News & Events

Cautiously Optimistic: Malaysia’s Corporate Confidence

Worldcom Public Relations Group has shared a media release on 7 October 2020 about the findings of their Worldcom Confidence Index (WCI) and crucial topics for senior executives globally. According to Worldcom Public Relations Group, WCI 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.

The WCI has shown that global corporate confidence continues to improve since the decrease in index score in April 2020 due to COVID-19 which severely impacted global business confidence. From April to August, the WCI has shown slow but gradual improvement and increased in a total of 1.5%, with the latest August 2020 index score just 0.1% higher than the previous month.

 

However, based on the information collected and analysed by the advanced AI tool which tracks the confidence and concerns of CEOs and CMOs at over 811 major Malaysian enterprises collecting data from their personal (but public) social media and blog postings each month, the WCI showed that confidence among senior Malaysian executives dropped slightly from 18.58 in July to 18.55 in August with a decline of 0.4%. This is still considered as one of the larger falls within the 30 countries whose results are reported individually.

Niall Dologhan, Principal Counsello; Director of TQPR (Malaysia) Sdn Bhd, the Worldcom Group’s partner agency in Malaysia, commented after looking at the WCI saying that, “I think this highlights that as yet there has been no ‘game-changer’ when it comes to COVID-19 and that business confidence remains very fragile.”

He also added that senior Malaysian executives particularly lack confidence in two topics over which they have relatively little direct control, specifically ‘Government and Legislative Change’ and ‘How Political Leaders Communicate’ which have been prominent in Malaysian conversations over the last couple of weeks.

Key topics of engagement for senior Malaysian business leaders were generally in line with other global counterpart but has some minor differences like they gave higher priority to ‘Customer Satisfaction’ than ‘Cybercrime’ compared to global business leaders where ‘Cybercrime’ was the 11th most discussed topic among senior executives but was ranked 16th in Malaysia.

The WCI also tracked that the topic engagement in August that attracted attention from senior executives globally was ‘Upskilling and Reskilling’ and ‘Retaining Talent’, which is same as in July. This is a good indication that attention of executives is now solidifying on topics which are key to recovery.

 

 

Employee related topics also represented five of the top-seven topics for CEOs and CMOs which shows that leaders are now putting importance on their talent. WCI AI tool has revealed that topic that Malaysian executives also had the most confidence in ‘Upskilling and Reskilling” but had below average confidence to handle topics related to ‘Sexual Harassment’, ‘Government & Legislative Change’ and the impact of ‘Political Leaders Communication’ on their businesses.