Survey: Manufacturers Feel Optimistic For New Year

A recent study by the American Society for Quality (ASQ) reports that the majority of manufacturers are optimistic about a small economic uptick in 2010. However, survey 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 company will experience in 2010:

61.3% 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.