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1、KPMG 2024 CEO Outlook:The private company perspectiveKPMG.Make the Difference.KPMG I leaders of private companies today do not have it easy.Even as they juggle with the impact of economic uncertainties and geopolitical tensions on their companies,they are also looking at how best to use innovative t

2、echnologies like generative artificial intelligence(Gen AI)to improve their business operations,how to respond to evolving workforce dynamics so they have the talent they need to succeed,and how to use their environmental,social and governance(ESG)strategy to make a difference in ways that matter to

3、 their people and customers.Despite these sometimes competing priorities,many CEOs of private companies remain confident about their growth prospects over the next three years,with a quarter expecting mergers and acquisitions(M&A)to be their most important growth strategy.They are also putting a maj

4、or focus on people,prioritizing their employee value proposition so that they can attract and retain top talent,while also considering how to train and upskill their people so they can embrace Gen AI safely.In the KPMG 2024 CEO Outlook:The private company perspective,we highlight the views of the 37

5、6 CEOs of private companies from eleven major jurisdictions around the world,and representing a variety of sectors ranging from banking and capital markets to industrial manufacturing that took part in the survey we conducted to inform our outlook.I hope you find the insights of these global leaders

6、 on the top of mind issues affecting private companies today useful as you look to navigate your own organizations path to growth.If youd like to discuss any of these findings in more detail,please contact a KPMG advisor in your area.Global Head of KPMG Private Enterprise,KPMG International and Head

7、 of KPMG Private Enterprise,KPMG in the USConor MooreKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureMethodologyForewordKPMG 2024 CEO O

8、utlook:The private company perspective2 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Executive summaryGlobally,privately held companies are standing in the middle of some seismic shifts,with chan

9、ging winds coming at them from all directions.Geopolitical complexities and tensions are increasing the risks associated with expansion and making it more difficult to manage global supply chains.High interest rates are making financing options more expensive.Economic uncertainty is causing consumer

10、s and businesses to tighten their spending,putting pressure on organizations to get more out of any capital that they spend.Beyond these macroeconomic factors,private companies are also facing extraordinary levels of pressure to change their business models and operations.AI and Gen AI are reshaping

11、 how businesses work and engage with customers,and at the same time,driving up cyber security risks.ESG issues continue to drive changes as companies look to pay sustainability more than just lip service in order to attract and retain customers and skilled employees.Managing talent in this era of wi

12、despread technology and social change is also fast becoming a critical challenge.The scarcity of talent with high-demand skillsets is making it difficult for private companies to recruit the people they need to embrace the future of business,particularly on the AI and Gen AI front.Some private compa

13、nies,family businesses in particular,are also juggling the question of how best to upskill their employees so that they can leverage new technologies and tools effectively.In our KPMG 2024 CEO Outlook,we shared insights gathered from 1325 CEOs from around the world on major issues affecting the busi

14、ness environment today,including the strategies and actions they are undertaking to ensure they are well-positioned to achieve their growth objectives in the years to come.But private companies from fast-growing startups to well-established private enterprises and family businesses have unique oppor

15、tunities and challenges compared to their publicly traded counterparts.In this private company perspective,we look at the issues that matter most to private companies and what they are doing to set their organizations up for success.Key findingsAccelerating innovation and navigating Gen AIEconomic o

16、utlook and business confidenceEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyExecutive summaryKPMG 2024 CEO Outlook:The private company perspective3 2024 Copyright owned by one or more of the KPMG International entities.KPMG Inte

17、rnational entities provide no services to clients.All rights reserved.Key findingsof private company CEOs are confident in their businesss growth prospects.say the biggest impact of their ESG strategy over the next three years will be related to building their customer relationships and positive bra

18、nd recognition.31%62%of private company CEOs say that,despite economic uncertainty,Gen AI is a top investment priority for their organization.Onlyof CEOs feel well-prepared for a cyber-attack.38%undertake acquisitions that will have a significant impact to their organization over the next three year

19、s.say that it is likely their company will45%74%would be willing to divest a profitable part of their business if it was damaging their companys reputation.60%believe progress on diversity and inclusion is moving to slowly in the business world.Economic outlook and business confidenceAccelerating in

20、novation and navigating Gen AI39%57%believe their employees currently have the right skills and capabilities to leverage Gen AI effectively,although feel equipped to upskill them effectively.OnlyEvolving workforce dynamics33%of private companyCEOs say the workforce factorwith the biggest impact on t

21、heir organization today is the number of employees retiring coupled with a lack of skilled workers to replace them.Future landscape of ESG strategiesof private company CEOs say that theyve kept the same ESG strategy,but have adapted their communications to meet changing stakeholder demands.71%68%Sou

22、rce:KPMG 2024 CEO Outlook:The private company perspectiveAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyKey findingsKPMG 2024 C

23、EO Outlook:The private company perspective4 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Economic and geopolitical uncertainties remain a critical challengeMost private companies today are naviga

24、ting more adverse economic conditions than they have weathered in recent years.While many hoped that the economic headwinds would stabilize or calm in 2024,this hasnt yet been the case.The absence of a significant market rebound likely reflects the continued economic and geopolitical uncertainties p

25、ermeating the globe.On the macroeconomic front,the extended high interest rate environment has left consumers feeling the pinch of higher costs and trimming their discretionary spend,while many businesses have been prioritizing cost-cutting and finding efficiencies given the high cost of capital.Whi

26、le a number of jurisdictions have started to make cuts to their interest rates,these cuts have been quite measured;as such,major cuts will likely take time to materialize.From a geopolitical perspective,the ongoing war in the Ukraine,the conflict in the Middle East,trade tensions between countries,a

27、nd the rush of key elections in major jurisdictions during 2024 has also made it challenging for private businesses to navigate paths to growth.Given this myriad of challenges,its not surprising that CEOs of private companies identify economic uncertainty and geopolitical complexities as the two big

28、gest challenges their companies face at the moment.The race to embrace and embed Gen AI and other technologies within their organizations comes a close third,likely driven by the desire of businesses to find ways to improve their operational efficiency.Five challenges top of mind for private company

29、 CEOsEconomic outlook and business confidenceSection 1Geopolitical complexities 45%Competition for talent29%The race to embrace and embed Gen AI and other technologiesEconomic uncertainty41%51%The growth prospects or challenges of your organization38%Source:KPMG 2024 CEO Outlook:The private company

30、perspectiveKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyEconomic outlook and business confidenceKPMG 2024 CEO Outlook:The private company perspective5 20

31、24 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.CEOs remain confident in growth prospects Despite the complexity of challenges vying for their attention,68 percent of private company CEOs voiced confi

32、dence in their businesss growth prospects over the next three years.While confidence was down slightly compared to previous years,the number itself is reasonably positive despite lagging behind the confidence of their public company counterparts(79 percent).This may reflect CEOs coming to terms with

33、 the idea that uncertainty has become a constant within the business environment;rather than wait the uncertainty out,they are working to make their companies more agile so that they can respond to changing market factors even as they set their sights on growth.On the growth front,more than a quarte

34、r of CEOs of private companies rank M&A as the most important strategy for achieving their growth prospects over the next three years,while 23 percent say organic growth,and 19 percent say strategic alliances with third parties.When asked about their top operational priority related to achieving the

35、ir growth prospects,19 percent of private company CEOs mention focusing on their employee value proposition to attract and retain top talent,while 18 percent say advancing digitalization and connectivity across their business,and 16 percent say focusing on the execution of their ESG initiatives.Most

36、 important strategy to achieve growth over the next three yearsMost important operational priority to achieve growth over the next three yearsM&A Organic growth Strategic alliances with third parties Outsourcing Gen AI Joint venture7%11%14%26%23%19%Employee value proposition to attract and retain th

37、e top talent19%Advancing digitization and connectivity across the business 18%Execution of ESG initiatives16%Understanding and implementing Gen AI across the business,including upskilling of the workforce and streamlining processes 10%Inorganic growth10%Organic growth9%Inflation proofing capital and

38、 input costs8%Source:KPMG 2024 CEO Outlook:The private company perspectiveSource:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the

39、 futureForewordMethodologyEconomic outlook and business confidenceKPMG 2024 CEO Outlook:The private company perspective6 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Strong appetite for M&A could

40、 see deals activity on the horizonWith M&A identified as a key avenue to growth,it is not surprising that appetite for M&A activity over the next three years is quite high.Forty-five percent of private company CEOs say they are likely to undertake acquisitions that will have a significant impact on

41、their organization a significant percentage.An additional 38 percent say they would likely make acquisitions,but with a more moderate impact on their operations.Only 17 percent suggested that it was unlikely that they would not make any acquisitions at all.M&A appetite over the next three yearsHigh

42、Moderate Low 45%38%17%The reality is theres a limited amount of capital that companies have to grow right now and the money that they can get is still expensive.With uncertainty still very high,private companies are acting cautiously to make certain that the money they are spending is purposeful.Whi

43、le the appetite for M&A is growing,companies will likely evaluate any potential deals quite carefully to determine whether they can get the value they want given the current business environment.”Conor Moore Global Head of KPMG Private Enterprise,KPMG International and Head of KPMG Private Enterpris

44、e,KPMG in the USSource:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyEconomic outlook and business co

45、nfidenceKPMG 2024 CEO Outlook:The private company perspective7 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Top 3 risk for private and publicly traded companies Cyber securitySupply chainOperatio

46、nal issuesGeopolitics and politicaluncertainty12%16%12%12%12%13%14%14%Private companies Publicly traded companiesCyber security,supply chain and operations issues seen as the biggest threatsWhen asked what risk posed the greatest threat to their organizations growth over the next three years,no sing

47、le risk stood out from the rest among private company CEOs.Cyber security was identified as the top threat by 16 percent of CEOs,followed by supply chain(13 percent),operational issues(12 percent)and geopolitics and political uncertainty(12 percent).Comparatively,supply chain and operational issues

48、tied for the top threat(14 percent each),followed by cyber security(13 percent).Given that public companies are often targets of cyber-attacks,many have taken steps to enhance their cyber security.This level of preparedness could account for the fact that fewer of them identified it as their biggest

49、 threat compared to their private company counterparts.But in todays global economy,threats are increasingly interrelated and cannot necessarily be tackled in a vacuum.Sixty-three percent of private company CEOs recognized this fact,saying they have already adapted their growth strategy to deal with

50、 interrelated challenges.Source:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyEconomic outlook and bu

51、siness confidenceKPMG 2024 CEO Outlook:The private company perspective8 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Gen AI viewed as a key opportunity,particularly for driving efficienciesOver t

52、he past two years,Gen AI has exploded onto the radar of both public and private companies.Despite economic uncertainty,65 percent of CEOs from publicly traded companies and 62 percent from private companies say that Gen AI is a top investment priority for their organization.Private company CEOs iden

53、tify increased efficiency and productivity as the top benefit associated with implementing Gen AI,followed by increased innovation.Given the intense cost pressures private companies are facing today,this isnt surprising.Many companies are interested in technology solutions that can help them do more

54、 with the resources they have.Accelerating innovation and navigating Gen AISection 216%Increased efficiency and productivity(through automating routine operations)14%Increased innovation13%Increased diversity of skills and capabilities12%Upskilling the workforce for future readiness11%Fraud detectio

55、n and cyber-attack response10%Faster data analysis10%New product and market growth opportunitiesTop benefit associated with implementing Gen AIPrivate company CEOs see a lot of value in Gen AI,particularly in terms of increasing efficiency and productivity.At the same time,many are being very cautio

56、us about implementing Gen AI because they want to be confident that they are deploying it safely and in the right ways,and that their people have the training they need to use it effectively.”Francois Chadwick Lead of Global KPMG Private Enterprise Emerging Giants,KPMG International and Partner,KPMG

57、 in the USSource:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyAccelerating innovation and navigating Gen

58、AIKPMG 2024 CEO Outlook:The private company perspective9 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Implementing Gen AI is not expected to be easy and getting it right matters As exciting an op

59、portunity as Gen AI is,private company CEOs dont see implementing it appropriately as a straightforward task.They identify a range of challenges associated with implementing Gen AI,including the ethical challenges(59 percent),the lack of regulation(51 percent)and the need for people with the technic

60、al capabilities and skills required to implement it(47 percent).Despite the implementation challenges,private company CEOs are not ignoring Gen AI.Seventy percent say that their leadership has a clear view of how Gen AI will affect their current business model and create new opportunities,while a si

61、milar percentage say they understand how it can help them create a competitive advantage.Instead,they appeared to recognize the importance of getting their ducks in a row before making major Gen AI investments.For example,while 51 percent agreed that their organization has the robust governance fram

62、ework they need to deploy Gen AI safely,only 35percent are confident that they have their data ready to safely and effectively integrate Gen AI.One point to consider when looking at the results of the survey is that Gen AI solutions are evolving incredibly quickly and that many startups have raised

63、funding to create niche Gen AI solutions.Some private company CEOs may be looking at this evolution to see what solutions will fall out that might align more specifically with their goals and objectives before making major investments.Top 5 challenges associated with implementing Gen AI59%Ethical ch

64、allenges51%Lack of regulation47%Technical capability and skills required to implement43%Cost to implement35%Understanding and adoption among employeesWhen will Gen AI investments see a return?35 years More than 5 years 13 years 64%20%16%Source:KPMG 2024 CEO Outlook:The private company perspectiveSou

65、rce:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyAccelerating innovation and navigating Gen AIKPMG 2024 C

66、EO Outlook:The private company perspective10 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.of CEOs believe building a cyber security focused culture is key to integrating AI within their organizat

67、ion.68%Upskilling employees to use Gen AI successfully will be criticalPrivate company CEOs see their people as having a key role to play in getting Gen AI implementation right,with 67 percent saying that all employees should be encouraged to experiment with Gen AI regardless of their background or

68、level of seniority.Making sure their employees are capable of using Gen AI successfully could be a major challenge for private companies,given only 39 percent say that their employees currently have the right skills and capabilities to leverage Gen AI effectively.Combined with the fact 75 percent be

69、lieve that Gen AI will not change the number of jobs within their organization but will require upskilling and existing resources to be redeployed,this suggests that training could become the deciding factor in which companies can drive value from their Gen AI activities.Private company CEOs are qui

70、te optimistic in this regard,with 57 percent voicing confidence in their ability to upskill their employees to make the most of Gen AI.of private companies feel equipped to upskill their employees so they get the most benefits from Gen AI.Anything in the supply chain is now a major consideration for

71、 CEOs whether thats information coming in,the data being collected on your customers,or the information going out.Supply chains are becoming much more international and the ability for bad and rogue actors to access systems or get access to systems to slow things down or even block activities is def

72、initely on the rise.This is quickly becoming a key concern for businesses because without a secure end-to-end supply chain,you dont have anything.”Francois Chadwick Lead of Global KPMG Private Enterprise Emerging Giants,KPMG International and Partner,KPMG in the US57%Source:KPMG 2024 CEO Outlook:The

73、 private company perspectiveKey findingsExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyAccelerating innovation and navigating Gen AIKPMG 2024 CEO Outlook:The private compan

74、y perspective11 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.58%Less than half of private companies feel well-prepared for a cyber-attack,even as AI changes the cyber security gameThirty-eight pe

75、rcent of private company CEOs say they felt well prepared for a cyber-attack a lower number than their publicly traded counterparts(52 percent).This difference may reflect a perception that public companies are more often the targets of major attacks or breaches.Many private companies dont necessari

76、ly see their companies as big-ticket targets,which may have moved cyber security slightly lower on their priority list compared to other challenges.Some private companies the hyper-growth,hyper-scale businesses are also still focused on building out their technology infrastructure,systems,and techno

77、logies.For them,making major cyber security investments could be a risk given how quickly their organizations are changing.But rapid advances in AI are making it much easier for threat actors to conduct cyber-attacks that target more people and companies.This could result in more attacks on private

78、businesses of any size or possible vectors of attack via their employees,suppliers or other value chain partners.Many private companies are aware of the rising threat,with 65 percent saying that they are increasing their cyber security investments to protect their operations and intellectual propert

79、y from AI-driven threats.How prepared are private companies for a cyber-attack?12%Well-preparedNeither under-preparednor well-preparedUnder-prepared38%51%of CEOs are confident that their cyber security can keep up with AI advancements.Source:KPMG 2024 CEO Outlook:The private company perspectiveSourc

80、e:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyAccelerating innovation and navigating Gen AIKPMG 2024 CEO

81、 Outlook:The private company perspective12 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Evolving workforce dynamicsSection 3Knowledge transfer as employees retire becoming a major challenge Workf

82、orce dynamics have changed dramatically in recent years,making workforce management quite a complex exercise for private company CEOs.When asked what workforce factor is having the biggest impact on their organization today,the top two responses were the number of employees retiring coupled with the

83、 lack of skilled workers to replace them and knowledge transfer between employees which are likely highly interrelated.The reality is that recruiting,particularly for high-demand positions and roles with a limited availability of skilled talent,is often more difficult for private companies than for

84、publicly traded companies with greater brand recognition and more attractive equity offers.Many private businesses feel they are missing out on the opportunity to get the right people to grow their business simply because they are not as well-known as their publicly traded counterparts.The fact many

85、 private companies particularly family businesses have quite stable workforces has been one of their strongest features.Family businesses often treat their employees as extended members of their family,which has led many to have quite limited turnover and employees that have been with the company fo

86、r many years.But CEOs recognized that a long-tenured workforce can be both a challenge as well as an opportunity;24 percent say the gap between the expectations of their older employees and newer ones is having a significant impact on their organization today.What workforce factor has the biggest im

87、pact on private companies?The number of employees retiring coupled with a lack of skilled workers to replace them Knowledge transfer between employees Widening expectation gap between older and aging employees compared to the next generation Differences and tension resulting from corporate responses

88、 to social and global issues 33%25%24%17%Source:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMetho

89、dologyEvolving workforce dynamicsKPMG 2024 CEO Outlook:The private company perspective13 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.In-office work expected to be rewardedWhile most companies ha

90、d to adapt their working arrangements during and coming out of the global pandemic,a majority of both private companies (79 percent)and publicly traded companies(85percent)expect work arrangements to shift back to a predominantly in-office model over the next three years.The CEOs of both private and

91、 publicly traded companies appear willing to help make this happen;86 percent of private company CEOs and 88 percent of public company CEOs say they would be likely to reward employees who come into the office regularly with favourable assignments,raises or promotions.The desire for in-office work t

92、o become the norm likely reflects the struggle associated with building and maintaining a strong organizational culture when employees are not physically present.Private companies,many of which have built strong internal cultures since their inception and view culture as part of their competitive ad

93、vantage and a draw for potential employees,have been particularly challenged in this regard.Many businesses also see in-office interactions as critical to training,development and fostering collaboration.In three years,what will the work environment look like for employees whose roles were tradition

94、ally based in-office?In-office Hybrid Fully remote 79%17%4%Its been a slower transition to going back to in-person work in some parts of the world,but where it is happening,companies are seeing a difference.Theres a realization when people get back that being in-office is more efficient.People are l

95、earning things.Teams are learning things and learning at a quicker rate than they have over the past three or four years.Companies are seeing this happen;thats a part of why theyre clamouring for more people to come back to the office.”Conor Moore Global Head of KPMG Private Enterprise KPMG Internat

96、ional,and Head of KPMG Private Enterprise,KPMG in the USSource:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceFuture landscape of ESG strategiesAbout the authorsLooking to the futu

97、reForewordMethodologyEvolving workforce dynamicsKPMG 2024 CEO Outlook:The private company perspective14 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Of the CEOs of private businesses77%Expect to

98、take a stand on behalf of theirorganization on an issue that couldconflict with their personal beliefs74%Would divest a profitable partof their business if it was damagingtheir companys reputation62%Would take a stand on a politically orsocially contentious issue even if theboard was concerned about

99、 the riskCEOs need to balance more than growth and profitability One interesting trend is recognition from CEOs that their own work is becoming more complicated.More and more,they are being asked to balance much more than growth and profitability.Seventy-six percent of private company CEOs say that

100、they are increasingly required to balance centralized and devolved approaches to address geopolitical challenges and issues like climate change.This is particularly true of CEOs of private companies that have global reach,as doing business in different locations can require different approaches.For

101、example,ESG reporting requirements in Europe are more stringent than in many other regions.Private company CEOs also expect to experience more conflict between their organizational and personal beliefs,with 77 percent saying they expect to take a public stand on behalf of their organization on issue

102、s that could conflict with their personal beliefs.At the same time,62 percent of CEOs say they would be willing to take a stand on a politically or socially contentious issue even if the board was concerned about the risk.Even more(74 percent)say they would be willing to divest a profitable part of

103、their business if it was damaging to their organizations reputation.Family businesses have long retention periods and low attrition rates with respect to their employees.This is because of the strong culture that family businesses develop where family business owners care for their employees and tre

104、at them as extended family.Employees feel valued,noticed and recognised,not just monetarily,but in other ways as well.This is where family businesses often shine on the social-emotional wealth they create within their workplace.”Robyn Langsford Lead of Global KPMG Private Enterprise Family Business,

105、KPMG International,and Partner in Charge of Family Business&Private Clients,KPMG AustraliaSource:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceFuture landscape of ESG strategiesAb

106、out the authorsLooking to the futureForewordMethodologyEvolving workforce dynamicsKPMG 2024 CEO Outlook:The private company perspective15 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Diversity at

107、 the top contributes to organizational successWorkforce diversity is a matter that has been on the radar of many private companies for years,although progress has not necessarily been as quick as desired,given that 60 percent of their CEOs agreed that progress on diversity and inclusion has moved to

108、o slowly in the business world.They also recognize there is more to do,particularly when it comes to senior leadership positions.Seventy-three percent of private company CEOs agreed that diversity in workplaces requires making changes across leadership at the senior level.Three-quarters also say tha

109、t achieving gender equity in their C-suite would help them meet their growth ambitions.Supporting diversity extends beyond corporate bordersWorkforce diversity is already firmly on the agenda of private company CEOs,with many seeing it as a key business imperative.This focus is likely to remain high

110、 for the foreseeable future given that 69 percent say they expect stakeholder scrutiny of diversity performance to go up over the next three years.Beyond pressure from stakeholders,private companies feel a strong social responsibility to support diversity one that extends far beyond their organizati

111、onal borders.Seventy-eight percent agree that organizations should invest in skills development and lifelong learning in communities to safeguard access to future talent,while 77 percent agree that they have an obligation and a responsibility to help drive social mobility.Whats more,77 percent also

112、agree that organizations should engage with communities and foster positive internal cultures to safeguard future productivity.This social-mindedness is a major characteristic of private businesses particularly family businesses that have grown deep roots into their communities.Many recognize that b

113、y investing in their communities,they are also supporting their own long-term future.Has progress on diversity and inclusion moved too slowly?AgreeNeither agree nor disagree Disagree 60%15%25%of private company CEOs believe stakeholder scrutiny of diversity performance is going to increase.69%Source

114、:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyEvolving workforce dynamicsKPMG 2024 CEO

115、Outlook:The private company perspective16 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Future landscape of ESG strategiesSection 4Private companies holding the course on ESG strategyOver the past

116、 year,private companies have made limited moves on the ESG front,likely driven by the number of other issues vying for their attention.Nearly three-quarters(71 percent)of private company CEOs say they havent changed their climate-related strategies over the past twelve months,although they have adju

117、sted how they communicate it to meet changing demands.Many private companies are not required to report on their ESG progress as of yet,which gives them a lot of flexibility when it comes to undertaking ESG activities.While regulatory requirements are increasing slowly with a number of jurisdictions

118、 introducing requirements based on a tiered approach starting with the largest private companies stakeholders and value chain partners appear to be the main drivers of activity.For example,many private food producers that supply goods to large,often publicly traded,grocery chains need to adopt speci

119、fic sustainability practices to adhere to their buyers reporting requirements.Climate change strategies over the past 12 monthsHave made no changes5%24%71%What is the biggest downside of failing to meet stakeholder ESG expectations?Threat to your continued tenure 24%Competitors gaining an edge 18%Hi

120、gher cost of and/or difficulty in raising finance 14%Limited growth opportunities 15%Recruitment challenges 12%Loss of customers 10%Have kept the same strategy,but adapted communications to meet changing stakeholder needsHave evolved their strategy tomeet changing stakeholder needsSource:KPMG 2024 C

121、EO Outlook:The private company perspectiveSource:KPMG 2024 CEO Outlook:The private company perspectiveWith respect to ESG,Family businesses are outstanding at the S,the social aspect of ESG.Family Businesses prioritise the long term relational aspects of their business and its key stakeholders over

122、short term profits.They have strong values,prioritise trust and loyalty.Many family businesses are also very involved in their communities and have long-standing philanthropy programs.”Robyn Langsford Lead of Global KPMG Private Enterprise Family Business,KPMG International,and Partner in Charge of

123、Family Business&Private Clients,KPMG AustraliaKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsAbout the authorsLooking to the futureForewordMethodologyFuture landscape of ESG strategiesKPMG 2024 CEO Outlook:

124、The private company perspective17 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Complexity of decarbonizing supply chains is a key limiter to meeting climate ambitionsWhile not required,many priva

125、te company CEOs still embrace climate action as a means to drive value;in fact,56 percent of respondents say they have fully embedded ESG into their business as a means to increase value.The challenge for many is that they do not have the resources to undertake every ESG action they might envision.O

126、nly 40 percent are confident they can address all of their ESG priorities at the same time.When asked to identify the biggest barrier to their organizations ability to meet their climate change ambitions,the top response was the complexity of decarbonizing supply chains(32 percent),followed by the l

127、ack of skills and expertise to successfully implement solutions(22 percent).Biggest barrier to achieving climate ambitions Complexity of decarbonizing supply chains32%Lack of skills and expertise to successfullyimplement solutions22%Lack of appropriate technology solutions to gatherand analyze data1

128、1%Lack of internal governance/controls to operationalize it11%Increasing but inconsistent regulation requirementsacross jurisdictions9%The cost of decarbonization7%Active ownership from shareholders and widerstakeholder groups8%Source:KPMG 2024 CEO Outlook:The private company perspectiveKey findings

129、Accelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsAbout the authorsLooking to the futureForewordMethodologyFuture landscape of ESG strategiesKPMG 2024 CEO Outlook:The private company perspective18 2024 Copyright owned by

130、one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.ESG is a long-term investment objectiveMany private company CEOs do not expect to see a direct return on their ESG investments within the next three years,with more than a qu

131、arter(26 percent)expecting returns to come in more than five years.ESG impacts extend well beyond financial results a fact private company CEOs seem to be focusing on,at least in the short to medium term.Thirty-one percent say that they expect the biggest impact of their ESG strategy over the next t

132、hree years will be related to building their customer relationships and positive brand association(31 percent),followed by shaping their capital allocation,partnerships,alliances and M&A strategy(25 percent)and attracting the next generation of talent(17 percent).Where will ESG strategy have the big

133、gest impact over the next three years?Building customer relationships and positivebrand association31%Shaping our capital allocation,partnerships,alliancesand M&A strategy25%Attracting the next generation of talent17%Driving financial performance12%Strengthening employee engagement and employeevalue

134、 proposition10%Driving total shareholder return6%Leading privately held businesses are increasingly looking at ESG as a way of reinventing business models.Leaders are accounting for how ESG dimensions may create or erode enterprise value to build new dimensions of growth and social impact.”Namrata R

135、ana Partner and National Head of ESG KPMG in IndiaSource:KPMG 2024 CEO Outlook:The private company perspectiveKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsAbout the authorsLooking to the futureForewordMet

136、hodologyFuture landscape of ESG strategiesKPMG 2024 CEO Outlook:The private company perspective19 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.Looking at the results of our KPMG 2024 CEO Outlook:

137、The private company perspective,one thing is clear:economic uncertainty and geopolitical tensions are not going away.While hopes are high that headwinds might lessen over the next few months particularly as interest rates drop there is little trust that market uncertainties will disappear completely

138、.But when it comes to navigating the uncertain future,private companies have a strong edge.They have the ability to be nimble and agile,experimental and visionary.While they might be cautious,they are also optimistic that they will be able to weather whatever challenges come their way.As you look ah

139、ead to 2025 and beyond,ask how your organization can manage the issues set to shape the business landscape over the next several years.The uncertain economy and geopolitical complexities What can you do to grow yourbusiness despite the high cost ofcapital?What are your biggest supply chainrisks and

140、what are you doing tomitigate them?How are you keeping aware ofchanging geopolitical situations,particularly in jurisdictions where youor your suppliers operate?Accelerating innovation and navigating Gen AI How can you use AI and Gen AIto become more efficient withoutcreating new risks?What data and

141、 infrastructure activitiesdo you need to undertake in order togain confidence that you can use anyfuture Gen AI solutions effectively?Have you taken a risk-basedapproach to looking at your systemsand data so that you know where tofocus your cyber security efforts?What processes and controls(e.g.,acc

142、ess controls)do you have in placeto ensure only people who need toaccess your systems can do so?Shifting workforce dynamics What will your workforce needs looklike in five years and what can youdo now to make sure your currentemployees can succeed as theirroles evolve?How are you working to bridge t

143、hegenerational divide when it comes topeople in your workforce?If you dont have the capacity orcapabilities to upskill your employeeson Gen AI or other innovations,whatthird-parties have the experienceand expertise to help you?Evolving ESG strategy How are you staying aware ofchanging regulations in

144、 differentjurisdictions where you operate soyou understand what you mightneed to report on in the future?What are the most important ESGfactors for your people and otherstakeholders,and how are youfocusing your attention on theseareas?How can you leverage innovativetechnologies and the expertise and

145、experience of thirdparties to helpsimplify any ESG reporting you wantor need to do?Looking to the futureKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsFuture landscape of ESG strategiesAbout the authorsFore

146、wordMethodologyLooking to the future20KPMG 2024 CEO Outlook:The private company perspective20 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.The KPMG 2024 CEO Outlook:The private company perspectiv

147、e,part of the 10th edition of the KPMG 2024 CEO Outlook,is compiled from the views of 376 chief executive officers of private companies,which was conducted between 25 July and 29 August 2024,providing unique insight into the mindset,strategies,and planning tactics of CEOs.All respondents have annual

148、 revenues over US$500M and a third of the companies surveyed have more than US$10B in annual revenue.The survey included CEOs from 11 key markets(Australia,Canada,China,France,Germany,India,Italy,Japan,Spain,UK and US)and 11 key industry sectors(asset management,automotive,banking,consumer and retai

149、l,energy,infrastructure,insurance,life sciences,manufacturing,technology,and telecommunications).NOTE:some figures may not add up to 100 percent due to rounding.In the private company perspective,the largest industries were from infrastructure and transportation,insurance,asset management and teleco

150、mmunications with 11 percent each.The best-represented countries based on organizational headquarters are the US,the UK,followed by Germany,India,France,Spain and Italy.MethodologyKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceEvolvi

151、ng workforce dynamicsFuture landscape of ESG strategiesAbout the authorsLooking to the futureForewordMethodologyKPMG 2024 CEO Outlook:The private company perspective21 2024 Copyright owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.Al

152、l rights reserved.Conor serves as the Global Head of KPMG Private Enterprise,bringing to bear nearly 30 years of experience providing auditing and accounting services to private companies.He is well known for his work style and strong technical skills,including significant experience with revenue re

153、cognition,equity accounting and stock compensation.Conors client experience includes working with high-growth companies across their life cycle,from the development stage,through financing rounds and other capital formation transactions,to an initial public offering or acquisition by a larger market

154、 participant.About the authorsKey findingsAccelerating innovation and navigating Gen AIExecutive summaryEconomic outlook and business confidenceEvolving workforce dynamicsFuture landscape of ESG strategiesLooking to the futureForewordMethodologyAbout the authorsKPMG 2024 CEO Outlook:The private comp

155、any perspective22Conor MooreGlobal Head of KPMG Private Enterprise,KPMG International and Head of KPMG Private Enterprise,KPMG in the USRobyn is the Lead of Global KPMG Private Enterprise Family Business,acting as a trusted adviser to a diverse range of privately held businesses including family bus

156、inesses and family offices,emerging startups and high growth businesses.For over 25 years,shes worked closely with her clients to deliver strategic financial and tax advice tailored to their specific business operations and challenges.Robyn particularly enjoys working with family businesses given th

157、eir unique position in the market,both in Australia and around the world.She has assisted many family and private groups with working through issues including tax effective structuring,digital transformation,succession planning,and meeting their philanthropic objectives.Robyn LangsfordLead of Global

158、 KPMG Private Enterprise Family Business,KPMG International and Partner in Charge of Family Business&Private Clients,KPMG AustraliaFrancois is the Lead of Global KPMG Private Enterprise Emerging Giants,working with high-growth private companies looking to scale and create value.He has 30 years of ex

159、perience,including operational roles as CFO,CAO and Global Head of Tax at various companies.He has deep expertise in accounting,strategy,business operations and process design,mergers and acquisitions and financial planning,which he uses to help high growth companies move forward with confidence.He

160、has led numerous IPOs,including S1s,SPACs and Direct Listings.Francois ChadwickLead of Global KPMG Private Enterprise Emerging Giants,KPMG International and Partner,KPMG in the USNamrata is the Partner and National Head of ESG for KPMG in India bringing 28 years of expertise in the areas of sustaina

161、bility and ESG strategy to her clients.She has worked on transformation strategies for a number of Indias top 200 companies,as well as created green business models for clients.Namrata also has extensive experience in helping companies with the adoption of net zero principles in their value chain.Sh

162、e has worked with companies across a broad range of sectors,including manufacturing,transportation,steel,cement,insurance,fashion,retail,healthcare,mobility,food,hospitality and green tech.Namrata RanaPartner and National Head of ESG,KPMG in India 2024 Copyright owned by one or more of the KPMG Inte

163、rnational entities.KPMG International entities provide no services to clients.All rights reserved.The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity.Although we endeavor to provide accurate and timely inform

164、ation,there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.2024 Copyright

165、owned by one or more of the KPMG International entities.KPMG International entities provide no services to clients.All rights reserved.KPMG refers to the global organization or to one or more of the member firms of KPMG International Limited(“KPMG International”),each of which is a separate legal en

166、tity.KPMG International Limited is a private English company limited by guarantee and does not provide services to clients.For more detail about our structure please visit KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.Throughout

167、this document,“we”,“KPMG”,“us”and“our”refers to the global organization or to one or more of the member firms of KPMG International Limited(“KPMG International”),each of which is a separate legal entity.Designed by Evalueserve.Publication name:KPMG 2024 CEO Outlook:The private company perspective Pu

168、blication number:139639-G Publication date:October 2024Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related Conor MooreGlobal Head of KPMG Private Enterprise,KPMG International and Head of KPMG Private Enterprise,KPMG in the US E:

169、 Robyn Langsford Lead of Global KPMG Private Enterprise Family Business,KPMG International and Partner in Charge of Family Business&Private Clients,KPMG Australia E:.auFrancois ChadwickLead of Global KPMG Private Enterprise Emerging Giants,KPMG International and Partner,KPMG in the US E: Namrata Rana Partner and National Head of ESG,KPMG in India E:Contacts