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US mid-market executives' confidence in economy 'soars'

Dec 08
Tags: Deloitte, USA
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US mid-market executives' confidence in economy...

Confidence levels among mid-market executives regarding the economy is at its highest level since 2011, according to Deloitte's 'Fall 2014 Mid-Market Perspectives' report.

Of the 504 executives at US mid-sized companies polled, 45 per cent expect the economy to improve during the next two years, compared to just ten per cent of those surveyed in the Spring Report.

The majority of the respondents are increasing hiring and capital investments, while also predicting double-digit revenue growth, buoyed by improving economic conditions, according to the study.

Commenting on the results, Roger Nanney, vice-chairman of Deloitte and managing director of the firm's growth enterprise services, said: "After months of cautious optimism, mid-market companies are looking to leverage the improving market conditions to their advantage.

"They are making investments in areas that will drive and sustain growth, eyeing a variety of expansion opportunities and even considering going public. This is the most optimistic the mid-market has been since we started our survey in 2011."

According to the report, mid-market fundamentals are looking increasingly healthy, with 56 per cent of executives reporting higher revenues, 48 per cent seeing higher profits and 46 per cent experiencing increased productivity.

In addition, stronger results and the perception of an improving economy have led to the respondents feeling more confident about their future prospects, with 52 per cent anticipating more than ten per cent in revenue growth in the next 12 months.

Almost two-thirds (64 per cent) of those surveyed admitted to finding it difficult to source new employees with the required skills and education to meet the needs of their businesses.

Of those that recognised the skills shortage facing the US, and indeed elsewhere in the world, many mid-market executives are taking the matter into their own hands and are proactively seeking solutions to tackle the issue.

The top resolutions cited were in-house training (54 per cent), global hiring (15 per cent) and partnerships with post-secondary institutions (11 per cent).

Technology is another key factor in the evolving landscape of talent management, with 78 per cent of respondents saying it was a valuable recruiting tool and 77 per cent using it for training and development programmes.

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