Cyber threats have surged to the forefront of business concerns for UK CEOs.
The findings from PwC’s 21st annual CEO Survey, disclosed at the World Economic Forum, reveal a landscape fraught with challenges and opportunities.
Cyber Threats as the Foremost Business Concern
Cyber threats have emerged as the most pressing concern for UK CEOs, according to PwC’s 21st annual CEO Survey released at the World Economic Forum. The report identifies significant business challenges stemming from the increasing frequency and sophistication of cyber-attacks.
Kevin Ellis, chairman and senior partner of PwC, indicated that despite solid confidence levels among UK CEOs, there is a “big dose of realism about the challenges ahead.” UK business leaders are preparing to tackle issues related to Brexit uncertainty, regulation, the availability of skills, and cyber threats.
Impact of Emerging Technologies
A substantial 69 per cent of UK CEOs acknowledge that emerging technologies, such as artificial intelligence (AI), blockchain, and robotics, will disrupt their operations over the next five years. This recognition underscores the need for organisations to adapt to technological advancements to maintain competitiveness in the market.
Notably, the survey highlighted that 83 per cent of UK CEOs prioritise attracting and developing the right talent, a figure slightly higher than the global average of 80 per cent. These leaders are focusing on ensuring their workforce possesses the necessary digital skills to thrive amidst these technological changes.
The Skills Gap Challenge
The survey revealed that 62 per cent of UK CEOs believe their current workforce lacks sufficient digital skills, a significant barrier to leveraging new technologies effectively.
Additionally, 77 per cent are enhancing compensation and benefit packages to attract individuals with the desired digital capabilities. Furthermore, 53 per cent of CEOs are concerned about the general availability of skills, emphasising the importance of upskilling current employees.
Apprenticeships and Internships as Solutions
To address the skills gap, 63 per cent of UK CEOs are utilizing or planning to utilize apprenticeships and internships to cultivate their workforce. These initiatives are not just about filling immediate needs but are aimed at developing the skills required for future business demands.
PwC’s Ellis noted, “Disruption from emerging technology is now a fact of life,” compelling business leaders to consider the implications of the fourth industrial revolution on their operations and employees.
Balancing Short-term and Long-term Challenges
UK business leaders are concurrently navigating the short-term demands of managing costs and driving business growth while preparing for long-term challenges presented by emerging technologies.
Ellis emphasized the importance of collaborative efforts between businesses and the government to equip current and future employees with skills that keep pace with technological advancements.
Modernising the Workplace
In response to these challenges, many CEOs are modernising their working environments through initiatives such as flexible working arrangements and continuous learning and development programmes.
Ellis further highlighted that by taking the lead and innovating, UK CEOs could significantly enhance the nation’s competitive edge on the global stage.
Conclusion
In summary, cyber threats and the evolving technological landscape are at the forefront of business concerns for UK CEOs. Addressing these challenges requires a multifaceted approach involving skill development, modernisation of workplaces, and strategic planning. The collaborative efforts of businesses and government will be pivotal in ensuring the UK remains competitive.
Cybersecurity and technological advancements are dominant issues for UK business leaders.
A comprehensive strategy encompassing skill enhancement and workplace modernisation is crucial to navigate these challenges effectively.