The KPMG 2023 India CEO Outlook report has revealed that 89 percent of CEOs in India compared to 87 percent of CEOs globally are likely to reward employees, who try to come to office with raises, promotions and favourable assignments.
Compared to 64 percent of CEOs globally, more than 50 percent of CEOs in India envision the working environment for employees to be an in-office model in three years, despite debates over millennials preferring hybrid work mode.
The survey involving more than 1,300 CEOs across the world, including 125 Indian CEOs also revealed that geopolitics and political uncertainty have become the leading perceived risk this year for senior executives – concerns that didn’t even make the top three of the five risks in 2022, according to the KPMG report.
“That said, the confidence of CEOs in India in terms of growth prospects for the global economy over the next three years has increased considerably to 69 percent in 2023 from 57 percent in 2022, demonstrating optimism and a strong resilience towards a long-term growth trajectory,” the report stated.
“CEOs in India are facing challenges and obstacles to growth on multiple fronts – from geopolitical uncertainty and politicisation to increased stakeholder expectations in the ESG space and the adoption of generative AI. Even though leaders in India, are having to deal with macroeconomic and geopolitical challenges right now, they are positive about the growth prospects of the global economy as well as their organisation, which is very reassuring. There’s general optimism, that we can, in time, gradually return to long-term sustainable growth,” said Yezdi Nagporewalla, Chief Executive Officer, KPMG in India.
The level of confidence of CEOs in India in their own company’s growth prospects too has remained mostly unchanged from the past year, coming at 71 percent in 2023 compared to 72 percent in 2022. Even though CEOs in India see a slight decline in growth prospects for the country in 2023 from 2022 levels, they exhibit enough resilience to recover in the short term.
However, globally, there has been declining confidence among CEOs (77 percent in 2023 compared to 85 percent in 2022), indicating their resilience in weathering the storms of uncertainty, the KPMG CEO Outlook report 2023 found.
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