The Conference Board Measure of CEO Confidence rose sharply in the final month of the third quarter after a moderate increase in the first month. CEOs noted that talent shortages were less of an issue.
“CEOs entered Q4 significantly more upbeat than they were earlier this year,” said Dana Peterson, chief economist of The Conference Board. “Notably, talent shortages eased in the wake of Covid-19 and nearly two-thirds of business leaders said they anticipated little, if any, problems with attracting qualified workers.”
The survey for the Measure of CEO Confidence found that 62% of CEOs expected little to no problems finding qualified workers while just 11% expected widespread talent shortages or real hiring problems.
Still, uncertainty around the pandemic remains a risk, Peterson said.
The survey for the Measure of CEO Confidence found that hiring plans cooled and the potential for layoffs remained with one-third of CEOs saying they anticipate reducing their workforce over the next 12 months. In addition, 21% of CEOs foresee no increase in their employees’ wages and 5% said they may reduce wages. But expectations were that this is temporary.
The survey also found that 70% of CEOs reported economic conditions were better compared to six months ago.