On 1 June, PwC Azerbaijan released its 3rd Annual CEO Survey in Azerbaijan. PwC Azerbaijan's CEO Survey is a part of PwC’s Annual Global CEO Survey introduced at the World Economic Forum, in Davos for the past 22 years. The CEOs of 80 private and public companies from all the key industries in Azerbaijan participated in the survey and shared their insights on growth, challenges, upskilling and many more. The survey was conducted before COVID-19 outbreak, and we realise that CEOs' insights on some issues may have changed just in a couple of months. At the same time, CEO's preserve their position on fundamental issues impacting business, such as economic growth, geopolitical uncertainty and upskilling.
Despite existing challenges in the global marketplace, Azerbaijani CEOs still display a certain level of optimism for their organisation’s growth prospects. Yet despite the confidence in their ability to grow their businesses, CEOs are well aware of the variety of challenges—internal and external— that can derail their growth plans. For 37.18% of local CEOs the exchange rate volatility remains the top threat, but the concern is also rising over geopolitical uncertainty with 32.47%, as well as tax burden and uncertain economic growth with 23.38%.
Our CEOs recognise that transformation will require an investment in people - moving beyond reduction and using upskilling to improve efficiency and enhance the working experience. As a result, only 5% of CEOs intend to reduce their workforce, while 26% of CEOs have made progress in establishing an upskilling program which develops a mix of soft, technical and digital skills. One indication that Azerbaijani business leaders are keen to invest in fast evolving industries is that 58% of CEOs prefer to invest in technology, media and telecommunications. 82.5% of CEOs plan to make operational efficiencies over the next 12 months to improve performance and drive revenue growth.
PwC Azerbaijan has conducted 80 interviews with the CEOs of significant entities in both private and public sectors. The interviews were conducted mostly online, followed by face- to-face meetings. The interviews were spread across a range of industries. All interviews were conducted on a confidential basis. 18% of responding companies had revenues of $101-$999 million; 72% of companies were publicly listed; 54% of companies were operating for 11-25 years.
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Download the report at:https://pwc.to/2LIrjNI