Over 6 in 10 companies plan to reduce staff in 2023 economic recession

There’s one area, however, where companies plan to do the opposite. 

Given the slowing economies and looming recession, more than half (68%) of C-suite executives in Singapore said their companies are very likely to reduce their staff in 2023, data from an International Information System Security Certification Consortium (ISC²) research stated.

Some (31%) said they are somewhat likely to do so.

Companies plan to decrease staff members in the areas of HR (30%) the most, followed by Operations (24%), Finance (24%), Sales (22%), and Marketing (22%).

READ MORE: Chart of the Day: Worryingly, almost 8 in 10 fund managers still use fax

Oppositely, companies want to increase staffing in cybersecurity, with 88% saying they want to recruit a cybersecurity or IT security talent impacted by staff reduction in 2023.

Almost all Singapore-based companies surveyed (98%) also increased their investment in cybersecurity staffing over the past two to three years.

The plan to increase staffing is likely on the back of rising threats. According to ISC², 86% of C-suite executives believe cybersecurity threats will escalate in 2023. The majority (96%) also believe that reducing their cybersecurity staff will increase the risk for their company.