Bain Survey: Tech And Telecoms Least Concerned About Recession
Bain & Company released its 12th "Bain’s Management Tools & Trends Survey." One of the findings was that tech and telecom execs were the least concerned about long-term impact from the recession and are the most focused on innovation. 70% said they could "dramatically" boost innovation through collaboration.
Financial services execs were the most pessimistic about their outlook, believing the recession will alter consumer behavior for at least three years.
Here's a few more findings from the Bain survey of 1400 top executives worldwide:
- Broad pessimism about short term prospects, lots of optimism about long-term prospects.
- 75% said they will use recession to boost their competitive position. (Statistically impossible, says Bain.)
- Benchmarking was the top tool out of 25, gaining in North America, but most are not satisfied with it.
- Strategic planning was top tool since 1998 now is #2.
- Outsourcing jumped to #4 on tool list.
- Business Process Reengineering remains in top ten.
- 88% that downsized in 2008 didn't cut back enough and plan more cuts in 2009.
- Just 24% think that market leaders will maintain leadership in 5 years.
- 7 out of 10 execs concerned abut meeting their growth targets in 2009.
- 6 out of 10 execs expect downturn to last until early 2010.
Confidence remained relatively high among Indian and Latin American executives, even as projections for GDP growth dropped in both places. Executives in China, however, who felt the downturn earlier, appeared less confident. When asked if they are planning for the downturn to last until early 2010, 70 percent of the Chinese executives said yes, compared with 65 percent of Latin American executives and only 56 percent of the Indian executives surveyed. This difference is underscored by downsizing plans for 2009: 40 percent at Chinese companies say they will have significant layoffs, but just 23 percent of Indian respondents expect significant layoffs.
You can read more here: Bain & Company Results June 2009 Edition | Management Tools