A survey conducted by Booz & Company of more than 800 senior managers across the world has revealed that many companies—whether financially weak or strong—are struggling to make the right moves in the current economic environment, with many wavering in their confidence of their leadership’s ability to navigate the crisis.
Forty percent of senior managers doubt that their company’s leadership has a credible plan to address the economic crisis, while 46% are not sure about their leadership’s abilities to carry out the plan, credible or not. Even among CEO/board level respondents, a third are sceptical of their own plans.
Sixty-five percent of hard-hit companies are not doing enough to ensure their survival, such as accelerating efforts to dispose of assets or secure external funding; in total a third of all companies appear to be performing inappropriate actions and one-quarter of financially strong companies are not taking advantage of opportunities to improve their position in the crisis.
Despite this, 54% of global respondents still expect the economic crisis to ultimately have a positive impact on their company’s competitiveness.