C-Suite Challenge<sup>™</sup> 2021: Leading in a Post-COVID-19 Recovery (France Edition)

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C-Suite Challenge^™ 2021: Leading in a Post-COVID-19 Recovery (France Edition)

June 22, 2021 | Report

Despite positive GDP growth expectations for France in 2021 and 2022—The Conference Board forecasts a 6.0 percent growth in 2021 and a 3.9 percent rise in 2022, compared to drop by 8.2 percent in 2020—, C-suite executives in France, as well as globally, appear unable to shake lingering concerns over recession risk. They rank it as the second highest external stress point for 2021. The COVID-19 health and economic crises dramatically in-terrupted global economic growth in 2020. While we anticipate a global rebound in 2021 of 5.2 percent year over year following a 3.7 percent decline in 2020, the outlook in each country is heavily dependent upon:

The evolution of the pandemic;
Government policy to control outbreaks;
Continued monetary and fiscal policy supports; and
Widespread availability of coronavirus treatments and vaccines.

Insights for What’s Ahead

Sustainability-related concerns are felt more strongly in France than elsewhere: asked about challenges or issues within management control, C-suite executives in France have ranked reducing environmental impact as their number 2 hot issue, compared to number 14 in Germany, 19 in the US, and 17 globally. The stronger focus on the environment, coupled with a strong attention towards changes in consumer behaviour puts businesses in France on a strong track to lead in the post-COVID-19 environment.
Understanding the nuances behind the changes in buying behaviour and understanding which changes will persist in a post-COVID-19 world, will dictate the reimagining and remaking of business models as organizations accelerate digital transformation and meet rising customer experience expectations. The capacity to collaborate with external part-ners will likely be a decisive factor in future success.
The concerns about global trade disruption declined everywhere except in China. While the tone of the confrontation between the new US administration and China will surely change, the foundation of the dispute (level playing field for business, IT and network security, territorial issues in the South China Sea) will likely remain the same for some time to come. European policy and business leaders are expecting a change in course by the US administration to restore a multilateral trade policy approach.
The COVID-19 pandemic has accelerated many companies’ moves toward a remote and digital working environment. C-suite executives in France are seeking to support their reconfigured workforces by building agile project teams and adopting flexible work poli-cies. The will to bring back people to workplaces may result from the need, higher than average, to increase engagement levels among workers. Building a more inclusive culture and remove internal silos are signalled as a priority to manage change.
C-suite executives in France believe that a greater focus on climate change, a reduction of business travel, smaller offices and workspace, and the growing role of businesses to address societal issues are among the most likely long-term legacies of COVID-19. To plot an effective long-term strategy, business leaders need to identify the key long-term trends most important for their business and consider scenario planning to test their agility and resiliency for the long haul.