Philippine CEO Survey 2024

Business in Five Movements: Wisdom, Passion and Inspiration Across Five Generations

September 2024

The year 2024 is shaping up to be an exciting one for business leaders in the Philippines, marked by resilience and growth.

CEOs

%

are confident about their industry’s prospects for the next 12 months

%

are confident that their company will experience revenue growth in the next 12 months

Philippine-based CEOs remain optimistic about their industry's prospects and revenue growth, despite global economic threats. However, they face two critical challenges in today's business landscape: managing a diverse, multigenerational workforce and adapting operations to remain relevant in a changing market.

The multigenerational workforce spans from the Silent Generation to Gen Z, each with unique characteristics as both consumers and employees. CEOs report that differences in management, leadership, and communication styles are the primary challenges when managing this diverse workforce. Business leaders face the task of harnessing each generation's unique strengths, from seasoned veterans to fresh talent. Their mission is to create a dynamic, inclusive workplace where diverse perspectives not only coexist but thrive—driving innovation and adaptability.

This challenge is compounded by the urgent need for business transformation. Nearly half (46%) of CEOs believe their companies may not be viable in ten years if they continue running on their current path. CEOs are taking proactive steps to address these concerns. They are diversifying revenue streams, investing in automation and AI, and prioritizing workforce upskilling. Generative AI, in particular, is seen as a transformative tool, with nearly 40% of CEOs already adopting it across their companies and 71% believing it will significantly change the way their companies create, deliver and capture value.

Our survey also found that 45% of CEOs are planning to make changes in their senior leadership in the next three to five years. Effective succession planning and robust governance structures are crucial for ensuring continuity and avoiding common pitfalls associated with leadership transitions. However, 23% of companies lack a formal succession plan, risking organizational continuity. Effective succession planning should develop talent at all levels, not just among top executives. It should also involve transparent communication and balance experienced leadership with fresh perspectives.

Effective succession planning, combined with proactive workforce management and digital transformation, will help companies navigate future challenges. This approach ensures that businesses continue to thrive and create value for stakeholders, setting new standards for organizational resilience and success.