MILWAUKEE -- A new ASQ (American Society for Quality) survey released Tuesday shows a majority of manufacturers are optimistic about a small economic uptick in 2010 at their organizations.
The results show a majority of respondents employed in the manufacturing sector predict their organizations will experience some financial recovery in 2010. However, the survey shows respondents believe further cost-cutting measures will continue to be implemented.
Cost-cutting measures that respondents predict their organizations will experience in 2010 include:
- creating processes to reduce costs
- pay freezes
- hiring freeze
- mandatory budget cuts
- staff layoffs
- 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.