Hiring will slow over the next year despite increasing confidence in the economy. That's the picture painted in the recent Q1 2024 Vistage CEO Confidence Index Report, a quarterly survey of over 1,750 small to midsize business CEOs by Vistage, an organization that provides executive coaching.
The report shows that CEOs plan on hiring less over the next year than in previous reports. Notably, 51% of CEOs reported plans to expand their companies' workforces over the year ahead, compared to 56% last year. What's more, 10% of the executives said they had plans to decrease their workforces over the next year, up from 7% last quarter.
|Inflation remains a primary concern
Inflation in the labor market may be to blame for the lackluster hiring forecast. Sixty-five percent of CEOs in Vistage's report cited labor as the biggest source of inflation impacting their companies. Further, 51% reported planning to raise the costs of their products and services in response to inflation, a 3% decrease from last quarter.
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