- 50% of British bosses we will be out of recession by Christmas 2010
- Whilst 65% of US executives say it will be at least another two years before their economy shows signs of recovery
London, UK/New York, US: 26th November 2009: A comparative survey of over 4,000 bosses across the UK and the US by executive careers site, TheLadders (www.theladders.co.uk, www.theladders.com) finds that over half of Britain’s senior management believe we will be out of recession by 2010 whilst two out of three US executives state it will be at least two years before they see any upturn.
In fact, British management are surprisingly optimistic compared to their US counterparts according to TheLadders’ study. Comparing the opinions of business leaders across the two major financial markets, the study found:
| Our economy will be out of recession by | US | UK |
| Quarter One 2010 | 5.2% | 10.1% |
| Quarter Two 2010 | 9% | 16.1% |
| Quarter Three 2010 | 9.7% | 14.7% |
| Quarter Four 2010 | 10.8% | 9.4% |
| End 2011 | 22.1% | 20.5% |
| End 2012 | 13.9% | 9.1% |
| It will be at least three years until we see recovery | 29.3% | 20.2% |
Fifty percent of British executives believe the job market will recover in 2010 compared to 35% in the US with 36% of Americans predicting further unemployment and job freezes.
UK businesses are also learning from the recession and adapting faster than US equivalents. According to 32% of UK respondents, the recession has improved efficiency in their company. This is compared to just 13% in the US who claim a sharper business model as a result of the downturn.
TheLadders’ survey also found UK executives more willing to move for the right job with 73% of respondents happy to consider a move across the pond to secure a job whilst this figure was just 59% in the US. However, bosses in the US are more flexible when it comes to salary with 73% willing to accept a pay cut to stay in their job vs 63% in the UK.
Respondents on both sides of the pond tell TheLadders that the recession has forced them to re-evaluate their careers. 30% of UK and 30% of US executives say they are now pursuing work they actively enjoy with 37% of UK and 42% of US hard working management now spending more time with their family whilst 13% of UK and 11% of US bosses have started their own business.
And finally whilst last year’s election of President Obama inspired many US businesses, 73% of bosses here see the forthcoming UK General Election as offering little hope to British business. Twenty percent say that the election may cause a temporary blip, 23% say the downturn is bigger than the UK and 30% believe that the UK economy is “in too big a hole” to spring back that quickly.
Says Derek Pilcher, Managing Director of TheLadders.co.uk: “Whilst the US may be officially out of recession along with several of our near neighbours, it seems that positive opinion is still trailing the UK. UK business leaders seem to have a much quicker timetable for recovery, and we Brits are a little more optimistic in general about what lies ahead for business. If confidence is a barometer of recovery, we will see the UK climbing out of recession soon,” he continues.
TheLadders.co.uk and TheLadders.com have grown into the largest specialty employment website in the world, with over 3,700,000 members and over 35,000 recruiters. TheLadders.com is headquartered in New York with European headquarters in London. To see more, please visit www.theladders.co.uk
