The Charlotte Business Journal, June 13, 2011
Charlotte execs forecast rising profits.
Almost half of Charlotte-area board members and business leaders expect to increase hiring during 2011, according to a survey by the Audit Committee Institute of KPMG.
During a roundtable meeting hosted by the institute and attended by nearly 30 board directors and business leaders from companies based in the Charlotte area, 48 percent of those surveyed expected to increase hiring.
An additional 38 percent said they would maintain their current level of employees.
Only 7 percent anticipated layoffs, while another 7 percent were unclear about their hiring plans.
Meanwhile, a majority of those polled expect their company’s profits to increase this year.
Sixty-eight percent of those polled expect their company’s profits to increase in 2011. Twenty-one percent foresee a significant increase, while 47 percent expect a moderate increase. Of those polled, 14 percent anticipate a decrease in profits and 18 percent expect profits to remain the same.
“The feedback underscores the point that the vast majority of Charlotte-area leaders polled are either looking to increase hiring or maintain their current levels for 2011, while demonstrating more confidence about their prospects for a significant increase in profitability,” says John Switzer, KPMG’s managing partner in Charlotte.
When asked to select the biggest concern with regard to the economy, 32 percent cited economic uncertainty, followed by dealing with regulatory changes at 24 percent. Continued joblessness and inflation were each cited by 20 percent of those surveyed. Only 4 percent said new competition was a big concern.
Switzer says one of the top discussion points during the session centered on the evolving role of the chief information officer, concerns about information-technology security and the difficulty boards of directors face in keeping up with the pace of change in the IT landscape.
KPMG’s Audit Committee Institute provides information and resources to help audit committee members, directors, and senior management enhance the effectiveness of financial reporting.