Leading through a perfect stormHLB Survey of Business Leaders 2023
Cultivating the right leadership behaviours during times of crisis
Leaders face an expanded risk radar as the 'permacrisis' is set to continue for some time. Over half of the business leaders we have surveyed felt the effects of inflation, ongoing economic uncertainty, geopolitical risks, rising resource costs and interest rates. While business leaders feel wary about the economic climate, they stand ready to weather the storm. 79% remain confident in their organisation’s ability to grow revenue in the next 12 months.
Adversity such as the pandemic have taught many to remain flexible, innovate frugally, and juggle juxtaposing priorities. In 2023, 46% of leaders continue to maintain a dual focus on survival and transformation. As part of these commitments, 35% plan to address weaknesses in talent acquisition. 67% wish to improve operational efficiency and 45% are looking to adopt new technologies, namely artificial intelligence, cloud computing, and non-digital technologies such as renewable energy solutions.
Ongoing digitisation has created new revenue streams for businesses. Yet, digital advances have also altered consumer attitudes. Fair pay, social justice, and sustainability have emerged as recurring themes in wider stakeholder conversations. This year, 51% of leaders plan to re-think their corporate ESG responsibilities and exercise a wider range of transformative action to showcase their flexibility, integrity, and accountability — the three essential leadership qualities required in times of crises.
Our 2023 HLB Survey of Business Leaders explores the essential leadership behaviours needed to successfully navigated through times of crisis. Through 575 survey responses from 60 countries and six in-depth interviews with subject matter experts, we examine both the short and long-term tactics C-suite executives are taking to survive today while evolving for tomorrow.