A recession is looming in everyone’s mind as the economy starts to send out signals that things are slowing down.

CEOs of major companies are starting to get their ducks in a row for companies to weather the coming storm.

A survey conducted by KPMG shows that 91% of CEOs of large companies in the US believe there will be a recession in the next year.

One third of those say it will be mild and short, but most believe it will affect their company’s growth.

Netflix, Microsoft, Tesla and others have already begun laying off staff, and other CEOs are making plans to do the same once the tide turns.

Plans to prepare for the recession include layoffs and cutting ESG spending, according to the survey which took the opinions of 400 CEOs with companies whose revenues are at least $500M.

Just over half of those (51%) have layoffs planned, and 59% will be cutting spending.

However, it’s not all doom and gloom – the majority of CEOs say they’re overall optimistic about the future of their company and confident in the future of the economy.