PROVO, Utah and SEATTLE, Sept. 9,
2021 /PRNewswire/ -- Despite reported revenue increases
over the past 12 months and projections for further growth, top
executives say customers and employees will become more demanding
in coming months, and transformations spurred by the pandemic will
continue to impact their companies going forward, according to new
research from Qualtrics (Nasdaq: XM), the leader and creator of the
experience management (XM) category. (Study results can be found
here)
Three quarters of CEOs and other C-level leaders (77%) say their
workforce is in the midst of a dramatic change or will be soon. As
a labor shortage continues, the majority expect to increase
spending to support remote work, re-train current employees and
hire new ones. Sixty-nine percent say their physical office
space will be transformed in the near future. And 51% are currently
experiencing a digital transformation, with a focus on new
technology and products at a time when demand for virtual services
is increasing.
In light of the ongoing spike in COVID's Delta variant, CEOs and
other executives may need to double down on these investments in
order to adapt to the ever-changing world of the pandemic.
"These results show that the pandemic has accelerated change and
will leave lasting impacts on the world of business," said
Erica Dinger, principal research
manager, Qualtrics. "Business leaders are anticipating
transformations in three areas: their workforces, their office
spaces, and the way they use technology. Despite this, these study
results show executives foresee business success as they adjust to
meet customer and employee demands following a historic year of
change."
More key takeaways from the study:
- Executives predict growth: 76% expect their
revenue to increase over the next year, and 85% predict moderate to
very strong growth
- Customers and employees will become more
demanding: 56% say employees will become more demanding in
the coming months. 67% say customers will become more
demanding
- Cybersecurity is a priority: 63% say
cybersecurity is very important to their agenda, and 37% say it is
a 2021 priority
- Diversity, equity and inclusion (DEI) is top of
mind: 33% are currently experiencing a DEI transformation,
and 32% are preparing to experience one
- Cost of supplies is the greatest threat to
success: 39% of executives say that the increased cost in
supplies they need for their products poses the greatest threat to
their success over the next year
Methodology
This study was fielded between July
13-15, 2021. Respondents were selected from a randomized
panel and considered eligible if they live in the United States and are a CEO or C-Suite
executive, including CFO, CIO or CMO. The total number of
respondents was 504. Respondents who did not pass quality standards
were removed.
Additional information
- Full study results found here:
qualtrics.com/blog/top-executives-plan-to-spend-more/
About Qualtrics
Qualtrics, the leader and creator of the Experience Management
(XM) category, is changing the way organizations manage and improve
the four core experiences of business—customer, employee, product
and brand. Over 13,500 organizations around the world use Qualtrics
to listen, understand and take action on experience data
(X-data™)—the beliefs, emotions and intentions that tell you why
things are happening, and what to do about it. The Qualtrics XM
Platform™ is a system of action that helps businesses attract
customers who stay longer and buy more, engage employees who build
a positive culture, develop breakthrough products people love and
build a brand people are passionate about. To learn more, please
visit qualtrics.com.
Contact: press@qualtrics.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/top-corporate-executives-expect-rising-costs-and-major-business-changes-as-pandemic-continues-301372291.html
SOURCE Qualtrics