OneSource Virtual Reveals the Results of Its 2023 CFO Outlook Report

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83.17% of CFOs expect a hiring freeze in the potential recession with 31% already having one in place

Although the survey reveals some stark results with 4 in every 5 CFOs looking at implementing a hiring freeze, we also see potential for business growth through 2023 with outsourcing, co-sourcing and automation.

OneSource Virtual, a leading provider of HR and Finance outsourcing services, solutions and products surveyed 100 CFOs in the United States focusing on the outlook for 2023 and a potential recession. The survey revealed that the upcoming recession merged with the current skills shortage will see CFOs looking for outsourcing, co-sourcing and automation options to ensure business continuity and growth.

“In 2022 we witnessed CFOs’ priorities shift to the workforce coming out of Covid and dealing with the Great Resignation. In 2023, a potential recession and skills shortage will see their focus remaining on the workforce, their own departments included,” said Courtny Cloeter, Chief Revenue Officer at OneSource Virtual. “Although the survey reveals some stark results with 4 in every 5 CFOs looking at implementing a hiring freeze, we also see potential for business growth through 2023 with outsourcing, co-sourcing and automation.”

Just over 100 U.S. CFOs were surveyed in mid-October 2022 and asked about topics related to the potential for hiring freezes, how a skills shortage would impact their decision to outsource, and how prepared they feel to support their organization’s growth and scalability over the next year.

Key findings of the CFO report reveal:

  • 83% either have a hiring freeze in place already or are preparing for one
  • 43% believe they will not be able to focus on bigger strategic projects unless they automate some of their manual processes
  • 83% are concerned about their ability to complete their accounts payable tasks on time
  • 95% say the skills shortage will impact their decision to outsource certain finance and accounting tasks

“For CFOs who are wondering where their peers are at when it comes to these obstacles and the various solutions to them, we believe these results reveal a clear picture of what other CFOs are gravitating towards to support their teams and the businesses they’re a part of,” said Cloeter.

To view the results of the report, send your request to the media contact, Natalie Barta.

About OneSource Virtual
OneSource Virtual is a leading provider of HR and Finance services, solutions and products. Founded in 2008 in Dallas, Texas, we operate in North America and Europe to deliver outcomes that boost productivity, improve compliance and increase internal capacity for over 1,300 customers around the world. Since our founding, we have been awarded numerous accolades and have a 98% retention rate. Our leadership teams are composed of the most experienced professionals in their respective fields. Together they offer the expertise and deep knowledge of the global marketplace to deliver comprehensive solutions and services for HR and Finance & Accounting.

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Natalie Barta, Influence & Co.
OneSource Virtual
1 573-999-0791 Ext: 725
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