In a study that hints at the future prospects of outsourcing, 80 per cent of chief executive officers of top companies worldwide say their primary objective has shifted from cost-cutting to revenue growth.
Most CEOs feel that the cost containment measures they have put in place over the last two years are now sufficient and given a more positive view of the economic trends, they are focusing more aggressively on growth and investment opportunities, a survey conducted by International Business Machine Consulting Services found.
The findings of the survey, in which 456 CEOs of companies earning more than $500 million were interviewed face to face, were released in New York on Monday. In Asia, the survey concentrated mostly on the Asia Pacific region where, analysts say, chances of growth are very high.
Many CEOs feel that significant deficiencies in skills and capabilities, both inside and outside their organisations, may threaten their growth agenda.
Experts explained that this shows that the companies might be looking for talent from across the world in areas of leadership and specialised skills.
Two-thirds of the CEOs expect the growth to come from new products they will develop over the next five years, an area, which once again would provide avenues for outside talent.
Half of those interviewed expect to enter new markets in search of growth opportunities, and Asia as a whole and China in particular have been cited as the key markets for revenue growth, thus intensifying competition there.
To achieve new growth objectives, 90 per cent expect to transform their enterprises to become more responsive, particularly to customers' demand, within the next five years and more than half expect to be engaged in "significant company-wide transformation initiatives within two years."
"Costs are totally controlled, and now we are focused on revenue growth," said a CEO of a bank in Spain. "We are over the crisis and now we're in a new cycle of growing the business," a media company CEO in Britain said.
The CEO of one of the world's largest tech companies said, "Our company, like most of our industry, is over the cost-cutting edge. Now it is about growing the topline. We are in attack mode now, going into as many markets as we can."
Most CEOs also feel that economic recovery is taking place, which would provide them new avenues of growth.
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