The current economic environment is putting immense pressure on companies to control costs and find new and innovative ways to streamline their operations. A recent study by LeadrPro has shed light on the challenges that companies are facing and the approach they are taking to navigate the uncertain economic landscape.
26% of companies surveyed are expecting layoffs, and 37% of companies are seeing a decline in sales and marketing budgets in 2023. However, 72% of companies surveyed still expect revenue growth year over year when compared to 2022. Thus, putting immense pressure on businesses and sales leaders being asked to do more, with significantly less resources.
The longer winded impact beyond 2023 on the general work environment and employee sentiment remains to be seen, but with 20% of respondents feeling some level of concern over their future employment, in addition to current market conditions, suggests morale is anticipated to be lower than previous years.
Despite the challenges, companies will need to get creative to improve their bottom line. Especially since the decrease in sales and marketing budgets means companies are being ever more cautious and vigilant with each dollar spent, even when evaluating new cost-reducing SaaS and software solutions where 41% of companies say “it’s not a priority” and another 49% saying they are “evaluating solutions very cautiously.”
In conclusion, the study highlights the difficult balancing act that companies are facing in the current economic environment. The results are a wake-up call for businesses to take a proactive approach to navigating the uncertain economic landscape and finding innovative solutions to drive growth while also reducing costs.
This study was conducted by LeadrPro after surveying 342 executives of large tech companies.
