Factum Global, an international consulting firm that specializes in helping organizations expand and operate across global markets, conducted their latest bi-annual Factum Global Business Sentiment Survey to assess the outlook for global business, highlighting the future of global work.
The Factum Global Business Sentiment Survey, conducted in collaboration with Global Chamber® and WeConnect from February 14, 2023, to March 12, 2023, was answered by nearly 120 business executives (Director level to C-Suite). Respondents represented a range of industries, company sizes, and functional specialties. 57% of respondents were U.S.-based and 43% were headquartered in nearly 20 countries across Asia-Pacific (8.5%), Europe (19.5%), South America (6.1%) and Sub-Saharan Africa (8.5%).
The overall sentiment towards business events is still quite positive among the participants, in fact increased by 15% since the last survey 6 months ago. Despite global geopolitical and economic challenges still disrupting the world scene, business events continue to be an asset to associations. 83% of respondents have a positive view on their organization’s performance globally since they have experienced an increase in the diversity of revenue sources, growth opportunities, and enhanced workforce capacity.
Planning international meetings and creating collaborations outside their borders is key for the future, mainly for respondents who identified as Director/Middle Management. According to the survey, there is, actually, a tendency of executives to pursue new market opportunities, particularly through a regional “nearshoring” approach, to offset risks and uncertainty in their home market.
With technology occupying a large part of office work after the pandemic, it now seems a necessary tool for the development of organizations. 75% of respondents said innovation and technological solutions (AI, automation) will positively transform the workplace and only 5% of respondents said the workplace would remain the same.
Associations seem to have a clearer picture of global growth can be achieved post-pandemic with the help of increased international presence. At the same time it is becoming obvious that technology is here to stay and help their organizations evolve.
You can view the entire report here.