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The benefits from a recent report from West Monroe revealed that 49% of C-suite executives imagine the COVID-19 pandemic has had the biggest impact on their businesses — with the linked Terrific Resignation and labor shortages coming in at a near second — indicating that other difficulties in 2021 garnered less interest from execs.
This earlier 12 months taught anyone that the environment is continue to frequently evolving. The C-suite responded to the altering organization landscape by tackling complications that were being unexpected even just a year in the past. The Delta variant and COVID-19 experienced the premier impression on company in 2021 according to the execs polled. One more 15% felt the pandemic’s impact on staff members experienced the biggest impact on their group. West Coast respondents felt the pandemic’s result on personnel the most (18%), while the Midwest region was the least fazed, with just 9% citing it as possessing the greatest impact on enterprise.
The Great Resignation, shortages, and scarcities accounted for 18% each and every. With the work market as very hot as at any time, workforce began leaving their corporations en masse. Execs have been pressured to get imaginative and exam out new procedures to employ the service of and keep the best talent. Increasing wage, site adaptability, and contingent expertise had been the leading ways, in accordance to the respondents. Unsurprisingly, CFOs ended up the most concerned execs about shortages and scarcities (24%), followed by 22% of COOs.
All of this intended a lot less time for executives to focus on other pressing enterprise issues, such as investing in tech (4%), cyberattacks (3%), availability of the vaccine (3%), and ESG traits/activism, which was not at all a huge worry to the C-suite as opposed to other organization concerns in Q4.
The report is dependent on survey effects from 150 C-level executives with firms of at the very least $250 million in annual revenue, collected among September 17 to September 21, 2021.
Study the entire report by West Monroe.
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