CEOs in Cyprus identified the shortage of personnel with the right skills as their top concern, with 43% viewing it as a threat for the coming year, according to findings from PwC Cyprus’ 15th Annual CEO Survey, in which 77 business leaders from Cyprus participated.
According to a PwC statement, after the skills shortage, the list of potential risks for CEOs is followed by geopolitical conflicts (30%), technological disruption (22%), and cyber risks (21%). The results show Cyprus CEOs differ from their Eurozone and global counterparts who place cyber risks and macroeconomic volatility as the top risks.
At the same time, the ability to attract high quality technical Artificial Intelligence (AI) talent also emerges as a critical challenge for organisations in Cyprus.
Specifically, the survey findings show that 45% of CEOs believe their organisation cannot attract such high quality talent familiar with AI, while conversely, CEOs globally (42%) and in the Eurozone (28%), agree that their company can attract them, highlighting a widening talent gap.
“The findings underline the increasing competition for skilled professionals and reinforce the need for targeted investment in talent development, upskilling and employer positioning, as organisations seek to build the capabilities required to fully leverage Artificial Intelligence,” the report notes.
Regarding risks related to trust, which are emerging as a growing concern for businesses, the findings underline the increasing competition for skilled professionals and reinforce the need for targeted investment in talent development, upskilling and employer positioning, as organisations seek to build the capabilities required to fully leverage AI.
According to the survey, these concerns relate primarily to increased scrutiny of leadership decisions (13%), greater demands for transparency (10%), and issues around AI safety and responsible AI (9%). In comparison, CEOs in the Eurozone (14%) and globally (16%) most frequently cite concerns around data use and privacy, highlighting differing trust dynamics across markets.
As organisations navigate geopolitical uncertainty and rapid technological change, the year ahead offers a pivotal moment for CEOs to sharpen focus, embrace responsible innovation, and redefine their value‑creation priorities for sustainable growth, PwC concludes.
It should be noted that the views captured in this survey reflect the sentiment of CEOs prior to the outbreak of the war in Iran, offering a clear picture of business concerns before the latest geopolitical developments.
Source: CNA