CEO Insights for What's Ahead | 2.22.23
In a survey from The Conference Board #HumanCapital Center, 54 percent of workers said they primarily apply to jobs they are qualified for. Which #qualifications matter most??According to both recruiters and candidates, qualifications like formal education are not as important as work experience when comparing candidates. Formal degrees were ranked least important and work experience was ranked highest.?
What we’re saying:?“This survey reveals that about half of candidates primarily apply to roles they believe they are qualified for. This means that those who do not have the formal education required by many companies may not apply for a position, even if they gained the necessary skills and experience through other means,"?said Robin Erickson PhD , Vice President, Human Capital, The Conference Board.?
Erickson added, "To increase the pool of qualified candidates and find the best fit for a role, it would be beneficial for employers to remove degree requirements from job descriptions when they are not necessary.”
Last year,?93 percent?of companies either maintained or increased their financial contributions toward addressing equality of opportunity for all races. And looking to 2023, companies plan on keeping this issue on the front burner: US CEOs and global C-suite executives?both rank?racial equality as a top-three social priority for the year ahead.?
Why it matters:?Companies are walking the walk. Indeed, their public pronouncements in support of equal opportunity for all races are being translated into substantial corporate financial commitments to address the issue. The widespread commitment from Corporate America underscores that racial equality?for all?is an?enduring priority.?
The path forward:?To make further meaningful progress on racial equality, companies should collaborate with other institutions to conduct needs assessments, evaluate the multiple ways they can address key issues, set measurable goals, and commit to?reporting impact.
After months of steady progress, January’s #ConsumerPriceIndex (CPI) saw an unwelcome setback in the fight against inflation. Headline CPI rose 0.5% month-over-month—the highest monthly spike since October. Core inflation, which excludes food and energy, was likewise elevated at 0.4% month-over-month.?
Housing pressure:?The notable spike in month-over-month #CPI was fueled primarily by an ongoing surge in the cost of shelter. Despite relief elsewhere (especially goods), #housing left headline inflation sticky on an annual basis—6.4% year-over-year in January versus 6.5% in December.?
Relief in sight??Fortunately, trends in new rent prices are already visible, which suggests housing should ease as an inflation driver in the months ahead. In fact, Fed Chair Powell recently said that housing price relief was likely “in the pipeline.”?
The big picture:?Looking beyond the noise and outliers of monthly data, our overall outlook remains steady: Expect a slow cooldown in prices over the course of 2023 and 2024—and the Fed to hike rates at least two more times, with no rate cuts likely before next year.
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Huge TV audiences have been in terminal decline as streaming and scrolling have taken over. But there are times, like #SuperBowlLVII, when 110 million people can be reached for $7 million per spot.?
Cost-effective advertising:?For products with mass appeal, this can be very cost-effective. For big brands it is compelling: people like to watch the ads, media like to talk about them, and agencies can make brands become a part of culture.?
Performance marketing?is the most important skill for today’s CMOs, but building well-recognized brands is still essential. Evidence indicates that scaled exposure in cheaper media makes the higher cost of targeted, digital engagements perform better. This happens when the idea is brilliant and is based on a consumer insight.?
The path ahead:?There were 87 spots aired in the Super Bowl. Creativity and a ‘big idea’ is something we, as an industry, must get back to chasing. It is a balance. It is not a question of digital or traditional media. It is a question of the best mix of both. You should quiz your CMO on where this balance lies for you.
QUOTABLE | Debt and Deficits
"Few have any doubt that the situation can change on a dime and that the financial community can lose confidence. Just look at what happened in the UK, when former Prime Minister [Liz Truss] made her announcement about their new budget. The financial markets quivered and basically pulled the plug on the British economy.
"The rising interest rates have shone a spotlight on how unsustainable the levels of #USdebt are, and that affects our ability to service the debt. And as inflation is going up, the debt is increasing further, just by simple inflation…making our fiscal policy unsustainable.
"So what happens if the #Medicare and #SocialSecurity trust funds head into default? You're going to end up spending that much more money to bail out those programs. You're dealing with very large parts of the budget. And if you deal with it now, you can manage the problem. And it's a serious problem. If you deal with it when the crisis happens, you're talking about it having cataclysmic effects on our fiscal policy and the economy."
—?Dr. Lori Esposito Murray , President of the Committee for Economic Development , the public policy center of The Conference Board (CED). She joined the?CEO Perspectives?podcast to discuss the federal debt.
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