Hungarian Business Leaders More Pessimistic This Year

41% of medium and large Hungarian companies expect their net sales to increase this year, compared to 61% last year, and 10% of respondents think their sales will decrease, compared to 3% in 2022, according to the latest research by human resources provider Randstad Hungary.

Citing the results of their new survey, the company said just over half of optimists expect net revenue growth of between 4 and 10%, with more than the average in the IT sector, service centers and the service industry expecting growth of more than 15%, according to the statement.

The majority of the almost 250 companies surveyed believe that increased wage costs (71%) and higher operating costs (61%) will be the biggest business challenges of the year, with 43% citing higher energy costs. 

In response to these challenges, 62% of companies are restructuring and reassessing their workforce needs, half of respondents are cutting operating costs, 48% are freezing hiring, 39% are raising prices, 35% are implementing "other" energy-saving measures, 31% are upgrading employee skills, 25% are making energy efficiency investments, and 14% are offering more home office options to reduce office energy costs.

According to the survey, 34% of firms plan to expand their workforce this year, compared with 89% last year, the statement said.

The human resources firm also asked representatives of companies participating in the survey about the four-day working week: 17% plan to test or introduce it to improve the work-life balance of employees, but the vast majority, 83%, consider it unfeasible in their own organizations.