Finance Articles

Economy Survey: Corporate Executives Feel Pinch of Economic Downturn with Personal Finance Woes, Layoffs and Inflation

Chicago, IL (PRWEB) April 16, 2008 -- A new survey about the economy, conducted by Gray Hair Management (www.grayhairmanagement.com), the country's leading career coaching, networking and job search resource for professionals with base salaries of $75,000 to $300,000+, reveals corporate executives' views on the current economy and how it's impacting them personally. Gray Hair Management's 2008 Executive Economy Survey was conducted in April 2008 and included close to 650 senior level executives.

Worse Than a Year Ago

Gray Hair Management found that 87.8 percent of America's corporate executives think the economy is worse than it was a year ago. In their personal lives, 60 percent say their own financial situation is worse than it was a year ago, while 23.9 percent say it is about the same and 16.1 report that their financial situation is actually better.

Recession Evidence

When asked if they see evidence of a recession in their life, 92.4 percent of execs said yes, but 51.7 percent said they only see "a little" evidence while 40.7 percent said they see "a lot." Only 7.6 percent said they do not currently see any evidence of a recession.

24.6 percent said the primary recession evidence they see is that their investment and savings portfolios have taken a big hit, while 21.2 percent cited the rise in gas and food prices and 20.4 percent have recently been laid off. Other reasons include that they can't make ends meet like they used to (8.4%) and their business has suffered a downturn (6.2%).

"With rising prices and job losses at their worst in almost five years, the economic downturn is hitting workers at all ranks of America's corporations, including those at the top" said Scott Kane, founder of Gray Hair Management and co-author of Winning the Job Race: Pathways Through Transition. "We are seeing this first-hand every day, with increased participation in our events and an increase in our membership across the country."

Presidential Change

Gray Hair Management found that 22.8 percent of executives said the upcoming change in presidential leadership will help the economy, and 30 percent said it will not. Almost half, 47.2 percent, believe it depends on who is elected.

Gray Hair Management's 2008 Executive Economy Survey was conducted in April 2008 and included 645 senior level executives who are members of the Gray Hair Management network.

About Gray Hair Management

Gray Hair Management® is the country's leading career coaching and networking resource for executives and senior managers. Founded in 2000, Gray Hair Management holds monthly face-to-face networking sessions around the country, has more than 6,500 executives and senior managers in its worldwide database and sends over 1,500 monthly job leads and networking opportunities to its Gray Hair Management Network. The company's mission is to help professionals get jobs. Gray Hair Management does this by helping organizations and recruiters around the country find qualified candidates, providing members with networking events and job leads and by coaching clients using its proprietary Pathways Through Transition? program. Through its corporate services division, Gray Hair Management also offers outplacement and human resource solutions for small to medium-sized businesses. Partners Scott Kane and Jack Heyden speak regularly to corporate executives around the country via networking events, speaking engagements and radio interviews. For more information, please visit www.grayhairmanagement.com.

Media Contact:

Kelly Kirkendoll Shafer

Shafer Communications for Gray Hair Management

817.236.6075

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