Over 90% of company presidents plan to increase workforce despite economic concerns: KPMG

SINGAPORE: A new survey from global consulting firm KPMG has found that more than 90% of company presidents plan to increase their workforce over the next three years, marking the highest level of such optimism in the past four years.

The findings are part of KPMG’s 2024 President Outlook Survey, which offers insights into how business leaders are navigating a challenging global landscape.

The survey, conducted between July and August of this year, included responses from 1,325 company presidents across 11 key global markets. It highlighted a significant commitment to expanding employment, with 92% of the leaders surveyed indicating plans to boost their total number of employees over the next three years.

While hiring optimism is high, the survey also revealed a more tempered outlook on the global economy. Only 72% of the respondents expressed optimism about the world economy’s trajectory over the next three years, a notable drop of 21 percentage points compared to ten years ago.

This decline reflects growing concerns over the increasingly complex operating environment businesses face, including geopolitical tensions, inflationary pressures, and supply chain disruptions.

Despite these challenges, many company presidents see technological advancements and talent acquisition as critical to their future success. A substantial 64% of respondents identified artificial intelligence (AI) as their top investment priority. Furthermore, securing talent for the future was cited as a key factor in maintaining business competitiveness and driving growth.

KPMG’s findings suggest that even in a time of economic uncertainty, business leaders are looking to future-proof their companies through investments in AI and by building a strong workforce, indicating a long-term focus on innovation and sustainable growth.