PwC survey highlights new insights into the thinking of business leaders in the Channel Islands

For the first time, PwC's Annual Global CEO Survey has included responses from business leaders across the Channel Islands and they are revealed to be the most optimistic about the prospects for global economic growth, compared to leaders in other locations.

Amongst the broad range of other findings in the survey, the theme of which is ‘Embracing Reinvention,’ local business leaders indicated the following:

• 66% see lack of skills as the biggest challenge to business growth.
• More than half plan to take on extra staff during the coming year.
• 40% of local CEOs include performance-related pay linked to sustainability within their remuneration packages, further strengthening the Channel Islands’ reputation for good governance.
• Only one in eight business leaders in the Islands believe that their businesses will not be viable in ten years’ time, compared with the 40% global average. They are more confident about their own revenue growth prospects than both their international peers and CEOs globally.
• Most local business leaders expect the Channel Islands’ economies as a whole to improve over the coming year.
• A third of Channel Islands’ CEOs plan to make at least one acquisition in the next three years.
• Local CEOs struggle with the challenges of regulatory change, citing this as the joint second threat to growth alongside employee productivity and engagement.
• While most Channel Islands’ CEOs are optimistic about the value of AI in boosting productivity, they recognise the need to build shareholder trust in AI before they can deploy, scale up and realise its full potential.

Reviewing the Channel Islands’ Survey, PwC CI Senior Partner, Nick Vermeulen, said:

He also noted that emerging from the findings was the need for bold strategic thinking, as geopolitical shifts, solving the climate and nature crisis and emerging technologies such as Generative AI dramatically change how the local and global economy works.

Channel Island business leaders took part in the survey towards the end of last year, joining more than 4,000 worldwide including CEOs from Ireland, Luxembourg, Switzerland, Hong Kong and Cyprus, making it possible to make comparisons between IFCs.

Nick recommended that local business leaders conduct a robust and honest appraisal of how their operations, capabilities and business models need to change as technology and AI create both new opportunities and constraints and also to position businesses in the strongest position to capitalise on global opportunities for growth.

The full report is available at www.pwc.com/jg/en/publications/ceo-survey.html