CEOs More Likely to Rely on Intuition Than Metrics When Making Business Decisions.New Survey Notes CEOs Frequently Revise Strategies In Light of Emerging Issues NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The results of the sixth annual 2006 PRWeek/Burson-Marsteller CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Survey reveal that CEOs are more likely to rely on their intuition than on data-driven analyses and quantitative information when making business decisions. Six in 10 (62 percent) of CEOs indicate that gut feelings gut feeling Intuition, visceral sensation are highly influential in guiding their business strategies, while only four in 10 cite internal metrics and financial information (44 percent) or competitor analyses (41 percent). When considering outcomes of their actions, customer reactions (79 percent), long-term financial performance (74 percent) and corporate reputation (73 percent) are CEOs' top priorities. "Business decision-making is a multi-dimensional process that incorporates instinct, information and foresight," said Mark J. Penn, Worldwide President & CEO, Burson-Marsteller. "The intuition cited by these CEOs is likely fueled by research, sharpened by years of experience and industry know-how as well as a deep awareness of stakeholder stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. attitudes and behaviors." Emerging Issues Force CEOs to Revise Long-Term Strategies While focused on long-term financial goals, CEOs often find themselves revising their strategies in light of emerging issues. Sixty-four percent indicate they re-evaluate their long-term business goals on a quarterly basis or more frequently. New technologies (58 percent) appear to be the primary reason why CEOs have to shift gears so often, followed by changes in energy prices (41 percent) and healthcare costs and concerns (39 percent). Over one-half (53 percent) of CEOs stress the need to better understand the impact of emerging issues on their business, when revisiting their strategies and realigning their resources. When dealing with the ever-changing economic and social landscape and striving to meet financial goals, over one-half of CEOs of large companies--with revenue above $10 million--indicate they rely on their executive and strategy teams for guidance (55 percent). Meanwhile, CEOs of smaller companies are less likely to give the primary responsibility of dealing with emerging issues to their extended teams (19 percent). Internal Communications  This article's grammar usage needs improvement. Please edit this article in accordance with Wikipedia's . Highlighted as Key Component of CEO Role
CEOs recognize the relationship between sound business judgment and employee satisfaction. "CEOs are under greater pressure to recruit and retain top talent in an environment where people move around to different companies more frequently, and often feel less of a connection to bigger organizations," said Julia Hood, PRWeek's editor-in-chief. "Creating a culture of innovation and making employees part of the decision-making process are key components for fostering loyalty and commitment to the company's mission." Sixty-two percent of CEOs indicate they strongly prioritize pri·or·i·tize v. pri·or·i·tized, pri·or·i·tiz·ing, pri·or·i·tiz·es Usage Problem v.tr. To arrange or deal with in order of importance. v.intr. morale as an outcome of their business decisions and 61 percent say they regard motivating employees and building morale among their key responsibilities. In fact, despite the emergence and popularity of new communication technologies, face-to-face communications appears to be the primary method of CEO-employee interactions. On average, CEOs spend 42 percent of their time interfacing with employees. About the Survey The PRWeek survey on non-PR CEO's importance of public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most was conducted by PRWeek and research firm Millward Brown Millward Brown is a market research company,[2] with its headquarters based in the UK. Millward Brown was the first company to provide continuous tracking studies, and has researched more ads and more brands than any other research company. . A total of 252 U.S. CEOs completed the survey in September 2006. Based on the sample size, the results are statistically tested at a confidence level of 90 percent. Complete survey results can be found in the November 6, 2006 issue of PRWeek. About PRWeek Launched in November 1998, PRWeek was Haymarket's first weekly title in the US. Over the years, PRWeek has established itself as a vital part of the PR and communications industries communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. in the US, providing timely news, reviews, profiles, techniques, and ground-breaking research for practitioners. This research includes annual salary, CEO, and corporate surveys, as well as key industry sector rankings and regional forums. The magazine also launched the PRWeek Awards to showcase and recognize the best practices in the PR industry. PRWeek is responsible for creating the largest advertising market place for products and services, as well as for jobs, in the public relations industry. About Burson-Marsteller Burson-Marsteller (www.burson-marsteller.com), established in 1953, is a leading global public relations and public affairs Those public information, command information, and community relations activities directed toward both the external and internal publics with interest in the Department of Defense. Also called PA. See also command information; community relations; public information. firm. It provides clients with strategic thinking and program execution across a full range of public relations, public affairs, advertising, and web-related services. The firm's seamless worldwide network consists of 57 wholly-owned offices and 44 affiliate offices, together operating in 58 countries across six continents Six Continents is a large retail PLC in UK which split into Six Continents Retail known as Mitchells and Butlers plc. The hotels and soft drinks business of Six Continents PLC is now known as InterContinental Hotels Group PLC. . Burson-Marsteller is a part of Young & Rubicam Brands, a subsidiary of WPP WPP Wire & Plastic Product PLC WPP World Press Photo WPP Web Presence Provider WPP Wolf Pack Productions (anime fan subbing group) WPP Witness Protection Program WPP Wireless Packet Platform WPP Work Package Planning (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : WPPGY), one of the world's leading communications services networks. |
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