By Jessie Peng
The Worldcom Public Relations Group, of which The Pollack Group is a 20+ year agency partner, recently released its latest Worldcom Confidence Index (WCI), offering an insightful analysis of global leaders’ sentiments around critical issues in the economy, technology, and management.
Here are the key takeaways from conversations among global CEOs and CMOs.
Significant Declines In Engagement Around ESG, DEI, and Customer Satisfaction
Compared with April, the September 2022 WCI revealed concerning potential risks related to significantly lower engagement in topics, including
– Environmental, Social, and Governance (down 28%)
– Diversity, Equity, and Inclusion (down 18%)
– Customer Satisfaction (down 21%)
These declines are probably a result of the deteriorating global economy, as many company leaders need to prioritize more urgent issues to survive the financial winter. However, if left uncorrected, the lack of attention to these crucial topics can lead to a worsened corporate image in front of customers, investors, and the public, which will eventually be reflected in the bottom line.
During a recession, despite tighter budgets due to cost-saving considerations, it is advisable for leaders to maintain a consistent investment in communications to help strengthen mutual trust.
Increased Focus On AI Indicates Willingness To Innovate Amid Turbulent Economy
With a worsened global financial outlook, CEOs and CMOs continue exploring disruptive technologies, especially Artificial Intelligence (AI). As a result, their engagement around AI-related topics has gained the second-largest increase since April, rising to the fourth most trending subject on the list. The potential of AI can explain such a boost in interest: it can transform the day-to-day for various industries by saving costs, increasing accuracy and efficiency, facilitating communication, and reducing human labor, to name a few. In addition, innovative solutions may provide timely assistance for businesses to navigate difficult times and gain a competitive edge.
Growing Interest In Attracting Talent Reveals Emphasis On New Skills
Regarding human resources, the 8% increase in interest in attracting talent, the most significant rise of any top ten topics, juxtaposed against a 17% decrease in interest in retaining talent compared to April 2022. The difference can be explained by employers’ stronger eagerness to acquire new skills in response to challenges brought about by the recession.
To learn more about the Worldcom Confidence Index, visit here.