CORPORATE CONFIDENCE IMPROVED SLIGHTLY IN JUNE
DESPITE CONTINUING IMPACT OF COVID-19 AND FALLOUT FROM THE GEORGE FLOYD INCIDENT IN THE USA, GLOBAL CORPORATE CONFIDENCE CONTINUED TO REVIVE FROM ITS LOW POINT IN APRIL
Kuala Lumpur (August 3rd 2020): The Worldcom Confidence Index (WCI), which uses a sophisticated artificial intelligence (AI) tool to track the sentiments and engagement of C-Suite Executives at over 54,000 leading businesses around the world (including 811 major Malaysian enterprises), has revealed that overall corporate confidence improved during June 2020, despite the continuing COVID-19 crisis, the impact of the George Floyd incident in the USA and ongoing economic concerns.
While corporate confidence is still significantly lower than that recorded by the first WCI in 2018, it appears that so far during 2020 confidence has been slowly improving since April, despite the ongoing global issues. In fact, corporate confidence in 2020 has so far proved quite resilient, with COVID-19 not having as big a negative impact on corporate confidence in 2020 as issues such global trade wars/tariffs and Brexit had on confidence in 2019.
In addition to tracking the overall confidence of CEOs and CMOs, the WCI also tracks their ongoing engagement with 23 business topics to identify which receive the most attention on a rolling monthly basis. During June 2020 the topics with the most engagement were ‘Upskilling and reskilling’ (+6%), ‘Reducing plastics and other sustainability issues’ (+7%) and ‘The impact and role of the media’ (+4%). These are three topics which C-Suite executives were the most engaged with online.
Topics which received less corporate attention in June included: ‘Sexual harassment and other bad behaviours’ (-11%), ‘Government and legislative Change’ (-9%) and ‘Global trade agreements and tariffs’ (-9%)
One interesting finding from the June WCI is that corporate leader’s confidence in the topics ‘Cybercrime’ (-6%) and ‘Use of technology to collaborate and innovate’ (-4%) saw marked falls between May and June.
As a result of these changes the ‘Use of technology to collaborate and innovate’ topic has now become one of the five topics in which global CEOs and CMOs have least confidence in managing. This could indicate that companies are beginning to struggle with the lack of face-to-face contact which has resulted from lockdowns around the world.
Niall Dologhan, Principal Consultant at TQPR (Malaysia) Sdn Bhd, the Worldcom’s Group partner agency in Malaysia, said, “The decline in confidence in the ‘Use of technology to collaborate and innovate’ and also in handling ‘Cybercrime’ may result from a growing realization among corporate leaders that collaboration using online platforms such as Microsoft Teams and Zoom, may not be the perfect solution for maintaining business as normal during the COVID-19 pandemic. It is possible that C-Suite Execs are becoming more wary of technology as both they, and their employees, experience a growing fatigue with online meetings, combined with increased awareness of the cybercrime risks that a remote workforce can expose their organisations to”.
The full research includes many other findings, regional comparisons (i.e. Asia, North America, LATAM, Europe, etc.), key audiences for C-Suite attention and many more. The full results can be found at: https://worldcomgroup.com/confidence-index/june-2020-global-results/
Methodology
The study is able to operate at this scale (over 54,000 senior executives), and in nine different languages, because the data is captured using a breakthrough approach powered by artificial intelligence (AI). Worldcom’s chosen research firm, Advanced Symbolics Inc (ASI), has developed a patented method of building large, but representative, samples and then capturing public information with their AI tool. In this case the tool collects and analyses the personal (but public) social media and blog postings of targeted senior Executives. Once this data has been collected the AI is able to interpret how the target group feels towards specific topics. This provides incredibly valuable insights because it not only represents what leaders are talking about but also shows their confidence or concern in addressing each topic.
More information
- If you would like more information about this research or Worldcom and its Partners, please contact Todd Lynch, Managing Director at toddlynch@worldcomgroup.com, or simply reply to this email. Alternatively, you can call Todd on +1 (904) 233 0123.
- If you would like more information about TQPR (Malaysia) Sdn Bhd, please contact Niall Dologhan, Principal Consultant at nialld@tqpr.com or call him +60 362 034 300
About The Worldcom Public Relations Group
The Worldcom Public Relations Group (Worldcom) is the world’s leading partnership of independently owned public relations firms, with 143 offices employing some 2,000 staff in 115 cities across six continents. In total, Worldcom partners reported a combined revenue of U.S. $288 million last year from 3,034 clients. Established in 1988, the group was formed so that the strongest, most capable independent firms could inspire direct action from stakeholders in a way that delivers immediate results and lasting outcomes– wherever in the world a client needs support. Worldcom’s partners deliver unique connectivity to their marketplace. This provides clients direct access to the audiences they most want to take action and to specialists that can deliver on challenging problems. As a result, strategies and campaigns see immediate reactions that turn into sustained audience actions. Partners serve national, international, and multinational clients while retaining the flexibility and client-service focus inherent in independent agencies. Through Worldcom, clients have on-demand access to in-depth communications expertise from professionals who understand the language, culture, and customs of the geographic areas in which they operate. Learn more about Worldcom at www.worldcomgroup.com or by calling 1-800-955-9675. Connect with The Worldcom PR Group on Facebook and LinkedIn.
About TQPR (Malaysia) Sdn Bhd
TQPR Malaysia was founded in 1995 and is celebrating its 25th Anniversary this year. The company is part of the TQPR Group with offices in Thailand and Vietnam and is also a long-term member of the global Worldcom Public Relations Group. TQPR Malaysia provides a wide range of public relations services to local and multinational clients in the Malaysian market, utilising its in-depth understanding and relationships with the Malaysian media. TQPR understands the Malaysian landscape and works with clients to craft rich and relevant content that will resonate and connect with their target audiences. Connect with TQPR Malaysia on Facebook, by email at malaysia@tqpr.com or by phone on +60 362 034 300.