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. 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.
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," said ASQ President Peter Andres.