38% of business leaders expressed worry about an impending recession
According to a recent report released by executive search firm Boyden, the primary external risk that concerns businesses is the looming threat of a recession. Simultaneously, internal challenges are dominated by the issue of employee burnout. The survey, which included 1,000 senior executives from various industries worldwide, revealed that 38% of business leaders expressed worry about an impending recession, while 24% identified employee burnout as a significant risk.
Despite the growing concerns surrounding a potential recession, the report uncovered that not all business leaders are adequately prepared. Alarmingly, 38% of leadership teams admitted to being somewhat or not at all ready for an economic downturn. Additionally, 35% lacked confidence in possessing the right talent to support their strategic objectives.
Interestingly, the study also highlighted the perspective of board-level respondents, who regarded human capital as the primary driver of organizational growth. Approximately 44% of these individuals acknowledged the need to enhance their own skills in artificial intelligence, robotics, and machine learning. In anticipation of a potential recession, 33% of board-level respondents reported increased engagement between the leadership team and the board.
“The board-level focus on talent is an ongoing reflection of the deeper engagement of the board in day-to-day business as leaders and organizations strive to adapt in real time,” explained Chad Hesters, President and CEO of Boyden. “This, combined with the integration of digital capabilities and strategy, has accelerated the pace of change, highlighting the necessity for digital fluency at all organizational levels.”
Regarding growth prospects, the report revealed that 77% of global business leaders expressed high levels of confidence in their organizations’ potential for success. However, 41% acknowledged the need to bolster their skills in AI, robotics, and machine learning to achieve growth. Furthermore, 35% lacked confidence in their ability to acquire the necessary talent to align with their strategic goals.
Boyden conducted the survey during this quarter, collecting insights from senior executives across diverse industries on a global scale.