Forbes CxO Growth Survey Stats
Forbes Design
NEW YORK – Feb. 11, 2021 – The Forbes 2021 CxO Growth Survey, a comprehensive look at how C-suite executives are charting a course for long-term, sustainable growth, reveals that C-suite executives are exceedingly optimistic their organizations will emerge from the pandemic stronger.
Revealed at Forbes’ CMO Next Summit today, the global study of 500 CEOs, CMOs, CIOs, CFOs and CHROs at companies with more than $1 billion in annual revenues also finds that executives are uniformly aligned around four key strategies for driving growth this year and next: accelerating digital transformation, enhancing the customer experience, investing in talent and sharpening their brand purpose.
While 71 percent of executives interviewed say it will take until 2022 for the U.S. economy to return to its pre-pandemic state, the overwhelming majority – 90% – are forecasting revenue and earnings increases over the next two years. Nearly 80 percent of executives said the pandemic revealed their organizational strengths and the vast majority are using the pandemic to “reset” their businesses. By a wide margin, they are prioritizing long-term growth over efficiency/cost-cutting measures (57%-43%).
The survey also sheds insight into how decisions are being made in the C-suite, with executives prioritizing the opinions of customers, other C-suite executives and employees – well ahead of investors, shareholders and boards of directors. This approach reflects the broader shift away from “shareholder capitalism” to “stakeholder capitalism.”
“For more than a century we’ve had our finger on the pulse of the world’s most-influential business leaders, and our CxO Growth Survey finds the C-suite more determined and committed than ever to working together and taking the long-view as they build back with resilience,” said Jessica Sibley, Chief Revenue Officer of Forbes. “They are driven by the desire to do right by their stakeholders and each other and are united in their belief that investing in people, technology and customer experience are the foundations for growth.”
Sibley added: “Culturally within their organizations, CxOs are prioritizing teamwork, quick decision-making, rapid employee communication and ensuring their brands deliver positive social impact.”
The CxO research arrives as Jenny Rooney, director of Forbes’ C-suite editorial communities, last week announced the launch of a broader CxO platform, a comprehensive editorial initiative spotlighting C-suite collaboration.
Over the next two years, the research found, more than 75% of CxOs plan to “double-down” on technology, investing in tools that enhance collaboration, strengthen cybersecurity strategies, accelerate cloud and data analytics. From a people perspective, CxOs are prioritizing improving employee-training programs, updating remote work policies and communicating more regularly with employees. Only 3% are considering reducing headcount.
Nearly two-thirds of CxOs say having a clearly defined purpose and demonstrating a positive societal impact are critically important, and 61% of CxOs say brand purpose is often the subject of C-suite meetings. Importantly, 93 percent of CxOs said their organization has prioritized diversity, equity and inclusion efforts, but only 57 percent have established a clear recruitment strategy to attract more diverse talent.
Forbes CxO Growth Survey Stats
Forbes Design
Among the specific functions of the C-suite:
· More than half (54%) of the CEOs surveyed say, when making decisions, they care most about the opinions and input of other C-suite executives, followed by customers (22%). Eighty-five percent said their decisions increasingly prioritize long-term interest over the short-term demands of shareholders/investors.
· CMOs, with support and backing from their colleagues in the C-suite, are a driving force in the transformation to a data-driven organization. Marketers say digital transformation is the #1 factor that will drive future growth for their organization, followed closely behind by improving customer experience. The CMOs surveyed said customers care most about superior service, product innovation and product availability.
· More than 70% of CIOs increased investments on technologies to improve the customer experience and drive digital transformation. The top concerns of CIOs are cybersecurity, followed by data management and governance. They are focused on attracting tech- and data-savvy talent but only 57% said their organization has an active strategy to attract and retain data-literate talent.
· Ninety-three percent of CFOs are at least somewhat confident about their organization’s post-pandemic recovery over the next two years and are increasing spending in key areas, including customer experience, technology and R&D/product development.
· More than 90% of CHROs have increased spending on employee wellness and benefits and are now working to make big changes to company policies to promote wellness and support retention – allowing for more work location flexibility, modifying health coverage and sick-leave policies or adding counseling or mental-health resources.
Forbes’ New CxO Editorial Platform
The CxO editorial platform showcases the unprecedented connection and cooperation among leaders as they work together to navigate economic and societal challenges and pivot their organizations for growth.
It draws upon the deep editorial coverage of Forbes’ industry-leading CEO, CMO, CIO and CFO Networks and features: thoughtfully reported analysis; the Forbes CxO Newsletter; proprietary research from the CxO Growth Survey, and a new CxO-focused video series called “Forbes CxO Nexus,” developed in association with the Association of National Advertisers (ANA) and the Global CMO Growth Council.
“Radical digital transformation is happening at breakneck speed,” Rooney said, “and business growth depends upon each member of the C-suite aligning around common goals, priorities and incentives to drive tangible outcomes for their organizations. Our new CxO platform builds upon the deep coverage we deliver through our CEO, CMO, CIO and CFO networks and is aimed at spotlighting how the C-Suite is working together to build a more resilient future.”
Each month, Forbes reaches more C-suite executives than any other major business media outlet and delivers in-depth coverage of the C-suite through its CEO, CMO, CIO and CFO networks, as well as through its Small Business, ForbesWomen, For(bes) The Culture and Under 30 communities.
About Forbes
Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most-influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 140 people worldwide every month through its trusted journalism, signature LIVE and Forbes Virtual events, custom marketing programs and 32 licensed local editions in 71 countries. Forbes Media’s brand extensions include real estate, education and financial services license agreements. For more information, visit the Forbes News Hub or Forbes Connect.
