KPMG’s 2022 CEO Outlook found that business leaders were preparing for a likely recession while continuing to plan for growth over the following three years. The global survey covered 1,325 CEOs in 11 markets and focused on economic conditions, technology, ESG and talent.
What is KPMG’s CEO Outlook 2022?
CEO Outlook 2022 is KPMG’s survey and report on how chief executives viewed the economic and business landscape, including their expectations for the next three years. Its four themes were economic outlook, environmental, social and governance (ESG) issues, technology, and talent. KPMG’s global summary presents the findings.
Who took part, and when was the survey conducted?
KPMG France says the survey fieldwork ran from 12 July to 24 August 2022. It included 1,325 CEOs from Australia, Canada, China, France, Germany, India, Italy, Japan, Spain, the United Kingdom and the United States. Respondents led companies with annual revenue above US$500 million; one third represented companies with revenue above US$10 billion. The sectors included asset management, automotive, banking, consumer and retail, energy, infrastructure, insurance, life sciences, manufacturing, technology and telecommunications. KPMG also compared the results with its Pulse survey of 500 CEOs, conducted from 12 January to 9 February 2022, before Russia’s invasion of Ukraine. Details are available in KPMG France’s survey overview.
Did CEOs expect a recession in 2022?
Yes. KPMG reported that 86% of surveyed CEOs expected a recession, and 58% expected it to be mild and short. More than half said they had plans to confront the downturn. Those figures capture executives’ expectations during the July–August 2022 fieldwork; they are not a statement about what ultimately happened to the economy.
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How did CEOs balance near-term risk with three-year growth?
The outlook presented a tension between defensive action in the short term and continued investment in longer-term growth. Leaders were focused on post-pandemic growth, supply-chain risk management, digital transformation and retaining talent, even as they prepared for recession. KPMG Global Chairman and CEO Bill Thomas described the resilience behind that outlook: “Tested by enormous challenges in quick succession — a global pandemic, inflationary pressures and geopolitical tensions — it’s encouraging that CEOs, surveyed in our 2022 CEO Outlook, were confident in their companies’ resilience and relatively optimistic in their own growth prospects.”
What did the report say about technology?
CEOs saw technology in two ways: as a source of risk and as infrastructure for growth. Disruptive and emerging technology risk ranked among leading threats, while 61% said they were increasing capital investment in technology. In addition, 65% viewed new partnerships as critical to digital transformation. The findings suggest that leaders did not treat digital change as a standalone technology project: partnerships were also considered important to achieving it.
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What did CEOs say about ESG?
Near-term cost and economic pressure threatened to slow ESG work, but stakeholder expectations remained substantial. KPMG reported that 47% of CEOs were pausing or reconsidering ESG efforts over the next six months, while 71% saw significant stakeholder demand for greater ESG reporting and transparency. These responses show the trade-off executives perceived at the time, rather than a claim that all companies stopped ESG programs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What were the talent priorities?
The employee value proposition—the overall offer and experience a company provides employees—was the top operational priority for achieving three-year growth objectives. At the same time, the near-term response to economic uncertainty could include hiring freezes or downsizing. Looking further ahead, 76% expected their headcount to increase over three years. The report therefore described a short-term staffing constraint alongside expectations of longer-term workforce growth.
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