Executives are focused on business strategy growth despite increasing interest rates and slowing economic growth contributing to recession anxieties, according to a recent PwC Pulse survey.

The consulting firm surveyed 722 U.S. executives from public and private companies in the first week of August. A majority said they would focus business strategy on growth more than any other objective — even a potential recession, according to the survey.

“Thirty-percent of them cited that they are worried about what's going on with the recession and potentially where interest rates are going,” PwC's Kathryn Kaminsky said during a media call. “But the interesting part is that many of them all say that they feel very comfortable that they can handle these issues, and that the past two and a half years were incredibly helpful to understand and how to pivot and how to be agile, but at the same time really focusing on what they can control and using experience that they've had.”

With growth as a top priority, executives are increasing their internal investments, with digital transformation top of mind for over half of the respondents. Cybersecurity and privacy ranked close behind, with 49% of executives increasing their investments in the security pool.

Executives increasing their investments in cybersecurity and privacy comes as no surprise — 40% claim that security is the No. 1 business risk, according to PwC. 

Companies mostly rely on data and analytics as part of their security architecture with a growing reliance on mobile and cloud. With the volume of cyberattacks becoming broader and more sophisticated, companies are concerned with their security tactics, according to the survey. 

Talent and acquisition concerns were cited by 38% of executives as being a concern. Despite that, 50% of executives are reducing their overall workforce.

PwC noted that consumer markets and technology, media, and telecommunications companies are more likely to invest in automation to address labor shortages rather than increasing their head counts.

“Ironically, as businesses pivot even more toward automation, it’s critical to find employees with the right combination of deep functional knowledge and technology know-how,” the report noted. “Without the right talent, automations can fail to deliver on promised efficiencies and increase operational risk.”

To compensate, businesses are hunting for people with the skills to help them grow, and 63% plan to change processes to address labor shortages.

Businesses are also adjusting to remote work, which PwC said is good news for existing employees — 70% of executives will implement or have plans to expand remote work, and 64% said they would increase compensation for existing employees.

“The overall findings showed two big themes: That business executives remain bullish about their ability to manage through turbulent conditions and that 83% of executives are focusing their business strategy on growth,” Kaminsky said. “After managing unparalleled unpredictability throughout the past two years, there is cautious optimism about navigating today's economic, social, and geopolitical uncertainty, but it's important to note that executives continue to have many risks on their radar.”