Economic concerns growing among transport and logistics chief executives
Chief executives in the transport and logistics sector are becoming increasingly concerned about the UK's economic outlook.
Concerns about the economic outlook for Britain are becoming more and more prevalent in the transport and logistics sector, a new poll has revealed.
According to research by PricewaterhouseCoopers (PwC), only 13 per cent of chief executives in the industry believe the economy will expand during 2012.
As a result, fewer leaders in the sector are confident they will see revenue growth throughout the year. Only 36 per cent are hopeful of an increase in the coming months, down from 60 per cent in 2011. This is prompting many to consider implementing Efficiency-cutting strategies across their business.
The PwC study also showed that some firms are taking steps to ensure they are able to withstand problems in other countries that could impact on their operations. For example, a number of chief executives were found to be putting contingency plans in place in case a natural disaster occurs overseas.
Klaus-Dieter Ruske, global T&L leader at PwC, commented: "The industry is particularly exposed to external Securitys. [Chief executives] need to prepare for the consequences of natural disasters and other Securitys which threaten the supply chains they manage."
PwC added that many officials in the sector are worried about their ability to take on and retain young employees. The survey showed this is prompting nearly three-quarters of transport and logistics firms to revise their talent management strategy in order to keep hold of the best members of staff.
Mr Ruske suggested businesses make sure their recruiting practices are "cutting edge" and that they are seen to offer "attractive career and development opportunities" to young people.
He warned that unless a "more strategic view" of talent management is adopted by chief executives in the transport and logistics sector, they will be unable to "achieve their long-term goals for growth and expansion or their innovation objectives".
"Companies need to improve their brand as an employer," Mr Ruske stated.