How is the overall financial health of organizations? The majority (80%) of organizations reported their financial health as being “excellent” or “good”. When asked change in overall financial health compared to 12 months ago, more than one-half (57%) or organizations reported having significant or mild improvement, an increase from 51% in 2012 and 42% in 2011.
Larger organizations (with 25,000 or more employees) reported better overall financial health compared to smaller organizations (with 1 to 24,999 employees).
More than two-fifths (44%) of organizations in the Accommodation and food services, retail/whole sale trade industry and Finance, insurance, real estates and rental and leasing industry reported excellent overall financial health, whereas less than one-fifths (17%) or organizations in the Educational services industry and Government agencies industry reported excellent overall financial health.
Organizations in the educational services and government agencies industries were more likely to have implemented budget cuts as a result of financial challenges (37% and 35%, respectively).