APAC Region Most OptimisticAbout Biz Growth
InfoShine, March 07, 2013. A new survey of global business leaders hasrevealed a high degree of optimism about the business outlook for 2013, withthose in the Asia Pacific region even more upbeat about likely economic andbusiness conditions.
The Executive Outlook Survey 2013 shows that,despite the economic turmoil of 2012, the overwhelming majority of seniorexecutives believe that the current year will see significantly better tradingconditions.
In the Asia Pacific (APAC) region, 92 per cent ofthose surveyed have a positive outlook for business growth, with 36 per centexpecting significant growth much higher than the America and Europe, where 55per cent expect business growth and only 11 per cent expect significant growth.
The annual Executive Outlook Survey, conducted byBTI Consultants, Executive Search Division for Kelly Service India, canvassedthe views of almost 200 senior business executives and leaders across the AsiaPacific, America and EMEA.
Pamela M Berklich, Senior Vice President, DirectHire Practices, KellyOCG said, “The survey shows a marked turnaround inbusiness expectations from recent years, and a strong focus on the importanceof key organisational issues that can turbocharge growth and innovation. Thereis a definite rebound in sentiment that will be extremely welcomed in thebusiness community, and more so in the APAC region, which is leading the globein terms of expectations of business growth and profitability”.
Globally, the Executive Outlook Survey 2013 showsthe following trends:
More than one-third (42 per cent) indicated thatthey take a proactive approach to innovation, and have measureable goals andresources to manage it. However, 20 per cent says core business remains theirsole focus, while 37 per cent sees incremental change as the way forward
More than half (52 per cent) identify culturalissues within the organisation as the main barrier to business growth,specifically citing a lack of accountability, a focus on short term fixes, anda lack of knowledge
The critical factors cited by business executivesneeded to strengthen competitiveness are headed by “employees and theorganisation”, identified by 65 per cent, followed by product innovation (53per cent), goals and policy (51 per cent), technology (48 per cent), education(27 per cent), and environment (26 per cent)
Approximately one-in-ten (11 per cent) businessleaders consider their competitive position so strong that no challengescurrently exist
Those businesses with a proactive approach togrowth and innovation are much more likely to be expecting significant revenuegrowth than those focusing entirely on core business alone.
The global survey highlights many of theinstitutional factors that inhibit firms from fully maximising theircompetitive position in the market.
When asked by leaders to rank the main barriers toinnovation, almost one-third (31 per cent) say that their organisation simplyhas a resistance to change. In 20 per cent of cases the cause is attributed tolegal requirements, but other factors include are risk-averse culture, lack ofplans, lack of funding and lack of time.
M Anthony Raja Devadoss, Vice Pesident APAC,KellyOCG said, “It’s not surprising that when you drill down, the culture andthe people are pivotal to the way that organisations manage growth and preparefor the future through a proactive approach to innovation.Those firms whereemployee populations embrace the need for change have a real advantage asbusinesses position themselves for what appears to be a new growth cycle in theglobal economy.”