New research released by KPMG has found that Australian private companies are thriving in the downturn and are yet to feel the effects of the economic crisis.
KPMG’s Private Companies Survey found that private companies are more confident about the future now than they were 12 months ago, and over half of respondents believe their revenues will increase between 6 and 20 percent in the next 12 months. A further 18 percent believe their revenues will grow by more than 20 percent.
Don Abell, Partner in KPMG’s Middle Market Advisory practice said that most private companies are “not feeling the impact of the current economic climate” and are “watching for the pinch to hit their stakeholders and waiting for the flow-on effects.”
The reasons for such confidence include: talented and committed employees, the strength of brand reputation and quality and choice of services.
The report has also found that the skills shortage remains the primary concern for private companies and in response, over two-thirds have implemented attraction and retention programs and nearly 40 percent of companies are bringing workers in from overseas, or considering this as an alternative.
“Following last year’s survey, we have seen a significant increase in private companies providing flexible working hours, subsidising external study costs for employees and offering additional superannuation contributions or annual bonuses,” Abell said.
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