Fortune and marketing agency NewtonX, recently surveyed 81 CFOs on their attempts to offset rising costs caused by high inflation.
Below is a list of actions the surveyed CFOs said they have taken:
- Over half of CFOs surveyed have raised their prices, but increases were based on company size. Of companies with 1,000 employees or more, 71 percent said they increased their prices over the past six months. Of companies with less than 1,000 employees, 42 percent said they increased prices over the last six months. Only a quarter of CFOs surveyed said they had not raised prices yet this year.
- Thirty-three percent of respondents said they slowed hiring, though this varied among big and small companies. Fifty-five percent of big companies slowed hiring, compared to 28 percent of small businesses.
- Thirty-nine percent of big companies and 26 percent of small companies said they have renegotiated vendor contracts.
- Only 10 percent of CFOs have used layoffs to cut costs.
- Seventy-seven percent of CEOs said they expect a recession in the next 12 months. When asked what they will cut in the event of a recession, respondents said marketing and marketing research would most likely be cut back. IT, customer service and data analytics departments would be least likely to be dialed back.