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After a turbulent year, what will 2023 hold in store? Eight chief executives spoke to The Times to offer their predictions and ideas on how businesses can survive and thrive.

View the original article at www.thetimes.co.uk 

Dominic Blakemore, Group Chief Executive Officer of Compass Group PLC:

"We are living in an era of global shocks; black swan events which reverberate around the world at pace, affecting everyone. The world we do business in has been reframed and the challenges we face are no longer confined to single sectors or markets. The focus for leaders in 2023 will be the pursuit of security – food security, energy security, cyber security, and personal security.

Dominic Blakemore, Group CEO

I expect we will continue to see a trend towards deglobalisation. Nations and businesses will focus on their core strengths to maximise their growth potential. I believe we will see more innovation that starts small, in one country or region, and is then adapted or scaled at pace to bring wider benefits. There will still be a role for top-down solutions, particularly investment in technology, but this will be complemented by local centres of excellence. In our business, where reducing food waste is an imperative, it is our local teams of chefs who have created the right, simple digital solution that we are now able to roll out globally.

The ripple effects of recent global events are particularly acute for our people, and we need to put time and resource into supporting them, offering skills development and new flexible opportunities. Schemes like Kickstart in the UK and Work Opportunity Tax Credits in the US are vital to help young people join the workforce at entry level after the difficult years of lockdowns. Digital innovation has improved the way businesses train and communicate and is key to solving the productivity challenge. 

Despite this volatile and uncertain environment, the fundamentals of good business do not change and those that prioritise operational flexibility, innovation and culture will continue to succeed."

View the original article at www.thetimes.co.uk