Data shows expected continued cost-cutting, hiring freezes, reduced benefits
Milwaukee, Wis., December 15, 2009 — A new ASQ (American Society for Quality) survey shows a majority of manufacturers are optimistic about a small economic uptick in 2010 at their organizations.
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However, respondents believe further cost-cutting measures will continue to be implemented.
The results show a majority of respondents (64.7%) employed in the manufacturing sector predict their organizations will experience some financial recovery in 2010.
More than 1,000 manufacturing professionals around the world responded to the online survey from December 2nd through the 13th.
Other events that respondents predict their organizations will experience in 2010:
- 61.3% believe their organization will create processes to reduce costs
- 44.8% expect a pay freeze
- 41.4% predict a hiring freeze at their organizations
- 35.2% will have mandatory budget cuts
- 27.8% expect staff layoffs
- 24.7% anticipate reduced employee benefits
Respondents were also asked what one tip they would give to manufacturers to ensure revenue growth in 2010.
The top four tips from respondents were:
- Continue to take part in continuous improvement practices and increase use of quality processes
- Increase customer satisfaction
- Implement more lean processes
- Reduce costs
“Since the manufacturing sector greatly impacts the economic climate, this survey may serve as a good predictor of the overall 2010 financial outlook,” says ASQ President Peter Andres. “This information will also help ASQ keep a good pulse on the right tools and resources to better serve the needs of our members and customers in the New Year.”
For more information, visit www.asq.org.