97% Of Indian Business Leaders believe to survive economic headwinds

GoTo’s new international survey of 3,700 business owners and executives found in India that 97% of leaders believe their businesses can survive economic downturns. The majority of respondents from India were in the IT industry (36%), followed by Healthcare (23%), Security (12%), Retail (6%) and Education (5%), Tech (4%), Financial Services (4%) and six other industries (10%).

A high percentage of Asian and Oceanic nations surveyed had a strong sense of economic resilience for their businesses: Philippines (90%), Australia (82%), Malaysia (80%) and Singapore (76%). However, in the European nations surveyed, only two in three German (68%) and French (66%) business owners feel confident they can weather a crisis. In the UK, a mere 43% felt confident.

To ensure preparedness, 60% of Indian businesses maintain work equipment (employee computer, office equipment etc.) on a regular basis and 54% create a company-wide emergency fund and equip employees with the technology they need to ensure that work continues uninterrupted. 98% of Indian respondents also agreed that ensuring their employees can connect to IT support is vital to them being able to work.

Indian executives are preparing their businesses to be economically resilient by making plans of action for potential disasters (56%), improving digital security measures (54%) and consolidating technology or evaluating technology needs (50%). On a global level, 51% of businesses have come face to face with economic headwinds in the past. Of them, 93% of owners and execs said they learned what to do for any future potential disruptions to their businesses.

Of the Indian business leaders surveyed, 97% believe it is important to keep employee morale high during economic downturn, and 94% believe that employee morale has improved since last year. While three out of four global business leaders said they would “do anything” in their power to retain employees through a possible recession, 97% of Indian business leaders said that retention was a key priority for them. 68% of global businesses have had important work interrupted by technology issues and 74% believe making sure employee devices are working properly is vital to keeping their businesses running and prepared for any future issues.

Paddy Srinivasan, Chief Executive Officer, GoTo, said, “Whatever is ahead, it is clear businesses need to be prepared in order to support their employees, protect their bottom line, and maintain business continuity. By taking relatively simple steps such as consolidating tech stacks to save money, creating plans for multiple scenarios, and improving their security practices, businesses of all sizes can stay resilient in the face of potential economic uncertainty.”