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UK chief executives see implementing Generative AI (GenAI) as a possibility to vary the character of labor and create extremely expert workforces with out lowering the variety of jobs available in the market, in accordance with KPMG’s tenth annual CEO Outlook survey. KPMG surveyed greater than 1,300 CEOs around the globe – 150 within the UK – in July and August, revealing that two thirds of UK CEOs (65 p.c and 76 p.c globally) see GenAI as a constructive disruptor with 68 p.c (65 p.c globally) agreeing that GenAI stays a high funding precedence.
The vast majority of UK chief executives (71 p.c and 76 p.c international) mentioned GenAI won’t essentially affect the variety of jobs available in the market, as an alternative present jobs could possibly be redeployed, and the brand new tech is anticipated to allow upskilling. An additional third mentioned it is going to create extra jobs. This perception is replicated throughout the broader inhabitants of CEOs across the globe.
And whereas UK chief executives see GenAI as a possibility, they see cyber safety as the principle danger to development over the subsequent three years – a danger that wasn’t even high three final 12 months.
The talk about hybrid working continued for chief executives, with 83 p.c of UK bosses (additionally 83 p.c globally) believing there shall be a return to pre-pandemic methods of working (in-office) throughout the subsequent three years, up from 64 p.c in 2023. Whereas 81 p.c (87 p.c globally) say they’re more likely to reward workers who come into the workplace, up considerably from 56 p.c in 2023.
UK bosses are evenly cut up by way of prioritising funding in abilities (49 p.c) and capital funding (51 p.c), whereas the variety of workers retiring and not using a expert workforce to interchange them with is the most important challenge for nearly a 3rd (30 p.c) of UK CEOs in relation to workforce administration.
Whereas encouragingly 75 p.c of CEOs within the UK are nonetheless upbeat about their corporations’ development prospects, this has seen a slight drop from 77 p.c final 12 months. Enterprise leaders surveyed additionally revealed they’re much less assured within the development of the UK’s economic system in comparison with final 12 months (79 p.c down from 83 p.c), with this confidence dropping to 70 p.c when contemplating international financial development (down from 73 p.c final 12 months).
Financial uncertainty and embracing new tech are the challenges chief executives face at present, whereas cyber safety and provide chain points pose the best menace over the subsequent three years – dangers that weren’t high of thoughts final 12 months.
Regardless of these issues, over the subsequent three years a 3rd of UK CEOs mentioned they count on their headcount to extend between 6-10 p.c (34 p.c UK and 31 p.c international) with M&A exercise and natural development driving their methods, alongside funding in GenAI.
Local weather change and the setting dropped out of the highest three dangers for UK CEOs in 2024, having been the second highest danger in 2023.
Solely 55 p.c of UK chief executives (51 p.c international) are assured that they may meet their Web Zero objectives by 2030, with the complexity of decarbonising provide chains (31 p.c UK and 30 p.c globally) cited as the best barrier to attaining these ambitions, adopted by lack of acceptable expertise to assemble and analyse knowledge (21 p.c UK and 16 p.c international).
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