“Bay Area Businesses Remain Optimistic”
An article in the April 23, 2009 issue of The San Francisco Examiner detailed a recent study by the (San Francisco/Oakland) Bay Area Council in partnership with Booz & Company that found businesses in the Bay Area are better prepared than their global counterparts to survive this recession with some even see the disruptions brought about by the downturn as a boon. The study was based on the interviews with 56 Bay Area CEOs from a wide spectrum of industries about the recession and the strategies companies are using to approach the current crisis. Booz & Company Partner Narayan Nallicheri (North America), who spearheaded the study, said that Bay Area businesses are using the downturn to make operational improvements. “That way we’ll be better poised after the recession,” he said. “There’s a lot of skilled talent, especially in the Bay Area, and this is the time to get that talent.” The study found that roughly 80 percent of Bay Area businesses have reduced spending, compared with 71 percent of companies around the globe; all the companies surveyed appeared to be laying off between 5 percent and 15 percent of workers, and most have introduced net hiring freezes. The survey was conducted between February and April 2009.