Cybersecurity and talent acquisition and retention are the two biggest business risks cited by US executives PwCThe latest Pulse survey of — healthcare leaders shared these concerns, but other factors also come to mind. Interactive charts show how healthcare challenges compare to other industries please look at.
How executives feel about the current business climate
For this study, PwC surveyed 722 executives from both public and private companies in six sectors, including healthcare, between August 1st and August 5th. rice field. In total, health industry executives make up 7% of all respondents.
According to the survey, executives identified several ongoing risks to their companies, with more frequent and widespread cyberattacks topping the list at 40%. Other major risks include talent acquisition and retention (38%), rising production costs (34%), supply he chain disruptions (34%), and inflation-induced decline in consumer demand (31%). included.
Going forward, many executives (83%) say they plan to focus their business strategy on growth. To achieve this, executives are increasing investments in several areas, including digital transformation (53%), IT (52%), cybersecurity and privacy (48%), and customer experience (48%). I am reporting that
Additionally, 63% of executives said they have changed or plan to change business processes to address staffing shortages, up from 56% in January. To attract new workers, changes companies are considering include:
- Expanding remote work options (70%)
- Increase compensation for current employees (64%)
- Expansion of mental health benefits (62%)
- Create custom HR strategies for different employee types (59%)
- Acquiring new companies to attract new talent (52%)
But despite concerns about hiring and retaining talent, executives also report efforts to streamline their workforce, with 50% saying they are reducing overall headcount. Additionally, 46% said they were eliminating or reducing their contract bonuses, and 44% were looking to cancel their offers.
However, PwC reports that these precautionary layoffs are more common in certain industries than others. Healthcare leaders are also focusing on rehiring recently retired employees.
Overall, PwC[a]Having dealt with the uncertainty associated with the pandemic for more than two years, business leaders recognize the imperative to focus on growth in order to compete and are focusing on what they can control. increase. ”
Biggest business risks in healthcare
Similar to other industry executives, 43% of healthcare industry executives say cyberattacks are the most serious risk to their business.according to IBMAccording to the Cost of Data Breach report, the healthcare industry has been hit hardest by data breaches, with each breach costing businesses an average of $10.1 million.
More companies are starting to use real-time detection and prevention techniques to reduce the risk of cyberattacks. In fact, about a quarter of healthcare industry executives say they have already seen benefits from using his AI in their companies’ cyber defenses.
Compared to other executives, health industry executives ranked both supply chain disruptions and tax policy as more serious business risks. You’ll need to develop a tax strategy to prepare for inflation-reducing laws, including provisions to reduce health insurance costs.
Other top business risks for the health industry include rising production costs and talent acquisition and retention. Unlike technology, media, and telecommunications companies that focus on automation, healthcare companies focus on rehiring retired employees.
Over the next year, healthcare industry executives say they plan to increase investments in IT, digital transformation, cybersecurity and privacy. Health industry executives were also more likely than other respondents to say they will increase investment in R&D and innovation over the next 12 months. (gambling, becker hospital review8/19; PwC Pulse Survey, 8/18)