Mazars Study C Suite Barometer

Ready to reset?
Mazars 2020 C-suite barometer

Contents
02 Foreword
04 Executive summary
07 Key findings
08 A cautiously optimistic global outlook

16 Transformations on the horizon
20 The long and short of it
30 Covid-19: resetting for a post-pandemic world
32 Expectations for 2021
Appendices
34 Spotlight on women-led businesses

40 Spotlight on sustainability
44 Spotlight on Africa
46 Methodology

Mazars 2020 C-suite barometer Mazars 1

Foreword
Hervé Hélias, CEO and Chairman
Mazars’ first global C-suite barometer comes at a moment of great

uncertainty for the world. We have been living with the Covid-19
pandemic for over a year now. During this time, many have faced
extreme challenges; people and families across the world have lost
loved ones too early and suffered previously unthinkable restrictions
to their lives and livelihoods as governments, companies and other
institutions battled to contain the virus.
The unique challenge for business has been how to Our core questions turn out to be more complex
respect the necessity to preserve life while fulfilling than they first appear. For one business, investing
its duty to meet society’s needs in a financially in finding new customers might seem to generate
sustainable way. only a short-term return, while for another, it’s
the foundation of their future. We draw out these
As our survey shows, as well as much heartache, this
nuances and reveal the underlying complexities.
challenge has also sparked incredible innovation,
We have also sought to show the big picture; it’s
creativity, and resilience.
encouraging to see the number of businesses that
Our inaugural C-suite barometer, capturing are moving from a short-term crisis response mode
views from executives globally during Q3 and Q4 to investing more in planning for the long-term as we
2020, aims to bring insights to help businesses and come to terms with the pandemic and begin to see,
other stakeholders understand more about this however hazily, a future beyond it.
moment in history. How are businesses coping?
It is also encouraging to see that so many future-
What are they doing differently? How does this
oriented businesses expect to go through
change in different places, for different industries
transformations in the coming years. The world is
and types of company?
changing faster than ever, and businesses know
The survey captures both what businesses have been they must continue to evolve with it. Technology is
doing, and what they intend to do; and to add new driving much of this, along with performance and
information to a long-standing debate: what does it sustainability.
mean to act for the short-term versus the long-term,
I hope that you will find the insights in this report as
and to what extent are businesses following these
fascinating as we do and that it will help as you look
different paths?
to prepare and manage your business for the future.
The main fieldwork was done in Q3, during which
time we captured the views of 540 C-suite executives
from around the world. In Q4 2020 we gathered an
additional 40 responses to see if and how things had Hervé Hélias
evolved, and we include these findings on page 6. CEO and Chairman, Mazars
2 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 3

Executive summary
In early 2020, Mazars decided to initiate a new C-suite barometer.

We wanted to assess the views of C-suite leaders around the world on
their activities and outlook for the coming year, understand how they
manage and prioritise short- and long-term initiatives. We conducted
the survey mostly in Q3 2020, with some follow up work in Q4.
The shift to longer-term held true across all the

The first half of 2020 was marked by a clear focus
continents with the exception of Africa, where a
on short-term priorities.
Our online survey, capturing over 500 executives’
“It was our intention focus on shorter-term priorities such as immediate
financing concerns prevails.
views in Q3 2020, found that during the first half
of the year – corresponding to the first wave of the
for the survey to form a Africa was the only region where businesses
expected to become more short-term oriented in
pandemic in many parts of the world – businesses had
shifted to concentrate (not surprisingly) on short-
baseline of data against the second half of 2020. It moves from a slightly
long-term investment orientation (53% long- vs 47%
term challenges such as financing, reputational issues,
and people and team management.
which we could track short-term) to an overall short-term orientation (51%
short- vs 49% long-term). It also saw an increased
But by the middle of the year, business leaders were how these views evolve focus on shorter-term objectives such as immediate
turning their attention to preparing to fight back financing issues and finding efficiencies and cost-
and reset their approach for 2021 and beyond. in subsequent surveys in reduction, along with a reduced focus on some
longer-term activities such as corporate strategy.
C-suite executives were preparing to place greater
emphasis on longer-term priorities such as R&D, new
coming years. Economic and technology-related trends are
products and services and sustainability initiatives. expected to shape the business outlook over the
These activities rose up the agenda for the second Unintentionally, however, next three to five years.
half of 2020 and through 2021, particularly for
larger companies. we ended up capturing a What’s more, businesses are relatively confident
in their ability to manage these trends. Despite the
This shift towards longer-term investment is
particularly marked in women-led businesses*.
snapshot of something pandemic, public health challenges ranked third, and
a relatively high proportion – 25% – say they are not
Our study found that businesses with more women else: how international confident in their company’s ability to handle this
kind of challenge.
in top strategic decision-making roles are predicting
a bigger shift towards longer-term investment than business leaders were Climate risk ranks at the bottom of the trends
male-led companies. impacting business in the next three to five years.
In the first six months of 2020, just over half of
responding to the most It is also the trend leaders say they are least
comfortable they know how to address. Interestingly,
women-led businesses – 52% – reported a relatively
short-term investment outlook (versus 45% of male-
severe pandemic in over social and political trends are high on the agendas in
Eastern Europe.
led businesses). But their attention moved decisively
towards a long-term investment orientation in the
a century.” Transformations are expected across many areas.
second phase, with 65% expecting such a shift,
To address these trends, executives expect
markedly more than male-led businesses (59%). Mark Kennedy
their organisations to go through significant
Partner, Mazars
transformations in the next three to five years,
across various areas.
*In this report, ‘women-led businesses’ refers to companies where

over 50% of top strategic decision makers are women.

Executive summary Key findings
The ‘long-term reset’ focus looks different in

Autumn pulse survey: is optimism
different sectors. 1. Businesses were surprisingly optimistic when surveyed in Q3 2020
waning?
We explored what constitutes long- or short-term • 58% expected revenue in 2020 to be up compared to the year before
In Q4 2020, we gathered an additional 40
and found that in the automotive and manufacturing
responses to find out whether recent developments • 71% expected to see revenues rise again in 2021
sectors, activities related to sustainability are seen as
had altered executives’ views and outlook.
having the longest-term impact. That might reflect • But our pulse check in Autumn 2020 showed diminishing positivity.
the ongoing, industry-wide transition away from Whereas the Q3 fieldwork took place at a time
fossil fuels, with an increasing number of countries when many countries, particularly in Europe, were
mandating an end to sales of fossil fuel-powered coming out of their initial lockdown restrictions, 2. Economic and technology-related trends are expected to shape the near future and
vehicles within two decades. Financial services the autumn fieldwork took place against a businesses are confident in their ability to tackle these trends
businesses also see sustainability as an investment backdrop of the second wave of the pandemic in
• 90% expect to be able to respond to trends in technology and innovation
for the long-term. Europe and strict new lockdown measures in many
countries, which could have changed executives’ • 78% are confident in managing upcoming economic trends.
But in technology and telecoms, sustainability
assessments of their companies’ performance,
initiatives are seen as one of the shortest-term
immediate priorities, or expectations for 2021.
activities. This group sees ‘external growth
3. Climate risk is bottom of the list of trends executives expect to affect their business in
opportunities’ and ‘regulatory issues’ as the focus The new sample is small compared to the original.
the next three to five years, but has the highest uncertainty on how to tackle it
areas with the longest-term payoff. It was also quite concentrated in Western Europe.
So, these data represent a quick pulse – a check- • 20% say climate risk will have an impact on their business
Nonetheless, our survey reveals resilience and a
in with a subset of respondents – rather than a
surprising optimism across the board. We found • 28% lack confidence that their business can respond.
directly comparable sample.
that across sectors and markets, businesses
were getting ready to reset and prepare for We found a more negative outlook, with more
transformations in the coming years. executives now concerned that their revenue will 4. Significant business transformations are expected in the next three to five years
fall in 2021 than previously. Whereas the summer
Over half of business leaders – 58% – expected • 50% expect their business to go through technology transformations; 47% expect a performance
fieldwork showed that 21% expected their revenue
revenue in 2020 to be up compared to the year improvement-related transformation; 46% foresee a transformation in how they approach new services,
to decline in 2021, the autumn fieldwork found
before, and well over two thirds – 71% – expect to see markets and business models; 44% feel that changes in compliance and sustainability strategy are likely.
that figure rose to 28% expecting a decline in 2021.
revenues rise again in 2021.
This may be driving the lower emphasis on
Following an initial period of adjustment, businesses
some long-term plans. In the summer, 53% had 5. Whether an activity is considered to have long-term (more than one year) or
appear to be looking ahead again and expect to
increased investment in corporate strategy in the short-term (less than one year) impact varies substantially by sector and company size
see significant transformations in the coming
previous six months, but by autumn, that was 78%.
three to five years, shaped mainly by economic and • Investment strategy is the longest-term activity according to large companies, but small and medium
There was also a rise in those planning to invest in
technology trends, but also factoring in performance businesses place it middle.
finding new customers, from 53% in the summer
improvements, new products and services, markets,
to 65% in autumn. • Sustainability is a long-term activity for auto/manufacturing and financial services, but short-term in the
sustainability and compliance.
eyes of tech/telecoms.
Digitisation also appeared to be a much more
Given that 2020 saw the first global pandemic in
important story in the autumn. Whereas in the
living memory, our survey found business leaders
summer, 52% said they had increased their
had reacted with resilience and a surprising degree 6. Overall, executives planned to shift towards longer term investment
investment in digitisation, in the autumn that
of optimism.
figure was 83%. Many more also plan to boost • This was particularly marked in women-led businesses
future investment in it too – 65% – compared to
• Africa was the only region not planning to be long-term oriented.
50% who said the same in the summer.

Chapter 1
A cautiously optimistic global outlook
Continued revenue growth anticipated Smaller companies feeling the pinch

The pandemic has undoubtedly caused major We find this is broadly consistent with other data: the The pandemic appears to be hitting smaller of large companies (>$1bn revenue). This is also true
challenges for business, and many economies same figure of 35% expected a “negative effect” from companies hardest . 40% of those with annual for 2021 growth predictions: smaller companies
around the world have suffered deep recessions. Covid-19 in the US Census Bureau’s Small Business revenue between $1m and $100m predicted a (<$100m) have a more negative outlook (24%
But the impact is not spread evenly, and business is Pulse Survey in April1, a high figure compared to decrease in revenue, compared to 34% of medium- negative vs 19% for companies with annual revenue
showing resilience and a perhaps surprising degree historical data. Further context comes from a Dun and sized companies ($100m-$1bn revenue) and 32% of $100m+).
of optimism. Bradstreet survey from 20192 , where only 10% of US
businesses with revenues between $5M and $100M
Despite the tough environment, a clear expected a decline in revenue that year.
Expected 2020 revenue growth vs 2019
majority (58%) of C-suite respondents
expected to end 2020 with revenue higher The majority expecting to increase revenues despite
Western Europe 39% 16 23 31 25 56%
than in 2019. When considering 2021, the pandemic shows how robust business can be
executives were even more positive: in the face of unprecedented global headwinds. Asia-Pacific 42% 23 19 21 29 50%
over 70% expected higher revenues Nonetheless, it’s clear that a major segment of Latin America 17% 13 4 19 60 79%
than in 2020. the business community is going through very Africa 29% 12 17 14 55 69%
challenging times. USA 35% 22 13 19 40 59%
This is not to disregard the suffering: the impact of
EE/CIS 40% 24 16 14 36 50%
the Covid-19 crisis is evident in the 35% who said
their revenue would be lower than it was in 2019. .. 0
Half of those, 18%, predicted a fall of more than 10%. Automotive & manufacturing 52% 23 29 21 20 41%
Financial services 24% 11 13 29 44 73%
Expected change in revenue/2021 growth Technology & Telecoms 16% 8 8 29 46 75%
. 0
2020, compared to 2019 2020, compared to 2020 forecast 2021 growth outlook Annual revenue <$100m 40% 21 19 18 34 52%
Annual revenue $100m - $1bn 34% 17 17 22 38 60%
71%
Annual revenue >$1bn 32% 16 16 26 33 59%
30
58% Decrease by 10% or more Decrease between 1% and 9% Increase between 1% and 9% Increase by 10% or more
23 54%
21
Please estimate your organisation’s expected change in annual revenue for 2020, compared to 2019. Africa, n=53; Latin America, n=54;
Asia-Pacific, n=128; Western Europe, n=191; EE/CIS, n=59; USA, n=55; Auto and manufacturing, n=114; Technology and telecoms, n=75;
36% Financial services, n=91; $1-99m, n=188; $100m-1bn, n=150; $1bn+, n=202. Figures show percentage answering each option.
35%
25
35 17 18
33
21%
13
18 18
16
10
6 8
6 1 1
2 0
Increase Decrease No change Don't know Increase Decrease No change Don't know Positive Negative No change Don't know
Decrease by 10% or more Decrease between 1% and 9% Increase between 1% and 9% Increase by 10% or more
Please estimate your organisation’s expected change in annual revenue for 2020, compared to 2019/its budget or plan for 2020.
How do you assess your company’s outlook for growth in 2021? Total n=540. Figures show percentage answering each option.
1. Cited in McKinsey & Co, Which small businesses are most vulnerable to COVID-19—and when, June 2020.
2. Pepperdine Private Capital Markets Project, 2019 Economic Forecast, Pepperdine Graziadio Business School with Dun & Bradstreet,
February 2019.

Chapter 1
A cautiously optimistic
global outlook
“Our research shows Unequal resilience across sectors

and regions
Economic and technology-related trends expected to shape the near future
The trends that businesses expect to have the executives are not confident in their company’s
surprising resilience Automotive/manufacturing businesses were notably largest impact in the next three to five years are ability to tackle this kind of challenge.
more negative about their 2020 revenues than those economic and technology-related, and by some
despite the Covid-19 crisis. in other sectors. 52% predicted a decline on 2019 margin. Businesses expect economic trends to affect
Bottom of the list were climate risk and geopolitical
trends, each chosen by about a fifth of executives.
(compared to 35% of the total sample), with only them most over the coming years, with 58% citing
Businesses are generally 41% predicting growth (compared to 58% of the total this as one of the three trends that will have the
This is despite climate change rising up the media
and public opinion agenda over the past couple
sample). This stands in stark contrast to technology & biggest impact. Second were trends in technology/
optimistic about the future telecoms companies: only 16% of this group predicted a innovation, chosen by 49% of businesses. Businesses
of years as high-profile campaigns like Greta
Thunberg’s school strike and Extinction Rebellion
drop in revenue compared to 2019, with three-quarters are relatively confident in their ability to deal with
with a strong majority (75%) predicting growth. Financial services executives these high-salience issues; 90% expect to be able
cut through. As and when climate risk rises up the
business agenda it could drive significant concerns,
were similarly optimistic, with 73% predicting revenue to respond to trends in technology and innovation,
expecting revenue growth growth and 24% predicting decline. while 78% are confident in managing upcoming
because among companies who already say it affects
them, confidence in their ability to manage it is not
economic trends. Despite the pandemic, public
in 2021.” This tallies with external data on sector-specific
company performance. Some financial services firms
health challenges only came third, with 34%.
great: 28% of executives are not confident, a higher
proportion than we see for any other issue.
Notably, a relatively high proportion (25%) of
Véronique Ryckaert and technology companies, in particular, reported
Partner, Mazars very strong 2020 Q2 performance relative to
analysts’ forecasts. In the United States, with 90% of Trends that will have biggest impacts
second-quarter earnings reported, Q2 earnings per
share beat analyst estimates by 17% – the biggest
overperformance since 20003. 59% of companies Economic trends 58%
beat both their profit and sales estimates, well above
Bank of America’s two-decade average of 39%. Trends in technology/innovation 49%
2021 predictions show a similar picture: Automotive/ Public health challenges 34%
manufacturing remain the most pessimistic, with
23% assessing their outlook for growth as ‘negative’ Social and political changes 33%
compared to 18%and 12% for financial services and
New or higher regulatory
tech/telecoms respectively. requirements
30%
Western Europe, Asia-Pacific and Eastern Europe Expectations for governance, 24%
ethics and social responsibility
(EE)/Commonwealth of Independent States (CIS)
were the three most pessimistic regions, with 39%, Geopolitical trends 21%
42% and 40% respectively predicting a fall in
2020 revenue versus 2019. Latin America was the Climate risk 20%
most optimistic region. 79% of businesses in the
region predicted growth (and 60% think this will be None 2%
growth of 10% or more), compared with only
17% predicting decline.
Latin America is also the most optimistic region
in their predictions for 2021: 91% are ‘positive’ Which of the following trends do you expect to have the biggest impact on your business in the next three to five years? Please select up
about their outlook for growth in 2021, only 7% are to THREE trends that you expect to have the biggest impact. Total n=540. Figures show percentage answering each option.
negative. EE/CIS is much more optimistic about
2021 with 80% feeling positive about growth. Africa
(77% positive) and USA (71% positive) are middle of
the pack, Western Europe and Asia-Pacific remain
the least optimistic (64% and 65% respectively).
3. https://markets.businessinsider.com/news/stocks/stock-
market-outlook-firms-beat-profit-forecasts-record-continue-
bofa-2020-8-1029488246
4. EE/CIS represented by Russia

Chapter 1
Climate risk trend expected to impact most in Western Europe and social trends high on Transformations expected across many areas
Eastern European leaders’ agenda In general, businesses were optimistic in their ability Executives were less confident in their businesses’
Overall, climate risk is lowest on the list globally, but Public health challenges – which include but are not to tackle these trends – a majority felt confident in ability to respond to some other trends. At the
a quarter of businesses in Western Europe say they limited to the pandemic – are most salient in Africa tackling every trend, with a high of 90% ‘very’ or bottom of the list was climate risk – with 28% of
expect it to have a big impact. This compares to 23% and the USA, where 43% and 42% respectively cite ‘fairly’ confident in tackling challenges involving businesses ‘not very’ or ‘not at all’ confident in
in Asia-Pacific, 19% in Latin America, 17% in Africa, them as having an impact on their business. This technology/innovation. Next came expectations dealing with its impact. Social/political changes
15% in North America and 10% in EE/CIS. EE/CIS contrasts particularly with EE/CIS (represented for governance, ethics and social responsibility, and public health challenges also inspire a lack of
also has the lowest expectation that “governance, by Russia), where just 17% expect them to have an with 84% very/fairly confident they can meet those confidence: a quarter are not confident in their ability
ethics and social responsibility” trends will impact impact. By contrast, almost half (46%) of businesses challenges. 83% were confident in dealing with new to address them. A large proportion of businesses
them in the next three to five years, with just 10% in EE/CIS expect social and political changes to have or higher regulatory requirements, while 82% were expect both these trends to impact them in the next
selecting this. the biggest impact on their business, and 31% cite confident in tackling geopolitical trends. three to five years. Confidence in responding to
geopolitical trends – both higher than in any geopolitical and economic trends (the type of trend
other region. most widely expected to have an impact) is middling,
with about one in five lacking confidence.
Biggest impact expectations, by region Confidence to respond to trends

Western Europe Latin America Asia-Pacific Africa EE/CIS USA
Trends in 43 47 9 1
Economic trends 50 70 51 75 75 56 technology/innovation
New or higher regulatory 33 50 2 13 2

Trends in requirements
technology/innovation 50 59 48 51 41 44
Expectations for
Public health governance, ethics and 42 42 14 2
challenges 34 30 34 43 17 42 social responsibility
New or higher Geopolitical trends 27 55 14 4

regulatory 32 24 31 30 34 25
requirements
Social and political Economic trends 26 52 2 16 4

changes 28 35 34 28 46 33
Social and political 27 46 2 17 8

Climate risk 25 19 23 17 10 15 changes
Public health challenges 26 47 2 17 8

Geopolitical trends 22 15 25 13 31 13
Expectations for Climate risk 31 39 2 21 7

governance, ethics and 21 28 31 30 10 22
social responsibility
Very confident Fairly confident Not sure Not very confident Not at all confident
None 2 0 3 0 3 4
Which of the following trends do you expect to have the biggest impact on your business in the next three to five years? Please select How confident are you that your business can respond to each of the following trends?
up to THREE trends that you expect to have the biggest impact. Africa, n=53; Latin America, n=54; Asia-Pacific, n=128; Western Europe, Tech, n=263; Governance, n=130; Regulatory, n=164; Climate, n=110; Geopolitical, n=114; Social, n=176; Econ, n=313; Health, n=181
n=191; EE/CIS, n=59; USA, n=55. Figures show percentage answering each option.

Chapter 1
Asia shows confidence to respond

Businesses in Asia-Pacific are more confident in for each. Asia-Pacific businesses were much more
their ability to respond to technology trends than confident than their Western European counterparts
in Western Europe, with 92% confident there in responding to public health challenges; 77% of the
compared to 85%. Western European businesses former looked forward with optimism. This may reflect
lack confidence in their ability to deal with social/ Asia-Pacific societies’ longer experience managing
political, climate and public health trends; less than epidemics, like the SARS outbreak of 2003.
65% declared themselves ‘very’ or ‘fairly’ confident
Confidence to respond to trends, by region and revenue
Region Revenue
Western Europe Asia-Pacific $1m-$100m $100m-$1bn $1bn+
Trends in 35 50 36 56 48 48 35 50 45 43
technology/innovation
New or higher regulatory 33 52 30 55 29 53 26 59 42 40

requirements
Expectations for Insufficient Insufficient Insufficient

governance, ethics and sample sample 44 37 sample 43 38
social responsibility
Economic trends 26 55 12 53 23 49 28 53 28 55
Social and political 22 43 26 41 29 44 20 49 32 45

changes
Insufficient Insufficient Insufficient

Climate risk 21 39 sample sample sample 25 37
Insufficient Insufficient
Geopolitical trends 21 58 sample sample 28 57 28 53
Public health challenges 14 48 27 50 18 50 33 44 30 48
Very confident (%) Fairly confident (%)
How confident are you that your business can respond to each of the following trends?
Asia-Pacific, n=128; Western Europe, n=191; $1-99m, n=188; $100m-1bn, n=150; $1bn+, n=202
5. Most drill-down sub-group samples were not large enough to analyse (i.e. n<40), but Western Europe, Asia-Pacific, and all 3 revenue
bands were.

Chapter 2
Transformations on the horizon: tech, performance
and business models top agendas
Companies feeling confident to tackle trends Organisational transformations: performance improvement? Compliance?
Depends where you in the world
Executives expect their organisations to go through
significant transformations in the next three to
Half of businesses expect Technological transformation is perceived as transformation deemed more likely. US businesses are
five years. For every type of transformation tested,
at least 40% expect that their company will go
to go through a technology relatively likely across all regions. However, on other
topics, there is some regional variation in the types
most likely to foresee transforming their businesses
to improve performance; almost half predict it.
through such a change. In line with the expected
trends discussed in chapter 1, the most likely
transformation in the next of transformation expected. EE/CIS was the only
region where executives thought a transformation in
Less developed regions are more likely to predict
transformation across all categories: executives from
type of transformation is technological, with half
of businesses expecting to go through a tech-
three to five years compliance was among the most likely to take place:
53% of them expect their business to undertake one
Latin America, Africa and EE/CIS say there is a high
chance of the way they do business changing soon.
driven transformation. 47% of executives expect a in the next three to five years, with no other type of
performance improvement-related transformation, Transformations relating to culture, organisational
while 46% foresee a transformation in how they change and international expansion are expected
approach new services, markets and business less overall: 40% of executives forecast cultural
models. 44% feel that changes in compliance and transformation, and 42% predict organisational and Likelihood of organisational transformation, by region
sustainability strategy are likely. international expansion-related change.
Western Europe Latin America Asia-Pacific Africa EE/CIS USA
Likelihood of organisational transformation Tech transformation 21 30 30 27 14 25 38 43 25 19 18 27
International
Technology transformation 22 28 50% expansion 16 22 24 30 9 22 25 39 31 16 13 31
Performance
47% improvement 15 27 28 26 9 28 40 35 31 18 13 34
Performance improvement 19 28
New services/markets/
New services/ model 14 29 28 29 13 21 34 41 32 21 13 23
19 27 46%
markets/business model
Compliance strategy 14 27 20 21 12 23 34 30 29 24 16 28
Compliance strategy 18 26 44%
Sustainability strategy 14 28 19 31 9 26 32 38 31 13 11 27
Sustainability strategy 17 27 44%
Organisational change 14 26 19 24 11 27 21 41 27 14 15 25
International expansion 17 25 42%
Cultural
transformation 12 25 15 26 8 28 30 32 29 13 16 15
Organisational change 16 26 42%
75%+ 50-75%
Cultural transformation 15 25 40%
Above 75% 50-75% How likely is it that your organisation will go through a transformation in each of the following areas during the next three to five years?
Africa, n=53; Latin America, n=54; Asia-Pacific, n=128; Western Europe, n=191; EE/CIS, n=59; USA, n=55. Figures show percentage
answering each option.
How likely is it that your organisation will go through a transformation in each of the following areas during the next three to five years?
Total, n=540. Figures show percentage answering each option.

Chapter 2
Transformations on the horizon: tech, performance and
business models top agendas
Expectations for transformation also vary by

sector. Automotive and manufacturing businesses
The largest companies (those with revenues of
$1bn+) are the most likely to see technology-related
Tech transformation most
strongly predict technology and compliance- “The companies surveyed transformations within the next three to five years.
related transformations but are less likely to Although companies of all sizes are relatively likely likely overall, especially by
foresee changes relating to sustainability, culture see transformation as to expect this change, 54% of executives in large
or new services, markets, or business models.
Executives in this sector are the least likely to predict a very complex task. In
companies think that there is a >50% chance of it
happening in the next three to five years. Medium-
$1bn+ companies.
transformation generally: those in financial services sized businesses (with revenues between $100m
and technology/telecoms have higher expectations addition to technology and $1bn) are most likely to expect transformation
of all types of transformation. Financial services involving new products, services and business models.
firms see transformations relating to performance and new business Smaller firms (those with revenues under $100m) see
improvement, technology and new markets on the performance improvement and sustainability trends
horizon. Technology and telecoms companies also models, organisations as more relevant to their medium-term outlook; 45%
expect transformations in the way they expand into expect transformations in these areas.
new services, markets and business models – but are expect transformations
less likely to predict a cultural transformation.
in compliance and
sustainability strategies Likelihood of organisational transformation, by revenue
in the near future.”
$1m-99m $100m-$1bn $1bn+
Patrick Oelze Technology transformation 23 23 21 29 23 31

Partner, Mazars New services/
markets/business model 22 22 19 34 16 27
Performance improvement 22 23 20 31 15 30
Likelihood of organisational transformation, by sector Sustainability strategy 21 24 13 34 15 25
International expansion 20 21 19 26 14 27
Auto and manufacturing Technology and telecoms Financial services
Compliance strategy 18 25 22 25 15 27
Compliance strategy 21 24 19 34 24 25
Cultural transformation 18 19 16 31 12 25
Technology transformation 19 29 28 25 30 32
Organisational change 17 20 17 28 13 31
Sustainability strategy 18 22 13 34 18 35
Performance improvement 17 23 19 32 27 32 75%+ 50-75%
International expansion 14 25 20 29 19 30
Cultural transformation 13 23 20 23 21 31 How likely is it that your organisation will go through a transformation in each of the following areas during the next three to five years?
$1-99m, n=188; $100m-1bn, n=150; $1bn+, n=202. Figures show percentage answering each option.
Organisational change 12 26 16 35 23 30
New services/ markets/
business model 11 27 25 30 26 30
75%+ 50-75%
How likely is it that your organisation will go through a transformation in each of the following areas during the next three to five years?
Auto and manufacturing, n=114; Technology and telecoms, n=75, Retail and consumer goods, n=40, Financial services, n=91. Figures
show percentage answering each option.

Chapter 3
The long and short of it
In this section we explore C-suite strategy in terms of long- and Short- or long-term impact
short-term business activities. Long-short term
External growth opportunities 12 40 35 28
Activities: what constitutes long- There are some clear contrasts between pairs of Reviewing/updating corporate strategy 13 40 36 27
or short-term? activities associated with specific functions. For
Human Resources, sourcing new talent is seen as R&D/innovation activities 13 39 35 26
Reviewing and updating a corporate strategy is
very long-term (with a net long-short-term score of
almost intrinsically an activity oriented to the long- Sustainability initiatives 13 38 35 25
+22), but reducing headcount is the shortest-term
term. Among other activities ranked most long-term
activity (with a net score of +1). Brand strategy and Sourcing new talent 16 38 34 22
in their impact, two concern sources of potential
positioning is considered long-term (net +22), but
long-term growth: ‘external growth opportunities, Brand strategy and positioning 14 36 38 22
reputation or crisis management is relatively short-
e.g. mergers, acquisitions, joint ventures’ and
term (net +12). Investment strategy is deemed a Investment strategy 14 36 37 22
‘R&D/innovation activities’. The fourth-most long-
long-term activity (net +22), whereas addressing New product/service/market
term activity relates to managing long-term risks: 16 36 37 20
immediate financing issues/concerns is the second- development
‘sustainability initiatives, including environment,
shortest term activity (net +6). Maintaining, securing and evolving IT
15 35 40 20
society, communities and diversity’. Sustainability is systems
considered especially long-term by larger businesses Attitudes towards keeping vs finding customers are Managing or maintaining relationships
with existing customers 14 34 41 20
(see appendix 2). The fifth-longest term activity was also revealing. Overall, executives classify ‘acquiring Digitising internal operations and
14 34 40 20
‘sourcing new talent’, deemed to be long-term by new customers’ as relatively short-term and processes
38% of executives. ‘managing/maintaining relationships with existing Regulatory, compliance and legal issues 14 31 43 17
customers’ as long-term – indicating the significant
The activities ranked as the shortest-term in impact Financing strategy 15 31 41 16
premium placed on customer loyalty. ‘Evolving
were: ‘reducing headcount’, ‘addressing immediate
the sales and distribution model and customer People and team management 14 30 45 16
financing issues/concerns, e.g. cashflow’, ‘managing
experience’ was also deemed relatively short-term
suppliers’, ‘internal reorganisation’ and ‘reputation Improving efficiency/reducing cost of
17 32 42 15
by executives. At the other end of the supply chain, business operations
or crisis management, including media and social
‘managing suppliers’ was deemed a primarily short- 14 29 42 15
media engagement’. ‘Reducing headcount’ was the Engaging with government or regulators
term activity.
activity with the highest percentage rating it short- Acquiring new customers 18 31 41 13
term, at 25%. Evolving the sales and distribution model
and customer experience 16 29 43 13
Reputation or crisis management 18 30 40 12
Internal reorganisation 16 28 41 12
Methodology for classifying short- and long-term activities Managing suppliers 19 28 40 9
We presented respondents with a list of 23 activities that a business might invest in. They categorised each Addressing immediate financing
22 28 37 6
issues/concerns
as short-term (i.e. primarily having an impact within one year), long-term (primarily having an impact after
one year), having an equal impact in both timeframes, or having no impact. We ranked the activities by the Reducing headcount 25 26 32 1
difference between the percentage rating it short-term and the percentage rating it long-term. Short term Long term Both
More respondents classified every single activity as long-term than short-term, so the final classification
is best understood as relative: those activities ultimately deemed “short-term” are simply less long-term
oriented than others. In your view, does action on each of the following lead to more impact in the short-term (up to one year) or the long-term (one year or
more?). Total, n-540. Figures show percentage answering each option.

Chapter 3
Long- or short-term activity? Opinions vary substantially by sector and company size The picture also varies by company size. Large Smaller companies’ focus on ‘new product/service/
companies place ‘investment strategy, including risk market development’ could indicate that this is one
There is significant variation in short- and long- There is a significant difference across industries
assessment and management’ as the longest-term of the more accessible growth options for them;
term classification by industry. ‘Engaging with in evaluating ‘sustainability initiatives, including
activity, which could reflect the greater importance larger firms with a more developed customer/
government and regulators’ is regarded as one of the environment, society, communities and diversity’.
of investment decisions and risk management for client base may have less scope to expand in this
longest-term activities by those in the technology auto/manufacturing and financial services
companies with larger, more diversified financial way. ‘Regulatory, compliance and legal issues’
& telecoms and financial services sectors, but as respondents see this as one of the longest-term
portfolios. Sustainability is the second-longest-term are considered very long-term by the smallest
the third-shortest term activity by automotive & activities, but tech/telecoms businesses see it as
activity for larger companies; it is in the top third for companies (with revenue of $1m-$100m), but nearer
manufacturing executives. ‘Regulatory, compliance relatively short-term. A similar pattern occurs with
the other two categories, but does not receive as the short-term end of the scale by medium-sized and
and legal issues’ are also considered relatively short- ‘sourcing new talent’ – financial services respondents
much emphasis as a longer-term activity. larger companies.
term by automotive & manufacturing businesses, but see it as the single longest-term activity, auto/
long-term by tech/telecoms companies. financial manufacturing place it in the middle, and tech/
services companies tended to place it in the middle telecoms clearly deem it to be short-term oriented .
of the pack. Short- vs long-term categorisation, by revenue
$1m-$100m $100m-$1bn $1bn+
Short- vs long-term categorisation, by industry
Long-term
Reviewing corporate strategy Brand strategy Investment strategy
External growth Maintaining IT systems Sustainability
Auto and manufacturing Technology and telecoms Financial services R&D/innovation External growth External growth
Long- term
New product/service/market R&D/innovation R&D/innovation

Sustainability External growth Sourcing new talent
Regulatory issues Reviewing corporate strategy Sourcing new talent
Brand strategy Regulatory issues Government engagement
Sustainability Sourcing new talent Reviewing corporate strategy
Reviewing corporate strategy Financing strategy R&D/innovation
Sourcing new talent Sustainability Government engagement
External growth Government engagement Maintaining IT systems
Maintaining IT systems New product/service/market Brand strategy
Maintaining customers R&D/innovation Sustainability
Maintaining customers Maintaining customers Maintaining customers
New product/service/market Acquiring new customers Reviewing corporate strategy
Digitizing operations Investment strategy Digitizing operations
Investment strategy People management Maintaining customers
Brand strategy Digitizing operations Maintaining IT systems
R&D/innovation Investment strategy Brand strategy
Investment strategy Financing strategy New product/service/market
Maintaining IT systems Reviewing corporate strategy External growth
Acquiring new customers Evolving sales model Financing strategy
Digitizing operations Maintaining IT systems Investment strategy
People management People management Improving efficiency
Sourcing new talent Evolving sales model Managing suppliers
Financing strategy Improving efficiency Regulatory issues
Reputation management Brand strategy Improving efficiency
Reputation management Acquiring new customers Internal reorganisation
Improving efficiency New product/service/market Regulatory issues
Improving efficiency Internal reorganisation People management
Financing strategy Financing issues Financing strategy
Government engagement Regulatory issues Evolving sales model
Short-term
Evolving sales model Reducing headcount Internal reorganisation
Evolving sales model Managing suppliers Reputation management
Regulatory issues Digitizing operations Digitizing operations
Internal reorganisation Reputation management Financing issues
Acquiring new customers Reputation management Evolving sales model
Managing suppliers Government engagement Managing suppliers
People management Internal reorganisation New product/service/market
Short-term
Financing issues Financing issues Acquiring new customers

Internal reorganisation Managing suppliers Acquiring new customers
Managing suppliers Sourcing new talent People management Reducing headcount Reducing headcount Reducing headcount
Government engagement Improving efficiency Reputation management

Financing issues Sustainability Reducing headcount
In your view, does action on each of the following lead to more impact in the short-term (up to one year) or the long-term (one year or more?)
Reducing headcount Maintaining customers Financing issues
$1-99m, n=188; $100m-1bn, n=150; $1bn+, n=202
Auto and manufacturing, n=114; Technology and telecoms, n=75; Financial services, n=91

Chapter 3
Looking ahead: it’s all about the long-term orientation Three specific changes in how businesses plan to • A similar shift occurs for R&D/innovation
invest were behind the shift to a more long-term activities, which moves from 44% to 48% and
A slight majority of businesses (55%) reported The most likely explanation for the general shift orientation in the six months after the survey was from a low- to a mid-level priority. Similarly,
being more focused on long-term than short-term to the long-term is the most obvious one: the conducted: investment in sustainability initiatives increases
activities in the six months prior to completing pandemic. This has likely caused a lot of businesses by the same margin and also moves from low- to
• 46% of executives said that they had increased
the survey. But 61% said they expected to be more to focus on immediate challenges: financing, middle-priority.
investment in ‘new product/service/market
oriented to the long-term. In fact, most businesses reputational challenges, supply chains, reducing
development’ in the six months before the survey; • On the other hand, investment in reputation/
that were short-term oriented at the time of staffing levels. After spending the first several
this shifts to 52% predicting an increase in the 6 crisis management fell from 47% increasing over
completing the survey (Q3 2020), said they would months of the pandemic adjusting to it, companies
months ahead. The activity moves from a mid-level the six months prior to completing the survey, to
switch to a long-term orientation in the immediate arrived at a position where they could plan for the
priority to one of those with the highest emphasis. 45% increasing in future, and from relatively high
future. Meanwhile about two thirds of businesses future and start thinking more long-term.
priority to a low overall priority.
classed as long-term planned to initially remain so,
This study is designed to be tracked over time, so it
the others switching to a short-term orientation.
will be interesting to see how businesses’ short- and
Businesses’ financial outlook seems to affect how
they change orientation: those who switch from
long-term orientations change in the second half of Increasing investment*
2021 – hopefully a time when the pandemic will not
long- to short-term oriented are twice as likely to
dominate priorities to the extent it has in 2020. Past six months Next six months
predict falling revenue in 2021 as those who will
remain long-term oriented. Corporate strategy 53 Efficiency/reducing cost 57
Efficiency/reducing cost 52 Acquiring new customers 53
52 52
Evolution of business orientation*
Digitising ops/processes New product/service/markets
IT maintenance/security 51 IT maintenance/security 52
Managing customer
relationships 50 Corporate strategy 51
Managing customer
Short-term Long-term Acquiring new customers 49 relationships 50
61% Immediate financing issues 48 Evolving sales/distribution/CX 50
55%
45% 47 50
39% Financing strategy Digitising ops/processes
Reputation or crisis
management 47 Immediate financing issues 48
New product/ service/markets 46 Financing strategy 48
Evolving sales/distribution/CX 46 R&D/innovation activities 48
Past six months Next six months
People and team management 46 Sustainability initiatives 48
Most short-term oriented businesses will switch to long-term, but some long-term oriented will switch to short-term Investment strategy 45 Brand strategy and positioning 47
Brand strategy and positioning 45 Internal reorganisation 46
Internal reorganisation 45 People and team management 46
61% 44 45
55% R&D/innovation activities Sourcing new talent
45% Reputation or crisis
39% 36 Sustainability initiatives 44 management 45
25 36
19 Managing suppliers 44 Investment strategy 45
20 19 20 25 Sourcing new talent 43 Managing suppliers 45
Regulatory, compliance, legal 43 Engaging gov't/regulators 44
Short-term. Long-term Short-term Long-term
Engaging gov't/regulators 41 External growth opportunities 43
Past six months Next six months External growth opportunities 40 Regulatory, compliance, legal 42
Reducing headcount 36 Reducing headcount 35
* Questions asked in Q3 2020, n=540
Short-term Long-term
Methodology
In addition to categorizing the 23 activities as long- or short-term, respondents estimated their companies’ * Questions asked in Q3 2020. Over the past/next six months, how much has your organisation increased or reduced/how much do you
emphasis on each activity. They indicated how much their company had increased or decreased investment expect your organisation to increase or reduce its investment of time, money and other resources in each of the following areas?
in each activity over the last 6 months, then indicated how much they expected them to increase or decrease Total, n=540. Figures show percentage answering each option.
investment over the next 6 months. We categorised each respondent as either long- or short-term oriented,
for both the immediate past and future, by whether their average shift in investment in long- or short-term
activities was greater.

Chapter 3
Moving to a longer-term orientation… investment in new products, services and markets. The activities driving this shift vary by sector. were central to a longer-term investment outlook.
apart from Africa In North America, a six-point shift is driven by steady Increased future investment in managing customer Companies in this industry also expected to invest
increases in future investment in R&D, regulatory/ relationships, brand strategy and positioning and less time managing their suppliers, which was rated
Asia-Pacific, Western Europe, Latin America and
compliance/legal issues and sustainability. The sourcing new talent explain auto/manufacturing’s as one of the shorter-term activities a business could
the US all move substantially towards becoming
EE/CIS region held broadly steady in the level and five-point shift. Financial services companies focus on.
longer-term oriented in the future than they were
orientation of its investment. expected to scale up investment in regulation,
in the immediate past. Latin America is the only Small, medium and large companies were all looking
compliance and legal issues in the six months post
region that classified itself as short-term overall Companies across all industries are looking to shift to to shift from shorter- to longer-term activities:
survey; this combines with a renewed focus on
in the past six months: 55% of its businesses were longer-term patterns of investment. In the six months smaller companies ($1m-$100m) move by 4%,
financing strategy. In the tech/telecoms group, new
categorised as investing more in short-term than prior to completing the survey , auto/manufacturing medium-sized companies ($100m-$1bn) by 8%
products, services and markets and digitization
long-term activities, compared to 45% who reported businesses were 56% long-term oriented and 44% and larger companies ($1bn+) by 4%.
the opposite. The EE/CIS region did not expect to short-term oriented; this gap is set to grow, with 61%
change in orientation – it was 56% to 44% in favour predicting a long-term orientation in the immediate
of long-term activities in both the past and future. future. Financial services and tech/telecoms
Orientation, past and next six months, by industry and revenue*
There is only one region that expected to become presented a similar picture, extending their long-term
more short-term oriented in the six months following net orientation by 17 and eight points respectively.
the survey: Africa. It moves from a slightly long-term Automotive & 56 61
manufacturing 44 39
investment orientation (53% long-term, 47% short-
term) to an overall short-term orientation (49%
Asia-Pacific, Western Europe, Financial services 51 68
49 32
long-term, 51% short-term). See appendix 3 for
more detail on how investment patterns are shifting
Latin America and the USA all Technology &
telecoms 39
61
31
69
in Africa.
move substantially towards
In Asia-Pacific, an increased future focus on existing
customer relationships, financing strategy and becoming longer-term Annual revenue
<$100m 46
54
42
58
IT systems underpinned a six-point shift in long-

termism between the six months prior to and oriented in the future; only Annual revenue
$100m - $1bn
51
49 41
59
following the survey. In Latin America, a renewed Annual revenue

Africa expects to become
60 64
focus on R&D and sourcing talent – and a hugely >$1bn 40 36
increased level of predicted investment overall – Short-term Long-term
drove a 13-point shift in the same direction. Western more short-term oriented.
Europe’s seven-point shift is a result of increased
* Questions asked in Q3 2020, auto/manuf., n=114; tech/telecoms, n=75; fin. serv., n=91; $1-99m, n=188; $100m-1bn, n=150; $1bn+,
n=202. Figures show percentage classified as short- or long-term.
Orientation, past and next six months, by region*
53 49
Africa
47 51
58 64
Asia-Pacific
42 36
56 56
EE/CIS
44 44
45 58
Latin America
55 42
50 56
USA
50 44
58 65
Western Europe
42 35
* Questions asked in Q3 2020, Africa, n=53; Latin America, n=54; Asia-Pacific, n=128; Western Europe, n=191; EE/CIS, n=59; USA, n=55.
Figures show percentage classified as short- or long-term.

Chapter 3
For the largest companies, increased predicted with less attention spent on crisis management,
investment in sustainability initiatives and new explain the modest shift. For medium companies,
products, services and markets were the major increased investment in efficiency, internal
factors. For smaller companies, an expected focus on reorganisation and R&D were identified as key for
investment strategy and new customers, combined the next six month period.
Increasing investment, companies with revenue of $1bn+*

Efficiency/reducing cost 55 Efficiency/reducing cost 57
IT maintenance/security 55 Sustainability initiatives 54
Corporate strategy 54 New product/service/markets 53
Managing customer
Digitising ops/processes 54 relationships 53
Investment strategy 52 Evolving sales/distribution/CX 53
Immediate financing issues 51 IT maintenance/security 53
Sustainability initiatives 51 Digitising ops/processes 53
Acquiring new customers 50 Corporate strategy 51
management 50 Financing strategy 50
Financing strategy 49 Internal reorganisation 49
Managing customer
relationships 49 Managing suppliers 49
Internal reorganisation 47 R&D/innovation activities 49
Brand strategy and positioning 47 Brand strategy and positioning 49
R&D/innovation activities 46 Acquiring new customers 48
New product/service/markets 45 People and team management 48
Engaging gov't/regulators 45 management 48
Regulatory, compliance, legal 45 External growth opportunities 47
External growth opportunities 44 Immediate financing issues 47
Evolving sales/distribution/CX 44 Sourcing new talent 47
Managing suppliers 43 Regulatory, compliance, legal 45
People and team management 42 Investment strategy 44
Reducing headcount 42 Engaging gov't/regulators 43
Sourcing new talent 42 Reducing headcount 39
* Questions asked in Q3 2020. Over the past/next six months, how much has your organisation increased or reduced/how much do you
expect your organisation to increase or reduce its investment of time, money and other resources in each of the following areas? Large
companies, n=202. Figures show percentage answering each option.

Chapter 4
Covid-19: resetting for a post-pandemic world
Moving out of crisis mode Investment patterns of growing vs shrinking companies. companies were increasing investment in this area
shrinking companies pre-Covid, and 50% will be going forwards. Some
In chapter 3 we outlined how most companies This shift is primarily driven by an increased focus
longer-term activities are set to slip down the
expected revenue growth in 2020, but with a Companies that forecasted growth in 2020 relative on longer-term activities such as sustainability
agenda: corporate strategy slips slightly as a relative
minority (35%) expecting revenue declines. The to 2019 predicted very different investment patterns initiatives, new products, services, or markets,
priority, while digitization of operations plummets,
context for these predictions was the unprecedented to those who expected to shrink. Growing companies R&D and sourcing new talent – all of which will be
as does investment in regulatory, compliance and
effect that the global pandemic was having on have invested more recently – and are set to a relatively higher priority in the immediate future
legal issues. By contrast, these executives planned to
business activity around the world. Doubtless many continue investing more – in all business activities. than they were over the previous half year. Managing
sharpen their focus on more immediate objectives,
of the companies that predicted lower revenues in Shrinking companies forecast a modest increase in and maintaining existing customer relationships
including acquiring new customers. This activity
2020 (“shrinking companies”) have been adversely overall investment in the six months after the survey continues to be a top focus for these executives.
leapt up the executives’ list of priorities: 30% noted
affected by Covid-19, and many of those that were compared to the previous six months, but are still a Although some shorter-term activities, such as
increasing investment over the six months prior to
still predicting growth (“growing companies”) were long way behind growing companies. reducing costs, rise in relative priority, more are set
the survey, but 44% will be boosting their efforts in
doing so in spite of, not due to, the pandemic. to fall down the list. Growing companies are set to
Both growing and shrinking companies were slightly the months after.
shift their attention away from areas including crisis
The shift in emphasis from more short-term activities more long-term focused in the six months prior to
management, people and team management, and
during the six months prior to the survey, to more the survey, with 55% of both groups oriented in this
immediate financing issues in the coming months.
long-term activities expected in the next six months, way compared to 45% short-term oriented. However,
may indicate companies shifting from crisis response companies predicting growth forecast that their The investment outlook is very different for shrinking
to planning for a new, post-pandemic normality, or at outlook would shift more heavily towards the long- companies. Reducing costs and improving efficiency
least the end of the first phase of the crisis. term; 62% of businesses fell into this category in the was their top priority before the pandemic and will
six months after the survey, compared to 59% of continue to be. Some 42% of executives at shrinking
Increasing investment, companies forecasting 2020 growth vs 2019* Increasing investment, companies forecasting 2020 decline vs 2019*
Past six months Average: 57.9% Next six months Average: 57.6% Past six months Average: 32.4% Next six months Average: 36.8%
Corporate strategy 63 Efficiency/reducing cost 66 Efficiency/reducing cost 42 Efficiency/reducing cost 50
Acquiring new customers 63 New product/service/markets 62 Corporate strategy 41 IT maintenance/security 45
Efficiency/reducing cost 62 Sustainability initiatives 62 Digitising ops/processes 41 Acquiring new customers 44
Managing customer
relationships 62 Acquiring new customers 61 IT maintenance/security 39 Corporate strategy 43
Managing customer
Digitising ops/processes 62 relationships 60 Immediate financing issues 37 Immediate financing issues 42
Managing customer
New product/service/markets 61 Evolving sales/distribution/CX 60 Financing strategy 37 relationships 41
Managing customer
IT maintenance/security 61 IT maintenance/security 60 relationships 37 Evolving sales/distribution/CX 41
management 61 Digitising ops/processes 60 Internal reorganisation 34 Digitising ops/processes 40
Evolving sales/distribution/CX 59 Corporate strategy 59 Investment strategy 33 New product/service/markets 39
People and team management 59 Sourcing new talent 59 Evolving sales/distribution/CX 33 Financing strategy 39
Brand strategy and positioning 59 R&D/innovation activities 58 People and team management 33 Brand strategy and positioning 39
Reputation or crisis Reputation or crisis
Sustainability initiatives 59 management 58 management 32 R&D/innovation activities 38
Immediate financing issues 58 Financing strategy 57 Regulatory, compliance, legal 32 Internal reorganisation 36
Investment strategy 58 Brand strategy and positioning 57 Managing suppliers 31 Investment strategy 36
R&D/innovation activities 58 Internal reorganisation 56 Acquiring new customers 30 People and team management 36
Sourcing new talent 57 Immediate financing issues 56 Brand strategy and positioning 29 Managing suppliers 34
Financing strategy 56 People and team management 56 R&D/innovation activities 28 Sustainability initiatives 31
Managing suppliers 56 Engaging gov't/regulators 56 Reducing headcount 28 External growth opportunities 30
Internal reorganisation 55 External growth opportunities 55 Engaging gov't/regulators 28 management 30
Engaging gov't/regulators 54 Managing suppliers 55 New product/service/markets 27 Regulatory, compliance, legal 30
External growth opportunities 53 Investment strategy 54 Sustainability initiatives 27 Sourcing new talent 28
Regulatory, compliance, legal 53 Regulatory, compliance, legal 54 Sourcing new talent 24 Engaging gov't/regulators 28
Reducing headcount 43 Reducing headcount 44 External growth opportunities 23 Reducing headcount 26
Short-term Long-term Short-term Long-term
expect your organisation to increase or reduce its investment of time, money and other resources in each of the following areas?
Companies predicting decline, n=193
Companies predicting growth, n=309

Chapter 5
Expectations for 2021
Key predictions for 2021 2021 and beyond: transformations “The responses to the
Which business areas look set to rise up the priority
and trends questions on “expectations
list for 2021? • Transformations: technology-based
1. For all C-suite: an increased relative focus on
transformation is on the horizon, with half of for governance, ethics
businesses expecting this type of change in the
new products, services and markets, R&D and
sustainability initiatives, as the business impact
next three to five years. Transformations relating and social responsibility”
to performance improvement and new services,
of Covid-19 tails off and allows companies more
space to focus on their longer-term objectives.
markets and models will be close behind. and “climate change”
2. In Africa: an increased focus on shorter-term
• Trends: economic trends will be at the forefront
for the majority of businesses, with technology-
are a reflection on what
objectives – including immediate financing issues
and efficiency/cost reduction – combined with
driven trends not far behind. Public health and
socio-political trends are also set to increase in
is commonly subsumed
a relatively reduced focus on some longer-term
activities, such as corporate strategy.
impact this year. Climate risk ranked bottom of
the list globally. It is slightly more ‘on the radar’
under the three letters ESG
3. At larger companies ($1bn+): an increased
emphasis on sustainability initiatives and growth
for leaders in Western Europe with 25% expecting
it to have a big impact.
(environmental, social and
through new products, services and markets, as
companies with substantial cash reserves and
• Confidence responding to trends: businesses are governance). I am eager
optimistic in their ability to tackle most trends.
diversified revenue streams recover strongly from
the pandemic and focus on the future.
Bottom of the list was climate risk, with 28% ‘not and curious to see how
very’ or ‘not at all’ confident.
4. At women-led businesses: as part of the the response will evolve
pronounced shift towards a longer-term
orientation, a stronger focus on new products, over time. I think there is a
services and markets and financing strategy –
combined with increased investment in efficiency common understanding that
and cost-cutting.
5. In the automotive and manufacturing sectors:
the ESG goals will impact
heightened investment in brand strategy,
operating efficiency and cost reduction –
businesses of all industries,
alongside an increased focus on both new and
existing customers – at a time when the industry
albeit to varying degrees.
is expected to recover from an especially tough
time.
My prediction would be that
the ESG significance will
increase over time.”
71% Rudi Lang
Partner, Mazars
of respondents assessed their
companies outlook for growth in
2021 as ‘positive’.

Appendix 1
Spotlight on women-led businesses: longer-term
investment orientation more pronounced
Top decision makers still mainly men Estimated % of female employees and top strategic decision-makers*,
Executives indicate that their workforces are This gap is present in all regions, although by region and revenue
male dominated, with 75% reporting that women comparatively speaking, Western Europe and the
comprise less than half of their employees. Most US are most likely to have women in top positions Employees Decision-makers
often, women make up between 31% and 40% of (women form a majority of decision makers in USA 21 47 29 3 53 28 19
employees at their company (about a quarter, 24%, 16% of Western European companies and 19%
Western Europe 23 42 33 2 52 33 16
of companies fall into this range). But there is a stark of US companies).
seniority gap: in 59% of companies, less than a third Latin America 28 54 17 1 56 29 13 2
Across industries, the disparity is most acute in
of the top decision makers are women . For a quarter
the auto/manufacturing sector: only 7% of these Asia-Pacific 39 44 17 67 23 9 1
of companies, less than 10% of top executives are
businesses have women as the majority of decision
women; and in only 13% of companies do women EE/CIS 42 31 23 4 68 17 12 3
makers, compared to 25% in tech/telecoms and 15%
form a majority of the top management. Africa 42 42 17 62 24 12 2
in financial services. Larger companies are slightly
more likely to have women in top roles than
In the majority (59%) of smaller companies.
$1m-$99m 37 39 22 2 65 22 13
companies surveyed, less $100m-$999m 32 44 24 60 27 12 1
than a third of top decision $1bn+ 25 46 25 4 51 31 13 5
makers are women. Up to 30% female 30-50% female 51%+ female Don't know
Please estimate what percentage of your company’s employees/top strategic decision-makers are female.
*Top strategic decision maker = “…typically, members of your company’s Executive Committee or Management Board, or employees
Estimated % of female employees and top strategic decision-makers who make strategic decisions at a similar level.” Africa, n=53; Latin America, n=54; Asia-Pacific, n=128; Western Europe, n=191; EE/CIS,
n=59; USA, n=55; $1-99m, n=188; $100m-1bn, n=150; $1bn+, n=202. Figures show percentage answering each option.
% of employees % of top strategic decision makers*
Less than 10% 4 24
Between 11% and 20% 8 18 Estimated % of female employees and top strategic decision-makers*, by sector
Between 21% and 30% 20 17
Employees Decision-makers
Tech & telecoms 27 48 24 1 54 22 25
Financial services 30 43 27 53 30 15 2
Between 51% and 60% 11 6 Auto & manufacturing 39 40 22 67 26 7

Up to 30% female 30-50% female 51%+ female Don't know
Between 81% and 90% 2 1 *Top strategic decision maker

= “…typically, members of your Please estimate what percentage of your company’s employees/top strategic decision-makers are female.
company's Executive Commit- *Top strategic decision maker = “…typically, members of your company’s Executive Committee or Management Board, or employees
More than 90% 4 1 tee or Management Board, or
who make strategic decisions at a similar level.” Auto/manufacturing, n=114; tech/telecoms, n=75; financial services, n=91. Figures show
employees who make strategic
Don't know 2 1 decisions at a similar level.” percentage answering each option.
Please estimate what percentage of your company’s employees/top strategic decision-makers are female.
Total, n=540

Appendix 1
Spotlight on women-led businesses: longer-term investment
orientation more pronounced
Companies with more female decision-makers plan to shift more towards a

longer-term orientation “What emerges from this year’s
Businesses with more women in top strategic 65% of executives in women-led companies
decision-making roles are predicting a bigger predicted a long-term investment orientation, survey is that businesses with
shift towards longer-term investment than male- compared to only 35% who predicted short-termism.
dominated companies. In the six months prior to the Male-dominated businesses were relatively long- more women in top strategic
survey, 52% of women-led businesses reported a term oriented (55% long-term in the six months prior
relatively short-term investment outlook, compared to the survey) but they planned only a small shift in decision-making roles expect
to 48% who had a longer-term outlook. This changed the next six months, to 59% long-term.
dramatically when asked about the next six months: a greater shift towards longer-
term investment than those
Evolution of business orientation, businesses with <30% and 51%+
female decision makers* with more men in strategic
decision-making roles. 65%
Businesses with <30% female decision-makers
Short-term Long-term of executives in women-led
59%
45%
55%
companies predict a long-
41%
term investment orientation,
compared to only 35% who
Past six months * Next six months* predict short-termism.
Businesses with 51%+ female decision-makers One of the features of 2020

65%
has been growing media focus
52%
48% on the different approaches
35%
between male and female
national leaders’ handling
Past six months * Next six months*
of the pandemic. This result
* Questions asked in Q3 2020
invites a greater focus on the
different approaches between
male and female corporate
leaders as well.”
Cécile Kossoff
Group Chief Brand, Marketing and
Communication Officer
6. https://markets.businessinsider.com/news/stocks/stock-market-outlook-firms-beat-profit-forecasts-record-continue-
bofa-2020-8-1029488246

Appendix 1
Spotlight on women-led businesses: longer-term
investment orientation more pronounced
Male-dominated companies also predicted a Activities such as IT maintenance/security and brand

Both male- and female-led businesses predicted that their investment in new products, services and
shift towards longer-term investment, which is strategy are not predicted to slip down on the list
they would be longer-term in their outlook over the markets, internal reorganisation and evolution of
less pronounced and driven by different business of priorities, as they do in women-led businesses.
next six months than over the past 6 months (with sales/distribution channels and customer experience.
activities. As with women-led businesses, these Male-led companies also expect to reduce their
female-led businesses more emphatic on this point), Business activities set to fall down the list of priorities
companies are increasingly looking towards new focus on some business activities, including supplier
but the business activities driving each shift are very for these executives include IT maintenance and
products, services and markets and disinvesting management, corporate strategy and dealing with
different. Women-led businesses record and predict security, crisis management and brand strategy.
in crisis management. However, acquiring new regulatory, compliance and legal issues.
higher levels of overall investment, in both the recent Engaging government and regulators and managing
customers will take centre stage in future investment.
past and the immediate future. suppliers are also short-term business activities
predicted to fall in relative importance as women-led
Women-led businesses are looking to maintain their
businesses look to exit the Covid-19 pandemic.
Increasing investment, businesses with <30% female decision-makers*
focus on corporate strategy, significantly increase

Increasing investment, businesses with 51%+ female decision-makers* Corporate strategy 49 Efficiency/reducing cost 54
Efficiency/reducing cost 49 Acquiring new customers 52
IT maintenance/security 47 IT maintenance/security 50
Digitising ops/processes 46 New product/service/markets 49
IT maintenance/security 63 Efficiency/reducing cost 64 Reputation or crisis Managing customer
management 46 relationships 48
Corporate strategy 61 Corporate strategy 63 Managing customer
relationships 45 Corporate strategy 47
Immediate financing issues 61 New product/service/markets 60
Acquiring new customers 44 Evolving sales/distribution/CX 46
Acquiring new customers 61 Internal reorganisation 60
People and team management 44 People and team management 46
Digitising ops/processes 61 Financing strategy 60
Financing strategy 43 Digitising ops/processes 46
Efficiency/reducing cost 59 Evolving sales/distribution/CX 60
Evolving sales/distribution/CX 43 Immediate financing issues 45
Brand strategy and positioning 59 Digitising ops/processes 60
New product/service/markets 42 Financing strategy 44
Regulatory, compliance, legal 59 Immediate financing issues 59
Immediate financing issues 41 R&D/innovation activities 44
Financing strategy 57 IT maintenance/security 59
Investment strategy 41 Engaging gov't/regulators 43
Investment strategy 57 Acquiring new customers 57
Managing customer Managing customer Managing suppliers 40 Brand strategy and positioning 43
relationships 57 relationships 57
Brand strategy and positioning 40 Sustainability initiatives 43
Internal reorganisation 56 Investment strategy 56
Sustainability initiatives 40 Managing suppliers 42
Sourcing new talent 56 R&D/innovation activities 56
Sourcing new talent 39 Sourcing new talent 42
Managing suppliers 54 Brand strategy and positioning 56 Reputation or crisis
Reputation or crisis Regulatory, compliance, legal 39 management 42
management 54 Regulatory, compliance, legal 56
Internal reorganisation 38 Investment strategy 41
Engaging gov't/regulators 54 People and team management 53
R&D/innovation activities 38 Internal reorganisation 39
Evolving sales/distribution/CX 53 Sustainability initiatives 53
Engaging gov't/regulators 38 External growth opportunities 38
Sustainability initiatives 53 External growth opportunities 51
External growth opportunities 36 Regulatory, compliance, legal 37
New product/service/markets 51 Reducing headcount 51
Reducing headcount 35 Reducing headcount 31
R&D/innovation activities 51 Sourcing new talent 51
External growth opportunities 49 management 51 Short-term Long-term
People and team management 47 Managing suppliers 46
Businesses with <30% female decision makers, n=317
Businesses with 51%+ female decision makers, n=70

Appendix 2
Spotlight on sustainability: a long-term priority for
most but not all
Views of sustainability vary by company size and sector Breaking this down by company revenue shows that but also the greater external pressure on large and
larger ($1bn+) companies are most likely to consider recognisable businesses to address sustainability
Overall, respondents consider investing in be the fifth longest-term activity, behind sourcing
sustainability as a longer-term business activity. issues. Executives from smaller and medium-sized
sustainability initiatives to be a relatively long-term new talent, government engagement, R&D and
These organisations rate sustainability the second- companies still regard sustainability as a relatively
business activity, rating it the fourth longest-term maintaining IT systems. However, for technology
longest term activity, behind only investment long-term activity, but both groups still characterise
out of 23 activities, behind only external growth and telecoms companies, sustainability initiatives
strategy. This may reflect the fact that they have it as shorter-term than activities such as R&D,
opportunities, corporate strategy and R&D. But are viewed as one of the shortest-term activities.
the resources to build a sustainability program, corporate strategy and external growth.
this assessment differs greatly by company size External growth opportunities and regulatory
and sector. issues are the two longest-term categories for this
For auto and manufacturing companies,
group, which also views acquiring customers as a Short- vs long-term categorisation, by revenue
longer-term activity than maintaining customers,
sustainability initiatives are the longest-term activity
contrary to the views of financial services and auto/ $1m-$100m $100m-$1bn $1bn+
of all – ahead of brand and corporate strategy. This
Long-term
manufacturing companies.
may reflect the ongoing, industry-wide transition Reviewing corporate strategy Brand strategy Investment strategy
away from fossil fuels, with an increasing number of Taken together, this paints a picture of an industry External growth Maintaining IT systems Sustainability
R&D/innovation External growth External growth
countries mandating an end to sales of fossil fuel- that sees high growth as key to its long-term as well
New product/service/market R&D/innovation R&D/innovation
powered vehicles within two decades. as short-term future; and one that is less concerned Regulatory issues Reviewing corporate strategy Sourcing new talent
about its physical footprint and managing long-term
In the financial services sector, there’s a similar Sustainability Sourcing new talent Reviewing corporate strategy
external risks than other, older industries. Sourcing new talent Sustainability Government engagement
picture: sustainability initiatives are deemed to
Maintaining IT systems New product/service/market Brand strategy
Maintaining customers Maintaining customers Maintaining customers
Short- vs long-term categorisation, by industry Digitizing operations Investment strategy Digitizing operations
Brand strategy Digitizing operations Maintaining IT systems
Auto and manufacturing Technology and telecoms Financial services Investment strategy Financing strategy New product/service/market
Long- term
Acquiring new customers Evolving sales model Financing strategy

Sustainability External growth Sourcing new talent People management People management Improving efficiency
Brand strategy Regulatory issues Government engagement Financing strategy Improving efficiency Regulatory issues
Reviewing corporate strategy Financing strategy R&D/innovation Reputation management Acquiring new customers Internal reorganisation
External growth Government engagement Maintaining IT systems Improving efficiency Internal reorganisation People management
Maintaining customers R&D/innovation Sustainability Government engagement Regulatory issues Evolving sales model
Short-term
New product/service/market Acquiring new customers Reviewing corporate strategy Evolving sales model Managing suppliers Reputation management
Investment strategy People management Maintaining customers Internal reorganisation Reputation management Financing issues
R&D/innovation Investment strategy Brand strategy Managing suppliers Government engagement Managing suppliers
Maintaining IT systems Reviewing corporate strategy External growth Financing issues Financing issues Acquiring new customers
Digitizing operations Maintaining IT systems Investment strategy
Reducing headcount Reducing headcount Reducing headcount
Sourcing new talent Evolving sales model Managing suppliers
Reputation management Brand strategy Improving efficiency
Improving efficiency New product/service/market Regulatory issues In your view, does action on each of the following lead to more impact in the short-term (up to one year) or the long-term (one year or more?)
Financing strategy Financing issues Financing strategy $1-99m, n=188; $100m-1bn, n=150; $1bn+, n=202
Evolving sales model Reducing headcount Internal reorganisation
Regulatory issues Digitizing operations Digitizing operations
Acquiring new customers Reputation management Evolving sales model
People management Internal reorganisation New product/service/market
Short-term
Internal reorganisation Managing suppliers Acquiring new customers

Managing suppliers Sourcing new talent People management
Government engagement Improving efficiency Reputation management
Financing issues Sustainability Reducing headcount
Reducing headcount Maintaining customers Financing issues
Auto and manufacturing, n=114; Technology and telecoms, n=75; Financial services, n=91

Appendix 2
Spotlight on sustainability: a long-term priority for
most but not all
Larger companies’ view of sustainability initiatives sustainability, but sustainability does not rise in A similar trend is seen by sector: those who see reporting increased investment in the previous six
as a longer-term business activity is also reflected their list of priorities as much as it does for $1bn+ sustainability as a longer-term initiative predict months. In contrast, financial services and auto &
in their planned level of investment in them. 51% of businesses. Smaller businesses instead look set to a greater increase in their own investment in it in manufacturing executives expect to sharpen their
executives in these companies reported increasing focus on investment strategies and new customers; the immediate future. Only technology & telecoms focus on sustainabilit, with a modest (3% and 1%
their investment in sustainability initiatives in the medium companies on R&D, efficiency and companies were set to de-emphasise investment respectively) increase in investment expected in
six months prior to the survey, and 54% expected internal reorganisation. The only activity that larger in sustainability: 57% see this business area as both industries.
to increase investment in sustainability in the next businesses plan to boost investment in more than set to increase in investment, compared to 60%
6 months. Smaller and medium-sized companies sustainability is improving efficiency/reducing cost.
also planned to increase their investment in
Increasing investment, companies with revenue of $1bn+* Increasing investment, technology and telecoms*

Efficiency/reducing cost 55 Efficiency/reducing cost 57
Efficiency/reducing cost 64 New product/service/markets 67
IT maintenance/security 55 Sustainability initiatives 54 Managing customer
relationships 63 Efficiency/reducing cost 63
Corporate strategy 54 New product/service/markets 53
Managing customer Brand strategy and positioning 61 Acquiring new customers 61
Digitising ops/processes 54 relationships 53
R&D/innovation activities 60 IT maintenance/security 61
Investment strategy 52 Evolving sales/distribution/CX 53 Managing customer
Acquiring new customers 60 relationships 59
Immediate financing issues 51 IT maintenance/security 53
Sustainability initiatives 60 Evolving sales/distribution/CX 59
Sustainability initiatives 51 Digitising ops/processes 53
New product/service/markets 59 R&D/innovation activities 57
Acquiring new customers 50 Corporate strategy 51
Reputation or crisis IT maintenance/security 59 Sustainability initiatives 57
management 50 Financing strategy 50 Reputation or crisis
management 59 Digitising ops/processes 56
Financing strategy 49 Internal reorganisation 49 Reputation or crisis
Managing customer Corporate strategy 57 management 56
relationships 49 Managing suppliers 49
Investment strategy 56 Corporate strategy 55
Internal reorganisation 47 R&D/innovation activities 49
Managing suppliers 56 Internal reorganisation 53
Brand strategy and positioning 47 Brand strategy and positioning 49
Evolving sales/distribution/CX 55 Brand strategy and positioning 53
R&D/innovation activities 46 Acquiring new customers 48
People and team management 55 Regulatory, compliance, legal 53
New product/service/markets 45 People and team management 48
Reputation or crisis Sourcing new talent 55 Financing strategy 52
Engaging gov't/regulators 45 management 48
Digitising ops/processes 55 Investment strategy 52
Internal reorganisation 53 People and team management 52
Immediate financing issues 53 Sourcing new talent 52
Evolving sales/distribution/CX 44 Sourcing new talent 47
Financing strategy 49 Engaging gov't/regulators 52
Managing suppliers 43 Regulatory, compliance, legal 45
People and team management 42 Investment strategy 44
Reducing headcount 47 Managing suppliers 44
Sourcing new talent 42 Reducing headcount 39
Engaging gov't/regulators 39 Reducing headcount 41
* Questions asked in Q3 2020. Over the past/next six months, how much has your organisation increased or reduced/how much do you * Questions asked in Q3 2020. Over the past/next six months, how much has your organisation increased or reduced/how much do you
expect your organisation to increase or reduce its investment of time, money and other resources in each of the following areas? expect your organisation to increase or reduce its investment of time, money and other resources in each of the following areas?
Large companies, n=202 Technology & telecoms, n=75

Appendix 3
Spotlight on Africa: immediate financing
concerns prevail
Africa shifts towards a shorter-term orientation Increasing investment, Africa*

Africa was the only region that predicted a shift
towards a shorter-term future orientation. In the six
months prior to the survey, overall investment had
“The research shows 68 79
Corporate strategy Immediate financing issues
been low in the region, possibly reflecting a Covid- People and team management 68 Efficiency/reducing cost 75
related slowdown – but was set to increase in the
following six months.
leaders plan to reduce Efficiency/reducing cost
Managing customer
relationships
64
64
People and team management
IT maintenance/security
74
74
The shift is driven by an increased focus on short- time, money and other Financing strategy 62
62
Corporate strategy 72
72
term objectives. According to executives, immediate Digitising ops/processes New product/service/markets
financing issues are set to rise up their agenda. 58% resources on their Reputation or crisis
management 60 R&D/innovation activities
Managing customer
70
reported having increased their investment in this Immediate financing issues 58 70
financing strategy,
relationships
area in the previous six months, and 79% planned to Acquiring new customers 58 Digitising ops/processes 70
increase investment in the next half year. Improving 58
70
focusing instead on
Evolving sales/distribution/CX management
efficiency/reducing costs also rose up the agenda: Sourcing new talent 58 Internal reorganisation 68
64% of African companies reported increased focus
immediate financing 58 68
IT maintenance/security Managing suppliers
on this area, rising to 75% in the months ahead. Internal reorganisation 57 Acquiring new customers 68
People and team management, also deemed a
short-term activity by the majority of executives, was issues to see them R&D/innovation activities
Engaging gov't/regulators
57
57
Investment strategy
Sustainability initiatives
66
66
the third-highest priority over the next 6 months for
African businesses, with 74% predicting a boost in through these challenging Brand strategy and positioning 57 Evolving sales/distribution/CX 64
investment in this area. Regulatory, compliance, legal 57 Engaging gov't/regulators 64
The other side of this shift is African executives’

times.” Managing suppliers 55 Financing strategy 62
Sustainability initiatives 55 Regulatory, compliance, legal 62
predictions of a relative drop in investment in some
Investment strategy 51 Sourcing new talent 60
longer-term business activities. Sourcing new Taïbou M’Baye
talent is an area where companies are predicting a Partner, Mazars External growth opportunities 49 Brand strategy and positioning 60
slowdown: it drops from 11th to 20th place. Financing New product/service/markets 49 External growth opportunities 57
strategy – a business activity with a longer-term Reducing headcount 40 Reducing headcount 40
impact horizon – also looks set to slip down the
priority list.
expect your organisation to increase or reduce its investment of time, money and other resources in each of the following areas? Africa,
Orientation, past and next six months, by region* n=53. Figures show percentage answering each option.

53 49
Africa
47 51
58 64
Asia-Pacific
42 36
56 56
EE/CIS
44 44
45 58
Latin America
55 42
50 56
USA
50 44
58 65
Western Europe
42 35
* Questions asked in Q3 2020. In your view, does action on each of the following lead to more impact in the short-term (up to one year)
or the long-term (one year or more)?. Africa, n=53; Latin America, n=54; Asia-Pacific, n=128; Western Europe, n=191; EE/CIS, n=59; USA,
n=55. Figures show percentage answering each option.

Appendix 4
Methodology
The Mazars C-suite barometer was designed and Respondents were surveyed online. The total sample Design
conducted by GQR Research, in collaboration with is N=580, with 511 sourced from online panels
The 2020 Mazars C-suite barometer was designed to
Mazars. The main part of the data (540 interviews) and 69 invited via email directly from Mazars. A
measure the views of C-suite leaders (responsible for
was gathered between 14 July and 19 August, breakdown of the main sample (n=540) follows
a business function or region), around the world, on
2020. A further 40 follow-up responses were (raw respondent numbers):
the following topics:
gathered between September and November, 2020.
• Their business outlook for 2020 and 2021
Job role Region Annual revenue Industry • Their view of the short- and long-term impacts of
CEO or equiv. 200 Latin America 54 $1m-$100m 188
Automotive &
114 different business activities
manufacturing
• The extent to which their business is increasing
CFO or equiv. 60 Africa 53 $100m-$1bn 150 Financial services 91
or reducing investment across different business
CTO or equiv. 59 Asia-Pacific 128 $1bn+ 202 Technology & telecoms 75 activities, and how this outlook may change in the
near future
Retail & consumer
COO or equiv. 33 Western Europe 191 40
goods • The trends they expect to impact their business,
Other C-suite role 188 EE/CIS (Russia) 59 Other industry 220 and how well-prepared they are for them
• Transformations they expect their business to
N. America (USA) 55
undergo in the coming three to five years
The 2020 data is intended to form a baseline from
Sector Job level Country of work Revenue which these topics can be tracked in future years.
Board Western
Automotive & 87 Europe 191
manufacturing 114 (inc.Chair)
France 47 $1-99m $1bn+
CEO or
Financial equivalent 200 Germany 53 188 202
services 91
Other C-suite
(incl. other UK 46
243
Technology & C-,S/EVP)
telecoms 75 Spain 15
150
Retail & Italy 11
consumer 40 Ireland 10
products
Professional Job function Portugal 7 $100-999m
services 39
Belgium 1
Finance 60
Energy & Sweden 1
utilities 20 Technology,
59 Asia-Pacific 128
digital Ownership structure
All functions/ China 50
Healthcare 19 cross-cutting 52
role Japan 25
Public
Real estate 19 Operations 33 South Korea 25
43
Australia 25
Marketing,
Transport & sales, 21
logistics 18 customers Malaysia 2
494
Hong Kong 1
Food & Strategy 12 Private
beverage 16 EE/CIS 59
Human
resources 8 Russia 57
Aerospace &
defence 12 Governance, Ukraine 2
sustainability,
environment, 4
Hospitality & responsibility North America 55
leisure 10 Organisation type
Other 4 United States 55
Latin America 54 Region/national/
Infrastructure 8 divisional
Brazil 27 organisation
Luxury 7 Argentina 25
Number 265
Colombia 1
Media &
of employees
entertainment 4 Peru 1
1-1,000 260
Africa 53
Public & social 275
sector 4 South Africa 25
1,000-10,000 172
Nigeria 27 Global/ group
Other 44 10,001+ 107 headquarters
Angola 1

Contacts
Cécile Kossoff Lorraine Hackett
Group Chief Brand, Group Brand & Communications Director
Marketing and Communication Officer lorraine.hackett@mazars.co.uk
cecile.kossoff@mazars.com
Mazars is an internationally integrated partnership,

specialising in audit, accountancy, advisory, tax and
legal services*. Operating in over 90 countries and
territories around the world, we draw on the expertise
of more than 42,000 professionals – 26,000+ in
Mazars’ integrated partnership and 16,000+ via the
Mazars North America Alliance – to assist clients of all
sizes at every stage in their development.
*where permitted under applicable country laws
www.mazars.com
© Mazars 2021

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Ready to reset?

Mazars 2020 C-suite barometer

08 A cautiously optimistic global outlook

34 Spotlight on women-led businesses

Mazars 2020 C-suite barometer Mazars 1

Mazars’ first global C-suite barometer comes at a moment of great

2 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 3

In early 2020, Mazars decided to initiate a new C-suite barometer.

The shift to longer-term held true across all the

*In this report, ‘women-led businesses’ refers to companies where

4 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 5

The ‘long-term reset’ focus looks different in

6 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 7

Continued revenue growth anticipated Smaller companies feeling the pinch

8 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 9

“Our research shows Unequal resilience across sectors

10 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 11

Biggest impact expectations, by region Confidence to respond to trends

New or higher regulatory 33 50 2 13 2

New or higher Geopolitical trends 27 55 14 4

Social and political Economic trends 26 52 2 16 4

Social and political 27 46 2 17 8

Public health challenges 26 47 2 17 8

Expectations for Climate risk 31 39 2 21 7

12 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 13

Asia shows confidence to respond

Confidence to respond to trends, by region and revenue

New or higher regulatory 33 52 30 55 29 53 26 59 42 40

Expectations for Insufficient Insufficient Insufficient

Social and political 22 43 26 41 29 44 20 49 32 45

Insufficient Insufficient Insufficient

Public health challenges 14 48 27 50 18 50 33 44 30 48

Very confident (%) Fairly confident (%)

14 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 15

16 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 17

Expectations for transformation also vary by

Patrick Oelze Technology transformation 23 23 21 29 23 31

Likelihood of organisational transformation, by sector Sustainability strategy 21 24 13 34 15 25

Performance improvement 17 23 19 32 27 32 75%+ 50-75%

18 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 19

Reputation or crisis management 18 30 40 12

20 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 21

New product/service/market R&D/innovation R&D/innovation

Financing issues Financing issues Acquiring new customers

Government engagement Improving efficiency Reputation management

22 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 23

24 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 25

IT systems underpinned a six-point shift in long-

following the survey. In Latin America, a renewed Annual revenue

26 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 27

Increasing investment, companies with revenue of $1bn+*

28 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 29

Short-term Long-term Short-term Long-term

30 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 31

32 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 33

companies surveyed, less $100m-$999m 32 44 24 60 27 12 1

than a third of top decision $1bn+ 25 46 25 4 51 31 13 5

Less than 10% 4 24

Between 51% and 60% 11 6 Auto & manufacturing 39 40 22 67 26 7

Between 61% and 70% 4 2

Between 81% and 90% 2 1 *Top strategic decision maker

34 Mazars Ready to reset? Mazars 2020 C-suite barometer Mazars 35

Companies with more female decision-makers plan to shift more towards a

Businesses with 51%+ female decision-makers One of the features of 2020