Boyd Center releases latest “Tennessee Business Leaders” survey
The results suggest that executives are still grappling with inflation, but they believe the situation has slightly improved.
The Summer 2024 “Tennessee Business Leaders” survey, conducted in August by the Boyd Center for Business and Economic Research at the University of Tennessee, Knoxville, reveals that while Tennessee business leaders are still grappling with inflation, they believe the situation has slightly improved.
Regarding efforts to combat inflation, the survey reveals a nearly seven percent decline in employers offering higher wages to attract or retain workers. Business leaders surveyed reported an increased use of artificial intelligence by over six percentage points, reaching 56 percent. Additionally, 65 percent said they were pursuing new supply chain opportunities to lower costs, up nearly two percentage points since the winter survey, conducted in January.
Respondents expanded on other actions they were taking against inflation, with some noting they had cut back on expenses, budgeted more tightly, outsourced jobs, shopped for deals on materials, and asked employees to pay a larger share of health insurance benefits. A few had cut to a four-day workweek to reduce office expenses.
“Inflation has been eating into profit margins for employers and increasing the cost of living for employees across Tennessee and the U.S.,” said Don Bruce, Director of the Boyd Center. “It’s good to see business leaders are taking creative measures to improve employee retention and to keep their businesses solvent for years to come.”
The full report can be found here.
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