With the 2024 U.S. election approaching, CFOs are bracing for significant changes that could impact business operations. According to Deloitte’s third quarter North American CFO Signals survey, 58% of finance leaders believe the election will be highly consequential for their organizations. Workforce-related issues top their list of concerns, with 33% of respondents identifying talent shortages, wage inflation, and regulatory changes as pressing challenges. External risks such as inflation (57%) and geopolitical instability (52%) are also prominent, leading many CFOs to adopt a cautious approach toward risk-taking and investment in the near term.
Corporate taxes and trade policy remain key focus areas, particularly as tax provisions from the 2017 Tax Cuts and Jobs Act are set to expire. CFOs are closely monitoring potential increases in the corporate tax rate, which could rise from 21% to 28%, further affecting earnings and capital expenditure plans. The survey also reveals diminished confidence in the North American economy, with only 14% of respondents rating the current economic climate as favorable. This growing uncertainty, compounded by concerns over global supply chains and technology transformation, is likely to influence strategic planning as companies navigate the complex landscape leading into 2025.
