Prior to accepting his current role as Global Chief Operating Officer at Ernst and Young, John Ferraro held a number of high-level executive posts with the organization, including Global Leader of Assurance and Advisory Business Services, Americas Area Managing Partner, and Americas Vice Chair of Client Service. Discussing recent economic changes in reference to the third annual Ernst & Young globalization report, Ferraro noted that businesses will face numerous challenges in coming years due to four key factors. Singling out the slowing of rapid growth markets, diversification-related difficulties, the rising influence of protectionism, and shortfalls in managerial talent, he also offered suggestions to help companies succeed in the new economy.
In order to adapt and thrive, businesses must restructure operational models with a focus on boosting productivity and increasing flexibility. Executing these changes quickly, strategically, and in accordance with market trends is essential. To this end, any enterprise that carries excess organizational baggage stands at a fiscal disadvantage and risks falling short of stakeholder expectations, particularly in oversaturated industries where competition necessitates constant streamlining. Advocating the benefits of inclusive leadership as well, the E&Y globalization report points out that dynamic companies can remain so when unconventional thinking is used to drive change.