As we head into the busy holiday season, concerns about a recession are growing ever louder. According to Bloomberg’s latest monthly survey of economists, there’s now a 60% chance of a recession occurring in the next year, up from 50% in September and compared to a 30% chance six months ago.
Meanwhile, more than three-quarters of CEOs are already preparing for a recession, with 51% considering staff reductions and 71% believing that inflation and the rising cost of living will impact their ability to retain staff, per a recent survey from KPMG. And big names in tech are already making moves in that direction, with Google and Meta announcing hiring freezes, Apple slowing down hiring beginning in 2023, and recent layoffs at Microsoft and Netflix.
While it’s becoming increasingly clear that many (or most) organizations will have to cut staff in order to weather a looming economic downturn, to make it through a recession they’ll also have to continue to meet larger business goals and maintain revenue. In our digital-first environment, every company is a tech company — so staff reductions notwithstanding, brands that are not only determined to survive, but capitalize on making it to the other side of the recession must keep digital initiatives at the forefront.
Downsizing is something no business leader looks forward to, but it also doesn’t have to spell certain doom for your organization’s momentum. Even in the face of staff reductions, achieving your digital goals is possible with the right resources and support — and as a full-service digital product consultancy, at Heady we’re here to help you do just that.
Whatever your project, it’s got to start with a deep understanding of your business needs, as well as the needs of your users. Through stakeholder interviews, market research, user research, and whatever else it takes, our strategy team will deep-dive into your business to discover and define your biggest challenges — and the opportunities that lie ahead when it comes to your digital innovation.
From there, we’ll collaborate on a strategically prioritized roadmap to ensure we meet your feature needs while keeping one eye firmly on your budget and your timeline. Our product managers are well-versed in Agile methodologies and we’re continuously working to streamline and optimize our processes to ensure the best possible project outcome.
With a recession looming and staff reductions on the horizon, it’s only natural to be concerned about budget — but working with Heady can help you maintain overhead flexibility when you need it the most.
Compared to the fixed costs of staff salaries, agency costs are more adaptable to fit your needs of the moment. Our transparent project scopes give you the ability to get only what you need, when you need it, without paying a cent more than you’ve budgeted for. At-will contracts mean our working relationship can be paused or ended at any time, giving you the flexibility to adapt to shifting priorities.
Whether you’re looking to fill in temporary talent gaps or are seeking a long-term technology partner, at Heady we can tap into our global resource pool to find the cost-effective solutions your organization needs.