CBIZ-Hofstra University CEO 2025 survey
January 22, 2025
CBIZ has recently published the CBIZ-Hofstra University CEO 2025 survey, which provides an essential snapshot of middle-market CEOs’ perspectives on the current business climate. This analysis explores their priorities and challenges for the next 12 months, focusing on critical topics such as proposed tariffs, the Tax Cuts and Jobs Act (TCJA), the Inflation Reduction Act (IRA), and workforce concerns. Download your copy by clicking the link or read the summary below.
Proposed tariffs
Potential financial implications of proposed tariffs weigh heavily on CEOs, prompting decisive actions. Most respondents are exploring strategies to minimise risks, with over 80% considering relocating production to avoid additional costs. Workforce reductions are another likely response, with three-quarters of CEOs preparing for this possibility. Additionally, more than 70% of businesses anticipate delaying planned investments, and two-thirds are evaluating changes to their supply chains to counter tariff-related challenges.
The Tax Cuts and Jobs Act (TCJA)
The findings related to the Tax Cuts and Jobs Act illustrate the uneven impact of tax reforms across sectors. While 42.6% of CEOs reported benefiting somewhat from provisions such as reduced corporate tax rates and bonus depreciation, a notable 39.5% indicated no tangible benefits. Only a small proportion—10.9%—experienced extensive advantages from the legislation. This disparity underscores how differently businesses perceive and experience the impact of such reforms, depending on their size, industry, and structure.
The Inflation Reduction Act (IRA)
There were mixed opinions on the Inflation Reduction Act. Although 43.3% of respondents reported some benefits, nearly half (47.7%) indicated that the legislation had no discernible impact on their business. When asked about the potential extension of IRA provisions, 41.8% expressed optimism, believing it would positively influence their financial outlook. However, 37.1% predicted no impact, and 14.1% were uncertain or chose not to answer.
Workforce challenges
Hiring and retention remain at the forefront of CEOs’ concerns, with many identifying economic stability and compensation adjustments as critical to workforce development. The evolving landscape of remote work, combined with an increased focus on diversity and inclusion, is prompting companies to rethink their talent strategies. Regulatory compliance and adapting to workforce changes further complicate planning. These challenges highlight the importance of long-term workforce strategies to ensure resilience and growth in a competitive hiring market.
Economic outlook: Renewed optimism
CEOs displayed a cautiously optimistic outlook for the coming year despite the challenges of tariffs, tax reforms, and workforce concerns. The survey recorded a slight increase in those rating their business outlook as “very positive,” rising from 9.1% in the previous report to 10.2%. Furthermore, the percentage of respondents placing their confidence in the higher range (8–10) grew to 45%, compared to 34.5% in the previous survey.
While economic concerns remain the dominant factor influencing decision-making, cited by 55.1% of respondents, issues such as talent availability and rising operational costs also weigh heavily on planning. Encouragingly, worries about access to capital and interest rates appear to be easing, suggesting some stabilisation in the economic environment.
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