More than 80 percent of Michigan CEOs anticipate sales and staffing needs will increase for their firms over the next year, says a new report released by Vistage Michigan, a member-based organization in St. Claire Shores that delivers business resources.
“It’s clear companies are projecting sales growth and higher profitability over the next year,” says Jane Owen, president of Vistage Michigan. “Along with growth comes the need to hire and retain staff.”
Owen says nearly 75 percent of the respondents, the majority of which were CEOs of small- to medium-sized business with revenues ranging from $1 million to $20 million, expect the number of employees at their companies will increase in the next 12 months. No respondents said they expect their number of employees will decrease.
The business owners say the biggest issue they will face for the remainder of 2015 is staffing, while customer retention is the biggest challenge the CEOs have faced this year.
Owen says a slight majority of respondents expect their firm’s profitability to increase over the next year, while about 40 percent expect it to remain the same. Nearly 60 percent of the CEOs expect prices for their products and services will stay the same over the next year, while about 40 percent expect prices to increase.
Vistage Michigan’s CEO Confidence Index is released quarterly.â€‹