Market Research Suggests Manufacturing CEOs Preparing For Growth

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Market Research Suggests Manufacturing CEOs Preparing For GrowthAbout The Authors

22nd August 2012 05:51 - Industrial

Data from PricewaterhouseCoopers' “15^th Annual Global CEO Survey” shows that industrial manufacturing CEOs are preparing their companies for growth. According to the research, carried out with CEOs and available on PwC’s website, 72% of CEOs in this sector are changing strategy this year in order to make sure they remain competitive. In addition, almost four fifths (78%) of industrial manufacturing CEOs have implemented a cost-reduction initiative over the past 12 months, and 70% expect to ‘trim the fat’ in the next year.

CEOs are also being cautious with their financial resources – less than a quarter (22%) intend to make a major change to the amount of capital investment this year. However, where opportunities exist, they are willing to take advantage, with more than a third (35%) expecting to complete an international merger or acquisition in the coming year. In addition, the vast majority of industrial manufacturing CEOs (84%) plan to change their organisation’s research and development and innovation capacity in the coming twelve months – suggesting they value the creation of new products and services. Almost a third (31%) said that this would be a major change.

Staff and talent retention appears to be a worry for CEOs in this sector. Almost half (49%) said that middle managers with high potential represented the greatest challenge to recruitment and retention. 39% said younger workers, and 37% cited skilled production workers. Only a quarter stated that overseas unit heads would be their biggest challenge, whilst a similar proportion (24%) said that recruiting and retaining their senior management team would be the biggest challenge.

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