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Key finding: A recent Aon survey of 800 C-suite leaders and senior executives found 79 percent of executives believe a recession will take place in 2023, but only 35 percent feel “very” prepared.
Top three findings: What makes business leaders feel prepared to navigate economic volatility?
- Embracing risk: According to Greg Case, Aon CEO, “Strong, prepared leaders are essential to protecting an organization’s resilience and finding growth opportunities in the face of heightened volatility. This year’s report reveals that leaders who are very prepared to weather economic challenges embrace calculated risk-taking as an engine of growth.” For companies that feel prepared heading into a recession, addressing risk is a question of survival.
- Utilize what we learned from the COVID-19 pandemic: COVID-19 has shown that risks are interconnected. Seventy-three percent of the best-prepared leaders strongly believe that the pandemic helped them to respond quickly to emerging risks – giving them added confidence as they prepare for a recession.
- Use analysis and advice from external sources: Very prepared leaders said they were twice as likely to use an external adviser to improve their company’s decision-making and risk-mitigation abilities, compared to leaders who are not very prepared.