Market growth, along with cybersecurity, adapting to the digital environment and leadership development have become the key business concerns for the immediate future, according to more than 1000 senior executives in a survey by Financial Times | IE Business School Corporate Learning Alliance (www.ftiecla.com).
These findings come from this yearâ€™s Pulse Report, a major leadership study conducted among C-Suite executives, HR and Learning & Development professionals working across multiple business sectors in 13 countries. These cover Western Europe, the Middle East and Japan.
While the top three business priorities for 2018 were cybersecurity, the accelerating impact of digital disruption and market growth, looking further ahead senior executives foresee organisational change, adapting to external environments and using Big Data in smart, unique ways as key challenges for 2019 to 2021.
The current preoccupation with cybersecurity as the dominant business concern appears to be diminishing, though only slightly. It is still seen as major issue for the future, allied to the need for the effective and secure use of the increasing amounts of Big Data that is becoming available to organisations.
Using Big Data
This year, the surveyâ€™s results revealed a change in focus towards digital issues â€“ including cybersecurity and the use of big data – especially since the introduction of the General Data Protection Regulation (GDPR) in the EU has highlighted the responsibility that companies have for the safe and ethical use of data.
In 2018, the central priority for senior professionals is cybersecurity but, looking further ahead, survey respondents believe that using big data in smart and unique ways will become more important to organisationsâ€™ commercial wellbeing and success.
The survey reveals that senior professionals regard organisational change as a top priority over the next few years â€“ with over a fifth of those questioned saying this will be a challenge in the coming three years. Overall, survey responses show that internal efforts are being considered to navigate external sea changes to ensure organisations can compete and thrive in the face of new business environment realities.
Moreover, from the results of this yearâ€™s survey, it appears that senior professionals recognise the importance of their people on the path to growth and future success. They understand that, to succeed, there is a need to attract, retain and shape qualified talent into the leaders of tomorrow.
Adapting to external environments
Senior professionals say they are unclear about what various geopolitical issues, attitudes and decisions will mean for their businesses. This view was not confined to businesses in Europe worried about the future direction of the European Union (EU) as well as the ramifications of the Trump political era.
Executives around the world were concerned about the heightened level of policy uncertainty â€“ particularly regarding trade, financial market disruptions, tighter global financing conditions and other risks, along with increasing protectionist tendencies and slower potential growth.
For the last three years, this annual study has also explored respondentsâ€™ attitudes to leadership development and what executive education can bring to business strategy.
â€œAmong the key results of this yearâ€™s Corporate Learning Pulse survey were that, rather than seeking to invest in skills development for its own sake, organisations now want to prepare their leaders to meet the specific challenges facing modern business,â€ believes Gustaf NordbÃ¤ck, CEO of FT | IE Corporate Learning Alliance.
â€œWeâ€™re seeing a profound change in companiesâ€™ concerns in all areas â€“ not just executive education,â€ he adds. â€œItâ€™s part of senior executivesâ€™ reactions to todayâ€™s volatile, uncertain, complex, and ambiguous (VUCA) world.
â€œThose whoâ€™re leading change in this VUCA world â€“ and influencing others to achieve this change effectively â€“ need to embrace a mindset of continuous learning and constantly need to develop and improve their leadership skills. This is the key to organisational success today â€“ and developing these attitudes and skills involves the whole range of executive education programmes.â€
The 2018 Corporate Learning Pulse survey is the third in a series of annual surveys of C-suite executives, HR and L&D professionals. The report is available at http://go.ftiecla.com/pulse2018
About the Pulse Report
This yearâ€™s Pulse Report is the third in a series of annual surveys of C-suite executives, senior managers, HR and L&D professionals in a range of 13 countries covering Western Europe, the Middle East and Japan. The 2016 survey encompassed some 600 business leaders across Europe. The 2017 survey, of some 939 executives, gathered opinions from Europe, the Middle East, Japan and China. The 2018 survey, encompassing 1032 executives from medium to large companies, was conducted in partnership with Research Now Inc between 1 April and 10 May 2018.
About Financial Times | IE Business School Corporate Learning Alliance
FT | IE Corporate Learning Alliance was formed in 2015 in response to growing calls for more flexible, practical, relevant and timely corporate learning. A joint venture of the Financial Times and IE Business School, it brings world-renowned business information and journalism, leading academic faculty and a global network of educators to co-create customised corporate learning and leadership development programmes in multiple languages, to almost any sector, anywhere in the world. Through expert learning frameworks, innovation and technology, it focuses on achieving measurable learning outcomes.Â www.ftiecla.com
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