NEW
YORK, May 22, 2024 /PRNewswire/ -- Marcum
LLP, in collaboration with Hofstra
University, has released the findings from its latest CEO
Survey, offering invaluable insights into the business environment,
outlook, and trends among middle-market CEOs.
The survey reveals that 29.1% of CEOs
reported increased outsourcing activities compared to their
historical approaches.
A significant takeaway from the survey indicates a rising
tendency toward outsourcing critical business functions. The survey
reveals that 29.1% of CEOs reported increased outsourcing
activities compared to their historical approaches. Cybersecurity
emerged as the most outsourced function, with 17.9% of companies
primarily relying on external expertise to secure their data and
information systems. Conversely, human resources remained the least
outsourced function, with only 4.8% of CEOs opting for external
services.
Furthermore, over half (50.2%) of the CEOs identified the
primary motivation behind the outsourcing trend as access to
superior expertise and talent. Cost savings (27.9%) and improved
efficiencies (20.3%) were other significant motivators contributing
to the decision to outsource various corporate functions.
"With talent in short supply and margins growing tighter, the
advantages of outsourcing are becoming clearer than ever. Every
day, more businesses are waking up to the reality that the
specialized expertise of outside partners can relieve some of the
day-to-day burden and enable organizations to concentrate their
efforts where they're most effective, which helps to drive growth
and innovation," said Jeffrey
Weiner, Chairman & CEO of Marcum LLP. "From HR to IT, to
accounting and beyond, our outsourced services enable businesses to
remain focused on delivering their unique products and solutions
while our experienced, qualified teams support their
operations."
The Marcum-Hofstra CEO Survey also presents a nuanced view of
the current business climate. Here are the key findings from this
CEO survey:
Business Environment:
- There has been a notable rise in the percentage of CEOs
expressing the highest level of optimism ("10") about the current
business climate (13.9%, up from 8.6%).
- The majority of CEOs (88.7%) maintain a rating of 5 or higher
regarding their outlook, with the weighted average remaining steady
at 6.9.
- Industry-specific optimism varies, with technology remaining
relatively high (56%), construction experiencing a decline (33%),
and retailing witnessing the most significant drop in optimism to
18%.
Influences on Business Planning:
- Economic concerns continue to dominate, with 54.2% of CEOs
indicating it as a top-three influence on planning efforts, up from
49.2% in the previous survey.
- The availability of talent (38.2%) has overtaken rising
material and operational costs (35.1%) as the second most prominent
concern for CEOs.
External Issues of Concern:
- CEOs indicate that an economic slowdown (45.0%), interest rates
and the cost of capital (42.7%), and political uncertainty (35.8%)
are the primary external issues of concern.
- Other notable worries include supply chain challenges, rising
energy costs, labor shortages, and increasing customer
expectations.
The survey was developed, conducted, and analyzed by MBA
students of Hofstra University's Frank
G. Zarb School of Business, led by Dr. Andrew Forman, associate professor of
international business and marketing, in partnership with
Marcum.
"In our increasingly interconnected world, the ability to adapt
and respond to the ever-evolving market conditions is essential for
business sustainability," remarked Dr. Forman. "The insights from
our joint CEO Survey with Marcum LLP underscore the value of
outsourcing as a critical tool for CEOs looking to harness external
expertise while maintaining internal focus and agility."
About the Survey
The Marcum-Hofstra CEO Survey is a periodic gauge of mid-market
CEOs' outlook and priorities for the next 12 months. The survey
polled the leaders of companies with revenues ranging from
$5 million to $1 billion-plus and was conducted the week
of April 29, 2024. 251 mid-market CEOs participated.
"Understanding the changing tides of the business landscape is
key to preparing tomorrow's leaders," said Janet Lenaghan, dean of the Hofstra University Zarb School of Business.
"Through our partnership with Marcum LLP, we provide our MBA
students with real-world learning opportunities that shape their
perspective on strategic decision-making, such as the significant
trend towards outsourcing identified in our latest CEO Survey."
For a more detailed analysis and the full report, please visit
https://www.marcumhofstraceosurvey.com/no2-2024
About the Frank G. Zarb School of Business at Hofstra University
Hofstra University's Frank G. Zarb
School of Business prepares students to become tomorrow's global
leaders. Located just 25 miles from New
York City, Zarb students have access to internships and
networking opportunities across every industry. The Zarb School
combines entrepreneurial, hands-on learning and research with
real-world experience and mentorship in state-of-the-art
facilities, including a Behavioral Research Business Lab, Institute
of Innovation and Entrepreneurship, Core Skills Lab, and academic
trading room. Our undergraduate and graduate programs in
accounting, management and entrepreneurship, marketing and
international business, finance, and business analytics are ranked
and recognized by US News & World
Report, Princeton Review, and Poets &
Quants. Visit hofstra.edu/zarb for more
information.
About Marcum LLP
Marcum LLP is a top-ranked national accounting and advisory firm
dedicated to helping entrepreneurial, middle-market companies, and
high net worth individuals achieve their goals. Marcum's
industry-focused practices offer deep insight and specialized
services to privately held and publicly registered companies, and
nonprofit and social sector organizations. The Firm also provides a
full complement of technology, wealth management, and executive
search and staffing services. Headquartered in New York City, Marcum has offices in major
business markets across the U.S. and select international
locations. #AskMarcum.
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