{"id":12775,"date":"2023-02-06T23:22:02","date_gmt":"2023-02-07T07:22:02","guid":{"rendered":"https:\/\/essential.construction\/news\/us-business-leaders-anticipate-rampant-budget-cuts\/"},"modified":"2023-02-06T23:22:02","modified_gmt":"2023-02-07T07:22:02","slug":"us-business-leaders-anticipate-rampant-budget-cuts","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/us-business-leaders-anticipate-rampant-budget-cuts\/","title":{"rendered":"US business leaders anticipate rampant budget cuts"},"content":{"rendered":"<p> <a href=\"https:\/\/essential.construction\/files\/membership-default-internal\/\" class=\"memberhide\"><img decoding=\"async\" src=\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2023\/01\/20220718_175041000_iOS.jpg\" alt=\"-\"><\/a><br\/><br \/>\n<\/p>\n<div>\n<h3>Dive Brief:<\/h3>\n<ul>\n<li>\n<p>Nearly all business leaders (99%)\u00a0in a recent survey said their organizations are preparing to cut costs in 2023 amid economic uncertainty.<\/p>\n<\/li>\n<li>\n<p>The survey of 500 U.S.-based executives and managers \u2014 both in finance and non-finance roles \u2014\u00a0suggests that companies are planning as if a recession will happen, even if there are mixed views about the economy.\u00a0<\/p>\n<\/li>\n<li>\n<p>The possibility of an economic downturn is forcing business leaders to make tough choices, <a rel=\"nofollow noopener\" href=\"https:\/\/www.cfo.com\/resources\/2023\/02\/cfos-2023-outlook-cautious-optimism-amid-recession-cost-cutting-workforce-challenges\/\" target=\"_blank\">according to the study<\/a>,\u00a0which was conducted by CFO.com. Sixty-one percent of respondents anticipated cuts to hiring or talent retention investments. Yet, at the same time, 83% said they will face critical hiring needs in the first half of 2023.<\/p>\n<\/li>\n<\/ul>\n<h3>Dive Insight:<\/h3>\n<p>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.<\/p>\n<p>&#8220;A potential 2023 recession remains on peoples\u2019 radars, though likelihood and duration remain a question mark,&#8221; the report said.<\/p>\n<p>Marketing and advertising topped the list of key areas where companies might be looking to cut costs. Other such areas include hiring and retaining talent; expanding products and services; and adding production capabilities.<\/p>\n<p>Technology ranked high as an area that will receive priority treatment from finance departments, regardless of the economic outlook. Three-quarters of CFOs anticipated an overall increase in tech spending, and 84% said they will be more involved in developing a tech strategy in 2023 than they were in the previous year.<\/p>\n<p>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.\u00a0<\/p>\n<p>However, the poll found that inflationary pressures may not be completely crippling, at least on the revenue side. Fifty-six percent of non-finance executives believed that inflation could positively impact revenue in 2023. This is most likely due to companies\u2019 ability to increase prices to keep pace with inflation, the report said.<\/p>\n<p>The study also found that CFOs and finance departments are particularly confident heading into 2023, with 82% expecting revenue growth, though with modest expectations.\u00a0\u00a0<\/p>\n<p><em>CFO.com is owned by Industry Dive. It is a sister publication to Construction Dive.\u00a0<\/em><\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-5143531171910809\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- News - Bottom -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-5143531171910809\"\r\n     data-ad-slot=\"8320848692\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.constructiondive.com\/news\/us-business-leaders-anticipate-rampant-budget-cuts\/642034\/\" rel=\"nofollow noopener\" target=\"_blank\">This article was originally posted at Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dive Brief: Nearly all business leaders (99%)\u00a0in a recent survey said their organizations are preparing to cut costs in 2023 &#8230; <a title=\"US business leaders anticipate rampant budget cuts\" class=\"read-more\" href=\"https:\/\/essential.construction\/news\/us-business-leaders-anticipate-rampant-budget-cuts\/\" aria-label=\"Read more about US business leaders anticipate rampant budget cuts\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[457],"tags":[],"class_list":["post-12775","post","type-post","status-publish","format-standard","hentry","category-construction-dive","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-33"],"_links":{"self":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/12775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/comments?post=12775"}],"version-history":[{"count":0,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/posts\/12775\/revisions"}],"wp:attachment":[{"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/media?parent=12775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/categories?post=12775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/essential.construction\/news\/wp-json\/wp\/v2\/tags?post=12775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}