US business leaders anticipate rampant budget cuts

Abstract

The survey of 500 U.S.-based executives and managers - both in finance and non-finance roles - suggests that companies are planning as if a recession will happen, even if there are mixed views about the economy. Sixty-one percent of respondents anticipated cuts to hiring or talent retention investments. Dive Insight: The study revealed that finance departments are far more optimistic about the economy than their non-finance counterparts. About one-quarter of finance respondents expected a recession versus 42% of non-finance corporate executives. Technology ranked high as an area that will receive priority treatment from finance departments, regardless of the economic outlook. Respondents continued to rank inflation as a top business concern, with 78% of CFOs and 76% of non-finance executives looking at cutting costs or products to help fight higher-than-normal price increases. Fifty-six percent of non-finance executives believed that inflation could positively impact revenue in 2023.