Looks like we're facing another rainy weekend in beautiful downtown Illinois. Now on top of that, the following showed up in my mailbox about 10 minutes ago. Sigh! Can I leave work now and go to the corner bar?
71% of manufacturing CFOs say no raises for employees this year
Majority believe U.S. will remain in recession for remainder of 2009
CHICAGO, May 15, 2009 – In a survey of manufacturing chief financial officers and senior comptrollers, conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, 71 percent say they will cut costs by not giving out raises this year, 83 percent believe that the U.S. will remain in a recession for the remainder of 2009 and 73 percent are most concerned about the price of employee benefits.
In addition, more than three-quarters (77%) of manufacturing CFOs say the U.S. economy will remain the same or get worse in the next six months, and nearly half (47%) expect their company’s headcount to decrease.
Where are you cutting costs? (Check all that apply.)
Not giving raises this year 71%
Cutting back on recruiting/hiring 70%
Refining processes and streamlining 68%
Reducing headcount 66%
Reducing business travel 59%
Not giving bonuses this year 59%
Reducing 401k match 34%
Do you believe the U.S. economy will remain in a recession through the end of 2009?
About which type(s) of pricing pressure are you most concerned? (Check all that apply.)
Employee benefits (e.g., health care, pensions) 73%
Raw materials (e.g., food, metals) 62%
Over the next six months, do you expect the U.S. economy to:
Improve 23% 22%
Remain the same 44% 48%
Get worse 34% 30%
Over the next six months, do you expect your company’s financial prospects to:
Improve 32% 44%
Remain the same 38% 41%
Get worse 31% 15%
Over the next six months, do you expect your headcount to:
Increase 16% 25%
Remain the same 38% 52%
Decrease 47% 23%
* Percentages may not total 100 due to rounding.