As we have observed through our partnerships with various companies, many businesses in Asia are grappling with the question of how to remain resilient in a rapidly evolving economic landscape. The very cornerstones of our business foundations are being rocked by global forces such as climate change, technological advancements, demographic shifts, political fragmentation and growing social instability. It is no surprise that a PWC survey from 2023 found that nearly 40% of CEOs are uncertain about their company’s future viability if they continue on their current trajectory.
In response to this uncertainty, many CEOs are turning to strategies such as cost reduction and revenue growth to maintain competitiveness. However, it is important to recognise that these solutions alone may not be sufficient in the face of the complex challenges of the 21st century.
As such, an increasing number of CEOs are recognising the need for upskilling and reskilling their workforce, with 79% of CEOs investing in employee development in 2023. This may include training in areas such as artificial intelligence, software development, communication, change management and other relevant skills that will be in high demand in the coming year. By investing in the professional development of their employees, companies can equip them with the skills and knowledge necessary to navigate an ever-changing market and contribute to the growth of the company.
Overall, investing in the development of your workforce is crucial for the long-term viability and success of your company in this rapidly evolving business environment.
