Roto, Other German Businesses See Growth Ahead for U.S.December 18th, 2017 by Editor
For the first time since the inception of the German American Business Outlook (GABO), 100 percent of surveyed German companies are expecting growth for their businesses in the U.S. in 2018. Roto North America president and CEO Chris Dimou attended the recent GABO in New York City. It’s an annual survey of German firms in the United States that offers insight into the current state and future expectations of German companies doing business in this country.
A total of 92 percent said that attracting a skilled workforce is an important factor which needs to be addressed by the U.S. administration. German American Chamber of Commerce president and CEO Dietmar Rieg will meet with Dimou in January to discuss this topic. The next-most-important factor was openness of markets and digital infrastructure.
With the skills gap motivating companies to take the initiative to grow their workforce, 61 percent revealed that they either participate in an apprenticeship program or are interested in joining a consortium-style apprenticeship program to train their staff.
However, as companies struggle with an ever-increasing shortage of skilled labor, they are expanding through mergers and acquisitions or new manufacturing capabilities. Around 11 percent surveyed said that they plan to expand their businesses in 2018 through M&A, along with 83 percent conducting research and development in the U.S. as they collaborate with partners to achieve their R&D goals. These important partners include universities, community colleges, startups and large tech companies.
Current data analysis challenges include data security, lack of in-house know-how and data protection, with 59 percent of participants stating that they face these challenges.