A pair of surveys conducted by KPMG LLP show that Canadian CEOs are feeling the pressure to deliver on environmental, social and governance (ESG) commitments. They are also predominantly concerned with finding new ways to boost their respective organization’s profitability.
Among the largest companies surveyed, 83 per cent said they were confident in the Canadian economy, and 76 per cent said they remain confident in their organizations’ three-year plans. That said, they add that 76 per cent also said they feel under more pressure to ensure the long-term prosperity of their businesses.
SMEs more optimistic
Small and medium-sized businesses, meanwhile, were more bullish about their three-year plans: 92 per cent were optimistic about these and 88 per cent were optimistic about the Canadian economy. They add that 86 per cent say they are also feeling the pressure to ensure the long-term prosperity of their company.
“They’re now feeling the growing pressure of leading their organizations,” says Benjie Thomas, CEO and senior partner with KPMG in Canada. “They are aggressively looking for ways to improve their company’s productivity, optimize revenue, take advantage of new technologies like generative artificial intelligence (AI) and become cyber-proof, trade-proof and inflation proof.”
Return to the workplace
Return to the workplace plans are where small and large company CEOs diverge most notably in their opinions: 83 per cent of Canadian CEOs now expect a full return-to-office within the next three years. This is up sharply from the 55 per cent who said the same thing in 2023. “Further, 90 per cent say they are likely to reward employees who make an effort to come into the office, with favourable assignments, pay raises or promotions, up from 77 per cent last year,” they state.
Among small company leaders, conversely, 20 per cent said they expect a return-to-office in the next three years.
ESG concerns, they say, remain as CEOs biggest operational priority. “Although it’s become a regular part of doing business, ESG best practices are not fully embedded into the DNA of most organizations,” they write.