PwC’s 21st annual CEO Survey published at the World Economic Forum in Davos shows that 69% of UK CEOs believe emerging technology and automation will disrupt their business over the next five years.
The poll saw 77% say they are improving compensation and benefit packages to attract staff with digital skills, with 83% saying attracting such talent is a priority and 62% saying their existing workforce lacks sufficient digital expertise.
The survey reveals that 38% of UK CEOs feel attracting workers with such skills is a challenge, while 58% have identified a need to retrain staff whose roles may be affected by automation.
PwC chairman Kevin Ellis comments on the findings, saying: “Disruption from emerging technology is now a fact of life and business leaders are considering how the fourth industrial revolution will impact their operations and employees.” He added that business and Government now have “the opportunity to work together to help current and future employees develop skills that keep pace with technological change.”
UK CEOs are acutely aware of the disruption emerging technologies, such as AI, blockchain and robotics, could cause, with 69% agreeing emerging technology and automation will disrupt their business over the next five years.