| | A survey by the
Chartered Management
Institute confirms that
managers in the
consulting sector
believe 2008 will be a
tougher year for
business. The survey
shows a 6% decrease in
senior executives in the
sector who are confident
about the year ahead.
Asked specifically about
business prospects for
their organisations, 51%
claimed they are
"optimistic" about 2008,
compared to 57% last
year. Those who are
"uncertain" about what
next year will bring has
risen from 10 to 14% in
this year's survey.
Not surprisingly, it
is clear from the
findings that the
economic climate and
higher business costs
are taking their toll on
business confidence in
the sector. Just over
half (51%) say the | |
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| | rising cost of energy
will impact negatively
on their business, while
a third (32%) blame the
credit squeeze in
financial markets. A
similar number (35%)
also report that they
will be hit by the
extension of maternity
and paternity leave in
2008.
Respondents in the
sector predict that a
drop in consumer
spending will hit
business with 71%
predicting a rise in
household debt and 20%
saying that personal
debt will increase. Only
14% think that consumer
spending will rise and,
indicating pessimism
over the economy as a
whole, 20% also say that
house prices will go up
in the New Year. Added
to this, the majority
(71%) predict a rise in
inflation in 2008.
Just under 30% also | |
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| | say that a shortage of
management skills in the
UK will have a negative
impact on their
performance in the New
Year. However, this does
not seem to have
prompted a greater focus
on skills development
with one in five (17%)
employers predicting a
decrease in training and
development.
Another sign that
skills development is
low on the priority list
comes in the finding
that only a third of
respondents (31%) plan
to do qualifications and
courses in the New Year.
This comes in the wake
of research showing that
management
qualifications are set
to become increasingly
important to individuals
and their organisations
over the next five
years.
Despite the
pessimism, individuals | |
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| | in the consulting sector
are just as motivated as
last year to be
successful. One in 10
say they plan to learn a
new language in 2008 and
over half (51%) are
aiming to make more
money. A third want to
spend more time with
family and friends to
improve the balance
between their personal
and professional lives.
Jo Causon, director
of marketing and
corporate affairs for
the Chartered Management
Institute, says: "In the
current climate, it is
natural for employers to
feel some degree of
uncertainty. However,
the decline in
organisations developing
their managers is a
great concern. If
employers fail to invest
in the skills needed for
long-term success, the
UK will find it
difficult to compete on | |
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| | a global scale in the
future. It is
encouraging, though,
that some individuals
are taking the
initiative and planning
to develop themselves
through qualifications
and higher education in
the New Year."
Respondents in the
sector were asked to
provide a long-term
forecast after revealing
anxieties about lower
productivity around
Christmas. The survey
found that although many
agree that Christmas
parties create a "better
working atmosphere" and
are a good way to "thank
staff" (54%), they also
"dull the appetite for
work" (46%) and "disrupt
working patterns"(51%).
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