Amidst global economic slowdown, the Compass Index reveals business confidence in the APAC region is mainly optimistic, with Australians shown as the most confident. However, to sustain growth, businesses are urged to be agile and innovative in their way of work.
Based on a survey of Compass Offices’ global clients, the Compass Index measured business trends in nine different countries in Asia Pacific. The respondents are from a cross section of start-ups, small medium businesses and multi-national companies.
With China’s economic slowdown, the International Monetary Fund (IMF) has forecasted that global growth will be 3.4 percent this year with a weakened outlook for the next six months. While, the Asian Development Bank forecasts the Asian region to post 5.7 percent annual GDP growth, slightly easing from 5.9 percent last year.
However, the Compass Index shows that 51 percent of Australians feel strongly confident about their business growth this year. This is the highest number compared to 43 percent in Singapore and 30 percent in Hong Kong. Japan posted the lowest score in the region at 15 percent.
“Our Index shows that businesses are optimistic about their growth this year. However, to stay on top of their game, they will need to reconsider where their investment is and reinvent new ways of working, to be more adaptable to economic conditions.” said Andrew Chung, CEO of Compass Offices.
The employment growth rate is slated to slow this year. In Japan, less than 20 percent of surveyed clients plan to hire this year. However the Index shows that 61 percent, 56 percent and 44 percent of businesses in Singapore, Australia and Hong Kong respectively, plan to hire more personnel. The findings from the survey reveals that Sales, Marketing and IT skills are the most in-demand this year to support their business growth.
“We work with companies of different sizes and shapes and from various industries. We understand that growing business takes more than passion, especially to stay on top of competition. This is why, at Compass Offices, we always strive to partner with our clients to provide them with solutions that not only suit their business needs but also provide flexibility to support their business growth.” said Chung.
As the fastest growing serviced offices provider in Asia, Compass Offices is adding more centres in the Philippines and Poland to the existing network to accommodate the demand of Compass Offices’ clients.
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