of CEOs in Cyprus have efforts underway to improve energy efficiency, while 12% report completing those initiatives. 41% say they have work in progress to innovate climate friendly products and services. While 39% are already in the process of selling products, services or technologies that support their clients’ climate friendly efforts.
In the last 12 months, when evaluating climate-friendly investments, has your company accepted rates of return that were lower than for other investments?
The Artificial Intelligence Opportunity
A second megatrend with great impact is technological disruption. Specifically, we examined GenAI, which has all the hallmarks of a technology that could significantly change how companies operate, transform their business models, redefine work processes, and overhaul entire industries.
CEOs in this year’s survey appear to believe as much in the rapid pace of adoption of GenAI as well as its unlimited potential for substantial change.
Over the next year, 40% of CEOs expect GenAI to strengthen their ability to build trust with stakeholders, and about 57% expect it to improve product or service quality companies offer.
It is obvious that CEOs must approach all matters affecting their company differently and cultivate a different mindset.
They should be more flexible, more open, and work with experts who will help them integrate both Generative Artificial Intelligence and climate protection into their company’s strategy; leading the company to a sustainable future.
Time and how business leaders manage it is a key factor in the effort towards change and transformation. The point is for CEOs to understand not only the risks and challenges but the opportunities whether they are related to technology, climate change or broader change. As well as the need for evolution and added value.
Download the publications
13th Annual PwC Cyprus CEO Survey
Contact us
