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INFLATION remains a major concern for consumers and businesses will not hesitate to raise prices next year if it gets out of hand.
A total of 73% of global chief executive officers (CEOs) surveyed from industries such as food and beverage, manufacturing (73%) as well as retail and wholesale (62%) said they plan to raise prices in response to inflation.There is also no immediate end in sight to the supply chain issues in early 2022 and they are more likely to be resolved by the end of next year or in 2023.These were some of the findings of the recent YPO Global pulse survey on 1,700 CEOs from 101 countries across 44 industries. A total of 81% believes that economic growth will be strong in 2022 but not without a high level of uncertainty and volatility.
Thirty-seven per cent reported a 20% increase in revenue or more since the beginning of 2021, and only 17% said they saw a decrease of 10% or more since the beginning of the year, according to the report.
Hiring has picked up. But the global labour shortage issue continues to pose challenges for many companies. A total of 67% of the respondents said it is difficult to find employees for the general workforce and even executive hires.
Despite clear concerns over productivity, they know that flexible and remote work schedules will continue into 2022.
For next year, they believed that business leaders should focus on improving employee engagement and work culture/retention, explore alternative cash streams as well as protect existing cash flows. They should also prepare for the impact of inflation, plan for future supply chain issues and understand evolving customer needs.CLICK TO ENLARGE