WE’RE READY TO ZOOM INTO 2021
Although this year certainly has been trying, it also has tested and propelled us as a team, and we wanted to say thank you to our members and advertisers for your continued support. We are truly grateful!
Here, at the MBA Business Magazine, we have been focused on the future and providing you with the best publications you’ve come to expect from us. In fact, over the past year, we have shared some incredible stories about our member companies and their ability to adapt and innovate — and we look forward to sharing even more good news in the year ahead.
Based on what we are hearing from economists and industry experts, there is reason to be cautiously optimistic, even amid so much uncertainty, as we take a closer look at the economic outlook and head into 2021.
This fall, the Conference Board Measure of CEO Confidence, in collaboration with The Business Council, reported some shifts in executives’ confidence in the economy’s health, even as employers and employees face hurdles.
Their level of confidence, determined by polling over 100 CEOs from the Business Council’s membership — which includes executives from multinational corporations including Amazon, General Motors, JPMorgan Chase and Merck — in mid-September, increased sharply in the final month of the third quarter, up to 64 points from 45 in August. A score over 50 indicates net confidence.
According to the report, capital spending plans improved, with 25 percent of CEOs anticipating increased spending over the next 12 months, up from only 15 percent earlier in the quarter. Moreover, 36 percent foresaw upward revisions in capital spending beyond the next 12 months.
The employment picture was more mixed: Hiring plans cooled, and the potential for layoffs remained, with one-third of CEOs saying they anticipate reducing their workforce over the next 12 months.
Slower economic growth and demand translated into smaller wage gains and potential pay cuts, with 21 percent of CEOs foreseeing no increase in their employees’ wages and 5 percent saying they may reduce wages. However, expectations were that this is temporary, and wages will be on a much better trajectory beyond the next 12 months.
In this month’s Business Magazine, we’ll focus on what’s ahead in the new year, including how ERIEBANK has assisted employers through the pandemic, as well as its plan to expand its market growth in northeast Ohio. We’ll also talk with economist Ken Louie, Ph.D., of the Economic Research Institute of Erie (ERIE) on the 2021 economic forecast and what statistics and trends we need to watch as we move forward.
Plus, we’ve got a lot of great resources to help your bottom line on the following pages. Be sure to check out our expert articles on the importance of health-care literacy and the advantages of ancillary benefits, as well as the latest updates on overtime pay that could impact your organization.
You can also get a comprehensive look at all the in-person and LIVEOnline training courses available in the new year. See this month’s Training Catalog to learn more!
For more information about how the Association can assist you and your organization now and in the near future, visit www.mbausa.org!
