15th Annual Global CEO Survey
92%
of Greek CEOs concerned about inability to finance their companies’ growth .
A focus on Greece
Greek CEOs are concerned about the country’s future, while there is a growing disappointment and lack of confidence in the government. The threats and opportunities for the private sector are highlighted in this 2nd consecutive report for Greece.
In Greece, 45 CEOs from top companies in several sectors participated in the survey conducted in the last quarter of 2011.
The sectors include: energy, food & beverage, consumer and industrial products and services, banking and financial services, health and pharmaceutical, transportation & logistics and shipping, retail, telecommunications and technology. The results of the survey are comparative with last year’s report.
The sectors include: energy, food & beverage, consumer and industrial products and services, banking and financial services, health and pharmaceutical, transportation & logistics and shipping, retail, telecommunications and technology. The results of the survey are comparative with last year’s report.
Key findings
Concerns for growth
CEOs in Greece are quite concerned about the global economic crisis and their companies’ growth prospects. The major threats they are facing is the inability to finance growth and the increasing tax burdens. The constant tax reforms are driving companies to look at new geographic markets.
CEOs in Greece are quite concerned about the global economic crisis and their companies’ growth prospects. The major threats they are facing is the inability to finance growth and the increasing tax burdens. The constant tax reforms are driving companies to look at new geographic markets.
67% Greek CEOs believe the global economy will declineA review of corporate strategy
Largely influenced by the debt crisis in Europe, most of Greek CEOs are already making changes to their corporate strategy and are reviewing risk management procedures. They are expecting more changes in the following 12 months, mainly in capital investment decisions and cost-cutting initiatives.
Largely influenced by the debt crisis in Europe, most of Greek CEOs are already making changes to their corporate strategy and are reviewing risk management procedures. They are expecting more changes in the following 12 months, mainly in capital investment decisions and cost-cutting initiatives.
80% Greek CEOs are changing strategies due to economic growth forecastsHuman resources: A focus on productivity and education
In this period of economic unrest, CEOs are changing their strategy regarding human resources. They are reviewing their priorities, placing a larger emphasis on skills, vocational training, as well as staff productivity. Almost 50% plan to increase their companies’ investment on creating and fostering a skilled workforce. Over half of the organisations polled reduced their total headcount in the past year, and 41% plan further decreases within the next 12 months.
In this period of economic unrest, CEOs are changing their strategy regarding human resources. They are reviewing their priorities, placing a larger emphasis on skills, vocational training, as well as staff productivity. Almost 50% plan to increase their companies’ investment on creating and fostering a skilled workforce. Over half of the organisations polled reduced their total headcount in the past year, and 41% plan further decreases within the next 12 months.
54% Greek organisations decreased their headcount in 2011Looking outside the Eurozone
CEOs in Greece see opportunities for growth in geographic markets mostly outside the Eurozone. Romania, Turkey, China, the USA and Russia are amongst the top choices. They also show an increasing interest in emerging economies, although not as high as CEOs in the rest of the Eurozone.
CEOs in Greece see opportunities for growth in geographic markets mostly outside the Eurozone. Romania, Turkey, China, the USA and Russia are amongst the top choices. They also show an increasing interest in emerging economies, although not as high as CEOs in the rest of the Eurozone.
44% Greek CEOs say emerging markets are important for future growth
For a complete copy of the Greek report, please contact:
Michelle Karaolides, +30 210 6874028 or email.
Michelle Karaolides, +30 210 6874028 or email.
Interview quotes from CEOs
Dimitrios Papalexopoulos
CEO, TITAN Group
CEO, TITAN Group
I’m an engineer, not an economist. But in my opinion, in Europe, there is too much focus on fiscal austerity. Europe would benefit by placing greater emphasis on long-term reform efforts - pension reform, for example. For an economy that is headed towards recession, further fiscal tightening may not be productive.
Michael Tsamaz
BoD Chairman & CEO, OTE Group
BoD Chairman & CEO, OTE Group
Groundbreaking changes do not materialise through wishful thinking. To be able to successfully reorganise, Greek companies need a stable environment free of distortions and excessive regulation, a modern operational framework that favours competiveness and investments. That fosters innovation and rewards rather than penalises productivity, meritocracy and team spirit.
Eleftheria Mamidakis
Vice Chairman, Mamidoil Jetoil SA
Vice Chairman, Mamidoil Jetoil SA
The Greek economic crisis is very similar to the US house bubble crises of 2008. Everybody knew that what is happening is unreasonable, but nobody did something to change it.
Glafkos Persianis
CEO & Vice Chairman, Vodafone
CEO & Vice Chairman, Vodafone
It is a shared belief that, for the Greek economy to get back to positive growth, planning and essential reforms are required. Implementing infrastructural changes that contribute in strengthening competitiveness, as well as defining an investment-friendly regulatory framework will assist our country to get out of this crisis faster.
Of further interest