Lacking trust

CEOs concerned over responses to economic issues

Chief executive officers (CEOs) around the world continue to have very little trust in some public sector agencies and major concerns regarding over-regulation and governments’ responses to fiscal deficits.

And while CEOs are confident that the global economy will rebound over the next 12 months, they remain concerned about governments’ lack of response to priority areas.

These findings were noted in the PricewaterhouseCoopers (PwC) 17th annual Global Survey – Government And The Global CEO: Fit For Their Futures.

The survey, which was conducted during the last quarter of 2013, saw approximately 1,344 CEOs in 68 countries, and 45 governments taking part.

It also showed that there were concerns that greater use of technology was needed.

The only participation in the survey from the region came from the Governor of the Central Bank of Barbados Dr DeLisle Worrell but presenting an overview of the findings contained in a 44-page document, Oliver Jordan, engagement leader at PwC, said the survey was relevant to the region.

Oliver Jordan
Oliver Jordan

Jordan said in response to the findings governments and public sector organizations should respond in three key ways: deliver growth through collaboration, restore trust through engagement and address the fiscal deficit and focus on the needs and wants of society through digital transformation.

“Perhaps the most striking finding for governments from our research on innovation is that of the 1,757 companies surveyed internationally, just under half take advantage of any form of government funding for innovation or tax incentives. This raises the question as to whether government funds devoted to innovation have been directed to the best effect, and suggest that businesses are not so much looking for funding and tax breaks but creating the right environment for innovation through collaboration,” he said.

In his contribution chairman of the Barbados Private Sector Association Alex McDonald shared the view that the global situation was a mirror of what was taking place in Barbados.

Alex McDonald
Alex McDonald

“If you didn’t feel that we live in a global village, the survey really speaks to the fundamentals of what we have been saying even locally,” said McDonald.

“The private sector that we have is well plugged in and its thought leadership is comparable to that of the rest of the world. Its fears and its concerns are also comparable to the rest of the world. And the implication is that we must be therefore a connected set of interests, sharing the same fate and partaking of the same hope that we have so many things to fix in a world that has gone out of kilter in the last ten years,” added McDonald.

It was noted, however, that the survey did not address the area of training, issues relating to trade unions, as well as health and wellness of the workforce.

Officials also agreed that a similar survey should be conducted locally.

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