The recently concluded 22nd International CEO Conference, spearheaded by the Management Association of the Philippines (MAP) on September 10, 2024, tackled the pressing and compelling inspirations, challenges, dilemmas, trends, and opportunities in managing and leading the existing five generations of the workforce in business organizations today: Baby Boomers, Generation X, Millennials, Generation Z, and Generation Alphas.
Insights from the 2024 Philippine CEO Survey
One of the resource speakers, Roderick Danao, Chair and Senior Partner at Isla Lipana & Co./PwC Philippines, presented the “2024 Philippine CEO Survey,” which outlines key insights and findings on business trends, optimism, and the future of the economy.
Key insights reveal a high level of optimism among CEOs, with 86% confident about industry prospects over the next year, despite facing challenges such as geopolitical uncertainty, inflation, and cyber risks. These executives identify the necessity for business reinvention driven by technological changes and the need to transform opportunities into actionable strategies.
Growth Drivers and Concerns
The survey indicates several growth drivers for the Philippine economy, highlighting government spending, the BPO and service sector, OFW remittances, manufacturing, and tourism. Specifically, 39% of respondents believe government spending will significantly contribute to growth in the coming year.
Most CEOs express concern for their companies’ viability over the next decade, with 71% indicating that significant changes in value-capture methods are essential for future success. Moreover, 60% emphasize the need to enhance trust with stakeholders, indicating a strategic shift in business practices.
Emphasizing Workforce Development
The document elaborates on the imperative for technological integration and the need for workforce upskilling, as 71% of CEOs plan for their employees to gain new skills to adapt to competitive markets. The push for developing a multigenerational workforce to embrace diverse perspectives and experiences is also emphasized, promoting a culture of collaboration and innovation.
Key Findings
- High Optimism: 86% of CEOs surveyed express confidence in their industry’s prospects for the upcoming year, despite persistent challenges such as geopolitical uncertainty, inflation, and cyber risks.
- Growth Drivers: Key factors expected to drive the Philippine economy include government spending (39%), the BPO and service sectors (33%), and OFW remittances (32%).
- Need for Reinvention: A significant 71% of CEOs believe their companies must undergo substantial changes in value creation and delivery methods to remain viable in the next decade.
- Workforce Development: There is a strong emphasis on upskilling, with 71% of CEOs planning for their workforce to acquire new skills to adapt to competitive market demands.
- Focus on Stakeholder Trust: 60% of CEOs recognize the importance of enhancing trust with stakeholders as a critical strategy for future success in business.
Overall, the survey findings underscore the pressing need for businesses to adapt through technological advancements, workforce development, and building strong stakeholder relationships to navigate future challenges and capitalize on growth opportunities in the Philippine market.
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