Although financial executives are bracing for a recession, they appear confident in their ability to achieve their goals regardless of what happens to the U.S. economy, a new study finds.
In CFO’s most recent outlook survey, 51% of finance leaders surveyed said they are confident in the economy, and a majority (92%) of CFOs said they are preparing for a recession should one happen this year.
CFOs and their teams have invested in strategizing how to identify and overcome potential recession-induced issues. With 100% of CFOs saying they believe inflation will be an issue in 2023, more than three-quarters (78%) said they will look to cut costs or products to fight it.
Over a third (39%) of CFOs said they would cut budgets around hiring due to a potential recession, while another 37% said they would cut expenses intended to retain talent should the overall economy dictate it. See more findings.