Despite Significant Challenges & Economic Anxiety, Business Leaders and Americans Align Around New Strategies to Offset Risk According to New Milken Institute-Harris Poll
May 03 2024 - 8:00AM
Business Wire
Findings provide insights to guide Milken
Institute geo-economic programs to respond to the new era of
economic disruption, from climate resilience to rebuilding supply
chains.
U.S. business leaders and Americans alike are confronting
significant geo-economic challenges, according to a new Milken
Institute-Harris Poll report, “Building A Resilient America: The
New Consensus for Action.” The findings illuminate the
struggles leaders face as they navigate through economic
instability, tech disruptions, and societal shifts. These
challenges come with the task of marrying immediate pressures with
long-term strategic ambitions with concerns about America's global
position prompting 91% of business leaders to advocate for a
concerted effort to bolster U.S. competitiveness in the global
market.
Concurrently, the research indicates a consensus for optimism
and collective effort that transcends political boundaries. It
uncovers a widespread desire for optimism and unity across the
U.S., cutting through political divides with Americans calling for
long-term leaders and forward-thinking approaches. Additionally,
business leaders across various sectors share positive outlooks,
believing that their businesses are strong, and that American
competitiveness can be fortified through local investment,
cross-sector cooperation, and a commitment to sustainable
practices.
"U.S. business leaders are optimistic about business strength,
but for many Americans, the economic recovery is a reality yet to
be experienced at home,” said Harris Poll CEO John Gerzema. “What
everyone can agree on is the importance of building a resilient,
crisis-prepared society, underscoring a collective commitment to
societal progress."
The new report is part of The Milken Institute-Harris Poll
Listening Project, now in its 5th year, which surveys
socio-economic, institutional, and political barriers to evaluate
key global and national challenges. This year’s research is focused
on the U.S. and U.S. economy with the poll surveying 500 U.S.
business leaders and 4,000 American adults 18+. Key findings
include:
- Business Optimism vs. Consumer Caution: A Tale of Two
Perspectives on the Economy While business leaders show
confidence in the future, consumer sentiment lags. Most business
leaders believe the U.S. economy (81%), their respective industries
(81%), and their own companies (81%) are strong. In contrast, only
(40%) of Americans concur that the economy is strong. And (72%) of
Americans agree that “economists may say things are getting better,
but we’re not feeling it where I live.”
- The Resilience Imperative: America's Unified Quest for
Endurance Cultivating resilience across society is seen as
crucial for managing disruptions and shaping the future. An
overwhelming (89%) of business leaders concur that “it is important
that America is able to create resilient policies and solutions to
navigate disruptions.” Likewise, (86%) of Americans say, “I want a
more resilient America that leads the word in its capacity to
navigate and handle crises.” Nearly 8 in 10 Americans believe
securing America’s global leadership position in the next four
years will tangibly improve their communities (79%), their job
security (78%), their life overall (78%), as well as the U.S.
overall (78%).
- Consensus for Place-Based Innovation to Restore Trust and
Advance Progress There's a shared conviction amongst business
leaders that place-based innovation can rebuild institutional trust
(91%), create new manufacturing systems (90%), and rebuild
political trust (88%). Americans echo this sentiment, agreeing that
“business leaders should work more closely with government leaders
to solve our social challenges” (76%). And what’s interesting is
perhaps this innovation is already happening, as (71%) of Americans
say, “innovation is bubbling up in local communities, but
national media is missing this story.”
“These findings validate what we see as an emerging, consensus
for solving our biggest challenges through cross-sectoral and
bottom-up solutions,” said Dan Carol, who leads Milken Institute’s
climate finance practice and geo-economics programs. “Working with
business leaders, governments, and frontline community leaders in
this way will help us bolster US competitiveness and local economic
resilience.”
The Milken Institute has been at the forefront of advancing
geo-economics research, programs, and innovation workstreams to
help policy, business, and civic leaders navigate the rapidly
evolving global economic landscape. The newly released poll and
discussions at the conference will help guide the Institute’s
future geo-economic priorities, with a focus on: (1) harnessing
innovation and AI to usher in a new era of equitable human
development and breakthroughs in tailored education, gov-tech, and
civic engagement; (2) re-wiring supply chains to identify key
chokepoints and near-shoring opportunities; and (3) bolstering
climate resilience to help governments, communities and the private
sector re-calibrate climate strategies. This includes its 10,000
Communities Initiative which is accelerating and advancing critical
community infrastructure projects by maximizing innovation and
integration across regions, sectors, and sources of capital
investment.
“Today’s new normal is defined by multi-trillion-dollar global
disruptions — from pandemics to geo-political shocks, to artificial
intelligence — that are reshaping business models and investment
strategies from top to bottom,” added Karen Kornbluh, senior
advisor on geo-economics for the Milken Institute. “The next
generation of solutions and opportunities will be anchored by
locally-led innovation and new, outcomes-based, public-private
partnerships.”
Full results of the Milken Institute-Harris Poll Listening
Project poll will be discussed at the Milken Institute Global
Conference in Los Angeles May 5-8, 2024. Harris Poll leaders John
Gerzema and Libby Rodney will participate in those discussions,
alongside other experts, to further delve into how the emerging
economic consensus will play out at the local, national, and
international levels. They will be part of more than 150 public
sessions that will be live-streamed during the conference. For more
information and a full program schedule visit
www.globalconference.org. For updates on the event, follow Milken
Institute on LinkedIn, X, Instagram, and Facebook using
#MIGlobal.
About the Harris Poll
The Harris Poll is a global public opinion, analytics, and
market research consultancy that strives to reveal society's
authentic values to inspire leaders to create a better tomorrow.
With a global research reach of more than ninety countries, Harris
offers advisory services across sectors to world leaders, CEOs, and
business decision-makers with state-of-the-art analytics, real-time
software services, and practitioners in marketing, reputation,
customer experience, trends, futures, and thought
leadership/research-for-public release, The Harris Poll translates
shifting social sentiment into a competitive marketplace advantage.
One of the longest-running surveys in the U.S., The Harris Poll has
tracked public opinion, motivations, and social sentiment since
1963, and is now a Stagwell (NASDAQ: STGW) company.
About the Milken Institute
The Milken Institute is a nonprofit, nonpartisan think tank
focused on accelerating measurable progress on the path to a
meaningful life. With a focus on financial, physical, mental, and
environmental health, we bring together the best ideas and
innovative resourcing to develop blueprints for tackling some of
our most critical global issues through the lens of what’s pressing
now and what’s coming next. For more information about the Milken
Institute, visit https://milkeninstitute.org/ or follow us on
Facebook, LinkedIn, Twitter, and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20240503306304/en/
Paul Guequierre pguequierre@milkeninstitute.org
Jacklyn Cooney jacklyn.cooney@harrispoll.com
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