Competition, the health of the global economy and attracting and retaining the best talent top the list of threats to business success for senior executives at some of the world’s largest companies, according to a survey released by Accenture.
The survey of more than 850 C-suite executives in the United States, United Kingdom, Italy, France, Germany, Spain, Japan and China also found that the pace of globalization has increased over the past year, when Accenture conducted a similar survey. Specifically, executives reported that their companies’ global reach has grown in terms of the suppliers they use, their own employees, their office locations and their customers.
According to the findings, executives perceive the top five threats to business success as competition (cited by 73 percent of executives), the health of the global economy and the inability to attract and retain the best talent (67 percent each), company reputation (62 percent) and the inability to develop new products and services (51 percent).
These same issues topped the list of threats cited in a similar survey that Accenture conducted in 2005. The one issue that has increased in importance, however, is that of talent, which was cited by 60 percent of executives in 2005 and rose to 67 percent in the new survey.
Globalization is raising a number of concerns among the executives surveyed. More than half (56 percent) said they are concerned or very concerned about the impact of the global economy on business. Respondents also expressed concerns about their ability to maintain a common corporate culture (cited by 54 percent), as well as service remote customers effectively and understand local ways of doing business (52 percent each). One in five (21 percent) said their organizations are not adequately equipped to succeed as global enterprises.
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