Speeding Digital Transformation Among Coronavirus' ‘Key Legacies’: CEOs
CEOs entered Q4 “significantly more upbeat” than earlier in 2020, reported The Conference Board Tuesday. Asked about “talent shortages,” nearly two-thirds canvassed Sept. 17-30 anticipated few, if any, problems attracting qualified workers, it said. “Uncertainty around the pandemic -- and…
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its aftermath -- remains a risk to Q4’s newfound optimism.” Hiring plans cooled in Q3, “and the potential for layoffs remained, with one-third of CEOs saying they anticipate reducing their workforce over the next 12 months,” said the board. “Slower economic growth and demand translated into smaller wage gains and potential pay cuts,” with 21% of CEOs foreseeing no increase in their employees’ wages and 5% saying they may reduce wages, it said. “Expectations were that this is temporary, and wages will be on a much better trajectory beyond the next 12 months.” When asked to predict the pandemic’s most important long-term impacts, more than eight in 10 corporate chiefs said accelerating digital transformation would be among COVID-19's “key legacies.”