Marketing Daily reports that a new survey released by KPMG suggests that there is a general optimism among food and beverage industry executives about the likelihood of an economic recovery, with almost three-quarters saying that they expect an industry recovery in 2010.
About 65 percent of those surveyed said that they believe the food and beverage industry is well positioned for a recovery, and 60 percent think that the food business will actually recover ahead of much of the rest of the economy. However, 48 percent say that the entire US economy may not be back in good shape until 2011.
Other notes from the story:
• “In regard to jobs, 48% said that they have already made head count reductions, and just 22% are considering further cuts. More than half (54%) expect industry jobs to be stable next year, and about a third (32%) believe the job scenario will be better than this year's.”
• “Asked how they have adjusted to cope with the recession, fully 82% cited implementing IT solutions as a means of reducing costs, 63% cited cutting capital expenditures, and 63% said that they had created or modified their risk management plans.”
• “Asked about current strategy, nearly two-thirds (63%) said that they are focused on investing for growth, versus 37% who indicated that they remain focused on cost-cutting.”
About 65 percent of those surveyed said that they believe the food and beverage industry is well positioned for a recovery, and 60 percent think that the food business will actually recover ahead of much of the rest of the economy. However, 48 percent say that the entire US economy may not be back in good shape until 2011.
Other notes from the story:
• “In regard to jobs, 48% said that they have already made head count reductions, and just 22% are considering further cuts. More than half (54%) expect industry jobs to be stable next year, and about a third (32%) believe the job scenario will be better than this year's.”
• “Asked how they have adjusted to cope with the recession, fully 82% cited implementing IT solutions as a means of reducing costs, 63% cited cutting capital expenditures, and 63% said that they had created or modified their risk management plans.”
• “Asked about current strategy, nearly two-thirds (63%) said that they are focused on investing for growth, versus 37% who indicated that they remain focused on cost-cutting.”
- KC's View:
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It is good to see that this industry seems to be putting a premium on both investment and hiring, which should give it an advantage in the marketplace when prosperity returns. It seems to me that it is critical for companies to also focus on creating cultures that make these people want to turn these jobs into careers…makes them want to feel personally invested in the companies where they work.
For some companies, at least, this would be more than a recovery. It’d be a quantum leap.
