Hodgson says he wanted Palace to do more business in the January transfer window, with Cenk Tosun their only senior signing and the Eagles on a run of one win from 11 Premier League games.
"I think that the club is aware of our situation," he said.
“Signing players is not an easy thing to do. Going out and throwing a lot of money around is an easy thing to do, and we have got lots of examples of it.
“But I think we know, as a football club, that we need to make more inroads into improving our squad and rejuvenating our squad, and bringing in some fresh faces.
“An awful lot of the faces I see every day are the same faces I have seen every day since I came to the club and inherited them, so everyone is on the same page as far as that is concerned."