69% of North American Business leaders believe
that their government will have a positive impact on their
business, outpacing Europe and
Asia-Pacific
MENLO
PARK, Calif. and LONDON, May 2, 2024
/PRNewswire/ -- Half of global business leaders expect their
government will have a positive impact on their companies' success
over the next decade, according to the results of a new survey
conducted by global consulting firm Protiviti in collaboration with
the University of Oxford. The survey,
titled "Executive Outlook on the Future of Government, 2030 and
Beyond," is part of the newest installment of VISION by
Protiviti, the thought leadership series that focuses on the
future of business through 2030 and beyond.
The coming year features important elections in numerous major
countries, and the outcomes will determine government's stance
toward business and the economy for the next several years.
Executives and business leaders must be prepared for a range of
outcomes on a myriad of issues.
Emerging technology is one of the most pressing issues that
administrations will need to address. Artificial intelligence,
Internet of Things and blockchain are expected to substantially
transform the public sector, and 82% of executives expect their
government to play a role in regulating technologies that can
disrupt democracies, such as AI and deepfakes. Government
intervention will be critical to retaining society's trust as
misinformation remains a concern heading into election season.
"Government action in pressing matters like global economics,
regulation and technology have a significant bearing on the
business climate," said Cory
Gunderson, Protiviti's Chief Operating Officer and Executive
Vice President of Global Solutions. Survey results show that
executives are largely confident that governments can play a
positive role in driving future growth by providing the support
needed to successfully navigate uncertain times."
Governments play a role in a healthy economy
As economic uncertainty persists globally, business leaders
expect their governments to play an important role. Four in
five (80%) of executives say they expect the government to have at
least a moderate level of involvement in controlling economic
growth, unemployment and inflation by managing demand and money. In
fact, only 3% of business leaders expect government to have "no
involvement at all."
Executives are even more bullish when it comes to correcting
market failures caused by either financial conditions or
discriminatory action. Nearly nine in ten (87%) say their
government should play a role in correcting these failures through
regulation, taxation, subsidies and/or by providing public goods,
with about a quarter of survey respondents (24%) saying that this
role should be significant.
"There is little doubt, the survey shows executives believe
government can, and will, play a big role in determining the extent
of their business success over the next decade," says Dr.
David Howard, Associate Professor at
the University of Oxford and a Fellow
of Kellogg College, Oxford. "Business
leaders believe in the government's ability to do big things:
everything from creating a positive economic environment,
controlling inflation and preventing market failures to helping
form a just and fair society, regulating emerging technologies and
protecting citizens' privacy."
"Overall, the survey findings reveal a high level of positive
business sentiment about the future of government, a desire for
stronger public services and a belief that government should take a
leading role in solving society's biggest problems," says
Charles Dong, Protiviti's
Global Public Sector industry lead. "Global business leaders are,
rightfully so, fully aware and quite concerned about the potential
impact of inefficient and ineffective government policies on their
economic interests, as well as their company's bottom line."
North American executives are more optimistic than their
global counterparts
Across categories, North American executives have a higher level
of faith and trust in the government's ability to affect change and
create a business-friendly environment than their European and
Asian-Pacific counterparts. When asked if their government will
have a positive impact on their business, 69% of North American
executives said yes, significantly higher than 40% in Europe and 36% in Asia-Pacific.
North American business leaders are also more likely to
participate in a public-private partnership with a government
entity over the next 10 years, with 34% of North American
executives considering that type of collaboration, vs 19% of
Asia-Pacific leaders and just 12%
of European leaders sharing that sentiment.
The study surveyed 250 board members, C-suite executives and
other business leaders in 14 countries in North America, Europe and Asia-Pacific representing more than 25
industries. Survey data was collected in February and March 2024.
Learn More About the Future of Government, 2030 and
Beyond
The survey report, "Executive Outlook on the Future of
Government, 2030 and Beyond" is available for complimentary
download at VISION by Protiviti. The site also features additional
content developed by Protiviti around the future of government,
including:
- Government for good: The World Bank' on the 'new social
contract'
- Obama Chief Economist on future proofing business amid
geopolitical risk
- Former Estonian president on how digitization saved a
democracy
- Australia's Julie Bishop, former foreign affairs lead, on
building a better world
- Cybersecurity expert and former regulator: The US is doing
everything wrong
More on the future of government coming May 9—The VISION by
Protiviti webinar:
A New Social Contract: Cultivating 'Government for Good' in a
Rapidly Changing World
About The University of
Oxford
Established in 2018, the Global Centre on Healthcare and
Urbanisation (GCHU) at Kellogg College, University of Oxford, brings together leading and
influential thinkers in an interdisciplinary approach embracing
evidence-based healthcare, sustainable urban development, and
education, and provides a collaborative forum for organisations
active in these disciplines. The GCHU asks vital questions on the
role of cities in healthcare and wellbeing to better understand the
impact and consequences of urbanisation, trains and informs the
next leaders in healthcare and urbanisation to nurture the highest
standards, and undertakes research and scholarship at the
intersection of healthcare and urbanisation to inform
recommendations for future practice.
About Protiviti
Protiviti (www.protiviti.com) is a global consulting firm that
delivers deep expertise, objective insights, a tailored approach
and unparalleled collaboration to help leaders confidently face the
future. Protiviti and its independent and locally owned member
firms provide clients with consulting and managed solutions in
finance, technology, operations, data, digital, legal, HR, risk and
internal audit through a network of more than 90 offices in over 25
countries.
Named to the 2024 Fortune 100 Best Companies to
Work For® list, Protiviti has served more
than 80 percent of Fortune 100 and nearly 80 percent of
Fortune 500 companies. The firm also works with government
agencies and smaller, growing companies, including those looking to
go public. Protiviti is a wholly owned subsidiary of Robert
Half Inc. (NYSE: RHI). Founded in 1948, Robert Half is a member of the S&P 500
index.
Protiviti is not licensed or registered as a public
accounting firm and does not issue opinions on financial statements
or offer attestation services.
Reporters requesting a copy of the full report should contact
Prosek.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/over-4-in-5-executives-say-government-should-have-a-role-in-regulating-emerging-technologies-according-to-protiviti-oxford-university-survey-302134235.html
SOURCE Protiviti