KPMG: 85% of tech and telco CEOs are preparing for a recession
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KPMG said that its survey of 110 tech CEOs and 75 telco CEOs found that 85% see a recession as likely and most of them are asking themselves how to prepare for it.
KPMG’s 2022 CEO Outlook Survey identified key challenges and opportunities that tech, media, and telco CEOs face.
The report said most of the CEOs are asking themselves how to prepare for the impending recession. Seventy-four percent of tech CEOs and 77% of telco CEOs agreed that a recession would cause further disruption to their business, making it even more difficult to rebound from the pandemic.
As a result, half of tech CEOs and 33% of telco CEOs are considering downsizing their employee base to plan for an anticipated recession.
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For the companies considering their options and making tough decisions, KPMG said it would encourage them to look no further than to the Great Resignation. Its acute impact on the tech sector further proved that talent is an organization’s greatest asset and making short-term decisions to let talent go can have negative long-term consequences.
Seventy-five percent of tech CEOs and 73% of telecommunications CEOs agree geopolitical uncertainty is raising concerns of a cyber-attack in their organizations. In this new normal of heightened cyber vigilance, cybersecurity can no longer exclusively be an IT issue. It must be a strategic priority embedded throughout an organization’s culture,
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