TNCR Brief
- 45% of CIOs Expect Flat or Negative Revenue Growth in the Next Six Months
- 20% of Respondents Project an Increase in IT Hiring Over the Same Period
A glass half empty, or glass half full? As we complete the 1st half of 2022, corporate technology leaders are evaluating a variety of factors in the current economic climate and assessing their impact on strategic initiatives, planning, and growth.
In the midst of global uncertainty, rising inflation, and a roller-coaster stock market, technology executives in the CIO Professional Network recently registered their expectations on revenue growth and hiring initiatives for their respective organizations over the next six months of 2022.
At the end of Q3 of 2021, a negative trend in executive expectations was starting to develop with 31% reporting a forward flat or negative revenue growth projection, up from 13% at the midpoint of the same year.
And after completing the first half of 2022, unfortunately, the negative trend has continued with now 45% of technology executives expecting no growth in revenue for the remainder of this year and 30% overall expecting a reduction for their respective organizations.
In a nod perhaps to those seeking to take advantage of a seemingly down market to acquire talent for innovation and transformation, 20% of technology executives are bullish and report an expected increase in hiring activity over the next six months.
Given that 30% are projecting a decrease in IT hiring for the remainder of the year, there just might be some talent on the market for those seeking to attract new technology candidates to their organization.
Clearly, the expectation cycle is in a downward trend for both revenue growth and resultant hiring for the IT sector. While over 55% still expect revenue growth, projections are showing signs of a slowdown.
Given the volatility in the current economic climate, CIOs in fact remain an optimistic bunch. While a smaller sample still expects revenue growth for their organization and an uptick in hiring, the overall trending shows a waning in confidence for the next six months of 2022.
