Cyber threats聽and the availability of skills remain the top business concerns for UK CEOs according to PwC鈥檚 21st annual CEO Survey published at the World Economic Forum in Davos.
While optimism remains high, the PwC CEO Survey findings suggest businesses are braced for more challenging times ahead.
Kevin Ellis, chairman and senior partner of PwC, said: 鈥淩obust confidence levels among UK CEOs points to resilience in uncertain times, but this is tempered by a big dose of realism about the challenges ahead.
鈥淏rexit uncertainty, regulation, availability of skills and cyber are key concerns but business leaders remain confident they can navigate through them.鈥�
UK CEOs are also acutely aware of the disruption emerging technologies, such as AI, blockchain and robotics, could cause, with 69 per cent agreeing emerging technology and automation will disrupt their business over the next five years.
Ensuring they can attract and develop the right聽talent is a top priority for 83 per cent of UK CEOs, compared to 80 per cent globally.
77 per cent say they are improving compensation and benefit packages to attract or develop people with digital skills.
62 per cent of UK CEOs don鈥檛 believe they currently have sufficient digital skills amongst their workforce and 53 per cent are concerned about the availability of skills more generally.
Upskilling existing employees is as vital as creating the next generation of tech talent. More than half of UK CEOs recognise they have a responsibility to retrain employees whose tasks and jobs may be impacted by automation.
63 per cent are using or plan to use apprenticeships and internships to grow their workforce, while developing the skills they need for today and tomorrow.
Ellis continued: 鈥淒isruption 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.
鈥淎t the same time, they also have the day-to-day demands of managing costs and growing their businesses.
鈥淗ow UK businesses respond to these short and long-term opportunities and challenges will determine their own and the UK鈥檚 future success.
鈥溊暇牌凡� and the government have the opportunity to work together to help current and future employees develop skills that keep pace with technological change.
鈥淐reating the next generation of skilled workers as well as attracting and retaining tech talent will be essential in a post-Brexit world.
鈥淢any CEOs are already focused on modernising working environments, introducing flexible working and implementing continuous learning and development programmes.
鈥淭he more that UK CEOs take the lead and innovate, the greater the likelihood that the UK will maintain its competitive position on the international stage.鈥�