There is no doubt that ongoing issues surrounding energy have created significant challenges for global industry. However, the varied nature of global industry means it can be difficult to see the big picture. That’s why we at ABB conducted a survey of 2,300 leaders across key global markets: US and Brazil, Germany, the UK, Sweden and Italy, China and India, and Australia.
Our research reveals that businesses face several serious challenges. The first is business competitiveness: the majority of leaders – 92 per cent of those who took part in the research – report that the energy crisis poses a threat to their organisation’s profitability and competitiveness.
One in three leaders say they plan to cut the budget for R&D, infrastructure and technology, or marketing. Three in five plan to cut investments in the workforce, and two in five plan to cut salaries, overtime and bonuses, and training and development.
These business consequences are significant...