Corporates make financial resolutions for 2013

Last Updated: Tue, Jan 01, 2013 11:05 hrs

New Delhi, Jan 1 (IBNS) Finding a new job, reducing debt and spending thereby building more investments, becoming more organised are certain top goals executives at India Inc. are likely to set to achieve in 2013, reveals a just concluded survey by apex industry body ASSOCHAM.

Over half of the corporate workforce is likely to make yearly pledges for the New Year and interestingly, job and finance rule the list of resolutions this year unlike the health related resolutions focused on weight loss together with eating better and following a workout regime and kicking the bad habits of smoking, drinking and others, highlights a month long survey conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) under the aegis of its ASSOCHAM Social Development Foundation (ASDF) between mid November and mid December to gauge the plans and goals set by corporates as they look forward to usher in the New Year.

"Making a resolution on the New Year eve is a universal act reflecting upon the various changes people want to make in the forthcoming year," said D.S. Rawat, secretary general of ASSOCHAM while releasing the chamber survey.

"The whole idea is to reduce stress and frustrations of life thereby focusing on improving relationships, health, career and other things," said Rawat.

"Considering that globally the economy has been in the doldrums for sometime now, people are retooling their yearly pledges thereby making more financial resolutions to fit the current times."

ASSOCHAM representatives interacted with about 750 people (almost equal number of males and females) including Chairmen, Chief Executive Officers (CEOs), Directors and Managing Directors (MDs) of various organizations in the domains of pharma, BFSI (Banking, Financial Services and Insurance), auto, hospitality, FMCG, manufacturing, energy and infrastructure sectors in about 15 cities (50 in each city) - Ahmedabad, Bangalore, Chandigarh, Chennai, Dehradun, Delhi, Gurgaon, Hyderabad, Jaipur, Kochi, Kolkata, Lucknow, Mumbai, Nagpur and Pune.

About 600 of the total 750 respondents i.e. about 80 per cent of the respondents together in all the cities said they have plans to set New Year resolutions and while about 110 of the rest said they are not going to make any resolutions as they have not been able to achieve the ones they had set previously and the remaining said they are too busy with their lives and are content as they have nothing more to achieve.

Interestingly, women are ahead of their counterparts in making different resolutions as women constituted about 55 per cent of those who acknowledged of setting up goals for the New Year.

Of those all who are likely to make a resolution about 65 per cent i.e. 390 of the 600 plan to make finance related resolutions for the New Year which included - reduced spending, paying off the dues, expanding the investment portfolio, building an emergency fund owing to a slump in the job market and others.

While about 60 of the remaining said they would like to make a shift in the career by pursuing higher studies or change their job for better growth in the next year and about 150 of the rest of the respondents said they would be making health related New Year resolutions to become more physically fit, according to the ASSOCHAM survey.

About 90 per cent of the respondents who plan to make a resolution for 2013 said they make New Year resolutions each year.

Majority of these said though they take yearly pledges but don't even make it a month. Just about two per cent of the respondents said they stick with all the resolutions they make each year.

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