| | 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 | |
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| | half (51%) say the 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.
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Just under 30% also
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, | |
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| | individuals 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 | |
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| | compete on 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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