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In an era where Google searches for the word “recession” have grown 355% as of September, it’s understandable why leaders may be feeling the pressure.
According to analysis from Axios and research from Deloitte, global executives are growing more anxious about the state of the economy, leading them to take cost-cutting measures to offset major losses.
According to Steve Gallucci, National Managing Partner for the US CFO Program at Deloitte, big deals and investments are off the table as of now.
With pessimism among CFOs at its highest level since the second quarter of 2020, leaders are dialing back on hiring, investing and office takeup as the all-but-inevitable economic downturn approaches.
Another survey from AlixPartners shows that 98% of executives agree that a full revamp of their business will be necessary over the next three years, but 85% aren’t sure where to start.
“The pace of change, and the need to really make sure that you’re trying to see ahead of it, is even more profound than it has been historically,” said Lisa Donahue, co-head of AlixPartners Americas & Asia.
Next year will, in theory, will provide clarity into what to expect from the economy and how leaders can adjust accordingly. However, predictions about the recession’s severity have ranged from mild to extreme, making it difficult to plan accordingly.
However, looking at current trends, it’s guaranteed that executives will continue to keep a sharp eye on their expenses in the coming months.
