Executives at three out of four mid-market companies are maintaining or boosting their long-term investments despite the U.S. economy’s less than 1 percent growth rate during their first half of the year, according to a new Deloitte survey. The Deloitte report, Mid-Market Perspectives: America‘s Economic Engine -- Competing in Uncertain Times, also indicates a majority of respondents are forecasting growth in revenue (61.2 percent) and profitability (52.6 percent) in the year ahead.
Nearly three quarters (70 percent) of respondents see productivity gains principally from their investments in business process automation, technology and strategic hiring, leaving them optimistic about revenue and profitability growth.
Technology trumps talent
The Deloitte survey shows that technology investments are playing an increasingly larger role in mid-market companies’ bottom line. Business process automation and technology improvements are the two top contributing factors to the jump in mid-market productivity; new hiring ranked fifth overall.
Mid-market executives believe the technology driving increased productivity include business process automation (52 percent); data analytics and business intelligence (49 percent); and customer relationship management software (30 percent).
Cautious hiring and the need for skilled labor
Although 38 percent of companies agree that strategic hiring of new staff with specific skills offers a path to higher productivity, 47 percent of mid-market business leaders say it is difficult finding employees with the skills and education to become productive immediately. Despite the skilled labor conundrum, 44 percent of the respondents indicate that their companies are prepared to increase the size of their U.S. workforce and hire over the next 12 months.
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