Last December we presented our “How’s the Market?” report in response to clients and candidates asking for our observations of market conditions, candidate resource and recruitment activity in the wake of the recent downturn. Click here to download the full report.

As an extension to this we invited key Finance and HR personnel across a broad portfolio of North West businesses – from SMEs to Multinationals – to complete a brief survey to gauge the level of confidence in these uncertain times. Information included: Business growth through 2010 and forecasted growth through 2011; Headcount growth through 2010 and forecasted growth through 2011; Thoughts on the economical recovery now compared to 12 months ago and opinion on the economical recovery through 2011. We also asked what they envisaged their main business challenges would be through 2011.

• 64% of participants reported business and profit growth in 2010. 71% were confident their business would grow through 2011.

• 42% reported that they had decreased headcount through 2010 and 48% expected headcount to increase through 2011.

• When asked about their thoughts on the state of the economy now compared to 12 months ago, 32% felt more confident, 48% the same and 20% less confident.

• 13% felt there would be an upturn in economical performance this year, 55% thought the economy would remain the same and 32% forecasted a downturn.

• The toughest challenge facing local businesses this year is delivering cost/overhead reduction to improve or maintain profitability. 32% of survey participants highlighted this as their biggest challenge. Competitor price squeeze came second with 25% saying this was their main challenge.

Click here to view the full survey results.