Despite concerns about the economy, C-suite executives are more bullish about near-term revenue than they were a year ago, according to new research from Qualtrics (Nasdaq: XM). The vast majority of executives are concerned about inflation or a recession?or the combined effect of both?but still expect to increase their investments in technology and employee retention this year.
Qualtrics asked CEOs and other C-level leaders about their expectations for the next 12 months, managing through a recession, the effects of COVID on their business, and how their plans have changed since July 2021.
"During downturns, organizations have to focus intensely on what's most important," said Qualtrics CEO Zig Serafin. "Amid inflation and tough decisions about spending, the best leaders create a competitive advantage in understanding and swiftly acting on the needs, preferences, and interests of their customers and employees."
Key Insights
Business leaders are concerned about the economy, but optimistic about the future of their own companies
Executives are making financial decisions for the long-term
The majority of leaders believe COVID will impact their business into 2023 and beyond
|
2021 |
2022 |
Expect revenue to increase or increase significantly over the next 12 months |
76% |
83% |
Expect strong to very strong growth over next 12 months |
59% |
66% |
Overall, expect spending to increase or increase significantly |
76% |
85% |
Expect spending to increase or increase significantly on... |
|
|
...tech modernization |
72% |
73% |
...cybersecurity |
67% |
73% |
...staffing/retaining workforce |
62% |
72% |
...training/reskilling workforce |
64% |
70% |
...remote work support |
60% |
70% |
Expect the business impact of COVID... |
|
|
...will largely be over by the end of the current year |
39% |
44% |
...fundamentally changed how they do business |
42% |
38% |
...will still be impacting their business in the next year |
19% |
18% |
Customers will become more demanding in the next 3 months |
67% |
73% |
Employees will become more demanding in the next 3 months |
56% |
66% |
Methodology
This study was fielded in June 2022. Respondents were considered eligible if they are at least 18 years of age, employed full-time and a C-level executive, President or Founder. The total number of respondents was 535. Respondents who did not pass quality standards were removed.
About Qualtrics
Qualtrics, the leader and creator of the experience management (XM) category, is changing the way organizations manage and improve the four core experiences of business?customer, employee, product and brand. Over 16,750 organizations around the world use Qualtrics to listen, understand and take action on experience data (X-datatm)?the beliefs, emotions and intentions that tell you why things are happening, and what to do about it. The Qualtrics XM Platformtm is a system of action that helps businesses attract customers who stay longer and buy more, engage employees who build a positive culture, develop breakthrough products people love and build a brand people are passionate about. To learn more, please visit qualtrics.com.
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