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.