77% of Executives Are Confident They Can Meet Goals Despite Recession

The economy is in a real state of disarray these days, and it doesn’t look like the pressure will be letting up anytime soon. The US Federal Reserve has been quite adamant at clamping down on inflation by raising interest rates, and that has led to 90% of corporate executives predicting an oncoming recession according to a survey released by PwC. In spite of the fact that this is the case, a majority of these executives still seem confident that they can meet all their targets.

77% of the executives who were surveyed in this report said that they feel like they can reach short term goals. 82% also said that the digital transformations are already underway which might make the recession easier to weather than might have been the case otherwise. 76% stated that they might be able to free up working capital after making some adjustments such as by adding automation into their assembly lines. That might allow them to free up capital without having to reduce employee headcounts.

Still, 81% of major C-Suite executives said that they plan to slim out their work forces using a variety of methods. That includes laying people off, enticing workers to opt for voluntary retirements or enacting hiring freezes so that exiting employees don’t get replaced. With all of that having been said and now out of the way, it is important to note that remote work is still a hot topic among these C-Suite executives.

They want people to come back to working at the office, but they are concerned about the slow rate of returnees. Many still prefer to work from home for obvious reasons, but executives are hoping to change that by changing workplace culture. Offering on site training as well as other incentives could help bring people back to the office, although it might not be quite the same as it was before. Hybrid work has shown people a tantalizing alternate path, one that would be difficult for them to move away from. It will be interesting to see how top ranking execs manage their businesses during the recession.

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