Economic pressures are driving North American business leaders to prioritize resilience, cost control and strategic investments, according to an HLB Survey of Business Leaders.

LOS ANGELES, CA — GHJ, a national advisory and accounting firm and proud member of international accounting network HLB, announces the release of the 2025 HLB Survey of Business Leaders, including, for the first time, a dedicated North America report. The recently released report, reflecting input from over 200 North American executives, reveals that rising concerns about inflation, interest rates and global instability are playing a key role in shaping corporate decision-making. These insights provide critical guidance for companies embracing innovation and building resilient strategies for the future.

The HLB Survey of Business Leaders is an annual global report that captures insights from thousands of senior executives on the risks, opportunities and innovations molding the future of business. New in 2025, the survey includes a dedicated North America report that offers region-specific insights relevant to GHJ clients in today’s dynamic market.

“As a firm that advises clients across industries and growth stages, we know how quickly priorities can shift,” said GHJ Managing Partner Tom Barry. “This report gives decision-makers a valuable roadmap — based not just on trends, but on what peers are seeing, doing and planning for. That is the kind of intelligence business leaders need right now.”

The 2025 findings reflect the mindset of a region in transition; one where cost pressures dominate, technology investments are rising cautiously and talent remains a key differentiator. Below are a few of the key takeaways from this year’s North America report:

COST PRESSURES LEAD THE BUSINESS AGENDA

Nearly half (44%) of North American leaders identified operational costs as their top concern — more than any other region surveyed by HLB. Rising interest rates followed closely, cited by 40% of respondents. The findings, while compiled prior to the Trump Administration’s tariff policy changes, demonstrate economic and cost pressures have been weighing on business decisions for some time.

“Uncertainty is having a profound impact on strategy right now,” Tom explained. “For many businesses, it is hard to forecast near and midterm outcomes. Leaders are scrutinizing every investment and rethinking their growth assumptions.”

TECHNOLOGY INVESTMENT REMAINS STRONG — WITH A CAUTIOUS EYE ON AI

Despite economic headwinds, 82% of North American leaders plan to increase or maintain digital transformation investments. Confidence in the immediate impact of artificial intelligence, though, lags the global average. While there is a recognition that AI has great potential, some leaders want to see tangible use cases that drive value before making significant investments in the technology.

SUSTAINABILITY EFFORTS STALL IN NORTH AMERICA

While global business leaders increasingly view sustainability as a strategic imperative, North American respondents appear more hesitant. Only 29% identified sustainability as a growth driver — a notable gap compared to 41% globally. This suggests that for many North American companies, environmental, social and governance (ESG) efforts are being deprioritized in the face of short-term financial pressures.

“Many leaders know sustainability is important but are struggling to balance it against immediate financial pressures,” Tom said. “Companies that integrate sustainability into their business models will be better positioned with investors, regulators and customers in the long term.”

Despite the slower momentum, the business case for sustainability remains strong. Companies that delay action may find themselves at a competitive disadvantage as global markets, stakeholders and consumers increasingly reward sustainability-focused performance.

TALENT STRATEGY STAYS A COMPETITIVE DIFFERENTIATOR

As economic pressures mount and digital transformation accelerates, companies are turning inward to strengthen one of their most valuable assets: their people. The 2025 HLB Survey found that 47% of North American leaders plan to invest more in talent development. This demonstrates a belief that workforce capability is not only a risk factor, but a key competitive advantage.

Skilled labor shortages remain a top concern, especially in industries undergoing rapid change. Many leaders are responding by building internal pipelines, reskilling existing employees, and prioritizing culture as a tool for both retention and performance. This reflects a recognition that sustainable growth depends on having engaged teams capable of adapting to new demands.

ADAPTABILITY DEFINES FUTURE SUCCESS

Despite ongoing challenges (ranging from inflation and rising interest rates to workforce pressures and global instability), 62% of North American leaders remain optimistic and expect stable or improved growth in 2025. This signals a resilient business climate where leaders are adjusting their strategies, doubling down on operational efficiency, and seeking new opportunities for innovation and value creation.

The findings highlight a key theme throughout the report: adaptability is the defining trait of future-ready organizations. Companies that invest in people and technology and embrace long-term thinking amid short-term pressures are better positioned to thrive amid changes in the marketplace.

TURNING INSIGHT INTO ACTION

The HLB Survey of Business Leaders provides GHJ clients with powerful insights into how executives across North America and around the world are approaching the year ahead. By leveraging this data, GHJ helps clients anticipate market shifts, benchmark performance, and shape strategies that are both informed and resilient. Read the full HLB North America Business Leaders Survey here.

About GHJ

GHJ is a national advisory and accounting firm with a mission to help its clients and team members #BeMore by pursuing their passions, building thriving businesses and creating a better future. Headquartered in Los Angeles with additional offices in San Jose, Buffalo and Denver and over 250 professionals and 22 partners throughout the U.S., GHJ serves thousands of clients worldwide. The Firm meets clients where they are and specializes in a diverse range of industries, including entertainment, food and beverage and media and advertising companies and nonprofit organizations.

Ranked as a Top-100 Firm, 7th Fastest-Growing Firm, Top Regional Leader in the West and Best Firm to Work For by Accounting Today, GHJ is recognized for its innovative approach and dedication to client success. This is driven by the belief that its collective diversity of thoughts, backgrounds and experiences are exactly what makes GHJ a place where employees can each #BeMore – together. Employees are invited to pursue their passions, deliver exceptional service and support the causes they care about. The Firm embraces hybrid work and prioritizes diversity, equity, inclusion and accessibility (DEIA). Additionally, GHJ Foundation supports the community through financial contributions and volunteerism.

GHJ is a member of the American Institute of Certified Public Accountants (AICPA), the AICPA Governmental Audit Quality Center (GAQC), the California Society of CPAs and the California Association of Nonprofits (CalNonprofit). As a member of HLB International, the global network of independent advisory and accounting firms, GHJ provides clients with seamless access to expertise in over 150 countries to deliver solutions that meet both local and global needs. 

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