<p>Half of American <a href="http://dailywire.com/topic/business" target="_blank" rel="noopener">business</a> leaders plan to reduce <a href="http://dailywire.com/topic/unemployment" target="_blank" rel="noopener">headcounts</a> at their companies, according to a new survey from accounting firm PwC.</p>
<p>As <a href="http://dailywire.com/topic/recession" target="_blank" rel="noopener">inflationary</a> pressures and other economic bottlenecks propel the United States into a <a href="https://www.dailywire.com/news/white-house-does-preemptive-damage-control-as-economy-heads-toward-recession">technical recession</a>, large companies have <a href="https://www.dailywire.com/news/recession-fears-lead-big-tech-companies-to-pause-hiring-cut-jobs">slowed hiring</a> or introduced layoffs. According to the <a href="https://www.pwc.com/us/en/library/pulse-survey/managing-business-risks.html">survey</a>, 46% of businesses are decreasing signing bonuses and 44% are rescinding job offers, while 50% are “reducing their overall headcount, even as business leaders remain concerned about hiring and retaining talent.”</p>
<p>Indeed, Americans have continued to <a href="https://www.dailywire.com/news/americans-continue-to-opt-out-of-the-workforce">opt themselves out</a> of the job market in the wake of COVID and the lockdown-induced recession. The labor force participation rate has dropped from 66% in 2008 to 62% in 2022, falling 3% between February 2020 and April 2020 alone ahead of a slow recovery, according to data from the <a href="https://fred.stlouisfed.org/series/CIVPART">Bureau of Labor Statistics</a>.</p>
<p>Yet companies are still pressed to find talent equipped with technological ability. Roughly 63% of businesses have “changed or are planning to change processes to address labor shortages,” according to PwC, marking a 7% increase from its January survey. In order to increase access to talent — which 38% of respondents named as a serious risk — companies are expanding opportunities for remote work, pursuing acquisitions, or changing human resources strategies.</p>
<p>“Ironically, as businesses pivot even more toward automation, it’s critical to find employees with the right combination of deep functional knowledge and technology know-how,” PwC explained. “Without the right talent, automations can fail to deliver on promised efficiencies and increase operational risk.”</p>
<p>In the wake of President Joe Biden signing the Inflation Reduction Act, business leaders are concerned about potential tax implications. The legislation created a 15% book minimum tax with differing effects across multiple industries, according to an analysis from the <a href="https://taxfoundation.org/book-minimum-tax-analysis/">Tax Foundation</a>, which explained that the provisions “would have distortionary impacts on investment, and may prove ineffective as a stable revenue raiser.&#8221;</p>
<p>While 28% of the survey&#8217;s respondents cited tax policy as a serious business risk, 41% of executives in the pharmaceutical and life sciences sector said the same due to the law’s provisions geared toward lowering the costs of prescription drugs and health insurance.</p>
<p>Meanwhile, business leaders remain concerned about the effects of inflation, although to a somewhat lesser extent than earlier this year. Roughly 62% of respondents predict that inflation will “remain elevated for the next 12 months” — a decline from 69% of respondents who said the same in January.</p>
<p>Respondents also listed building “trust” as an important business goal, with 65% affirming that they are focused on “refining their trust strategy” over the next year. PwC noted a link to the <a href="https://www.dailywire.com/news/esg-the-invisible-fist-of-the-economy">stakeholder capitalism</a> movement, which posits that companies have a mandate to blend the maximization of profits with involvement in social issues.</p>
<p>“As the yardstick for company performance expands beyond financial metrics, companies have an imperative to build trust and transparency among different stakeholder groups — employees, customers, suppliers, regulators and the communities in which they operate,” PwC explained. “This includes both doing the right things and communicating clearly on topics such as reporting and tax transparency.”</p>
<p>American investors, however, are not necessarily on board with such endeavors. While 29% of respondents to an exclusive poll from <a href="https://www.dailywire.com/news/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes">The Daily Wire</a> agreed it is a “good thing” for companies to leverage their financial power for political or social means supported by executives, 58% — twice as many — said it is a “bad thing.”</p>

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Businesses To Slash Headcount While Using More Automation, Survey Shows