Savanta recently conducted some research with 500 business decision makers across the US in regards to working in a pandemic environment and the impact of coronavirus.
Q3 2020 hedge fund letters, conferences and more
Impact of Coronavirus on Businesses
- 69% of business decision-makers say that their company is operating with less capacity than usual.
- 31% of business decision-makers say that their company is working as usual.
- Business decision-makers estimated the impact of coronavirus to last a little over 11 months. (Up from previously reported 7 months)
Approach to work from home
- 93% of business decision-makers reported that their company has a remote working policy in place.
- 59% of business decision-makers report that majority of employees are working remotely.
- 33% of business decision-makers report that few employees are working remotely.
- Only 7% business decision markets report that none of the employees are working remotely.
- On average business decision maker are expecting the remote working to continue for another 4.5 months. (Up from previously reported 3 months)
Company approach to remote working
45% of business decision-makers say that their company allows flexible working hours.
- 38% of business decision-makers say that their company offers online exercise and yoga.
- 36% of business decision-makers say that their company is creating learning/training opportunities.
- 31% of business decision-makers say that their company used virtual happy hour with team.
- 67% of business decision-makers say that their company will allow some/occasional remote working. (Down from 74% reported previously)
- 23% of business decision-makers say that their company will continue as it was before the Covid-19 crisis with no remote work.
Impact of Covid-19 on business
Increase / Positive impact
- 54% of business decision-makers say that their company has increased virtual hangouts.
- 39% of business decision-makers say that their company has increased internal communication.
Decrease / Negative impact
- 69% of business decision-makers say that coronavirus has led to decreased events/in person meetings and business travel.
- 47% of business decision-makers say that coronavirus has resulted in decreased revenue.
- 44% of business decision-makers say that coronavirus has resulted in decreased morale.
- 38% of business decision-makers say that coronavirus has resulted in decline in revenue leads. (Down from the previously reported 46%)
- 38% of business decision-makers say that coronavirus has resulted in dip in the number of projects. (Down from the previously reported 46%)
- 36% of business decision-makers say that coronavirus has resulted in decreased costs/business spending. (Down from the previously reported 44%)
- 36% of business decision-makers say that coronavirus has resulted in decreased costs/business spending.
Covid-19 impact over time
- 56% of business decision-makers feel pessimistic about the overall economy. (Up from previously reported 49%)
- 45% of business decision-makers feel pessimistic about the overall employees’ outlook. (Up from previously reported 34%)
- 36% of business decision-makers feel pessimistic about the company’s sales.
- 35% of business decision-makers feel pessimistic about the company’s overall performance.
- 35% of business decision-makers feel pessimistic about the employees’ productivity.
- 29% of business decision-makers feel pessimistic about their own performance/productivity.
How companies are dealing with coronavirus?
- 25% of business decision-makers say that their company decreased the salaries.
- 23% of business decision-makers say that their company provided option for furloughs.
- 22% of business decision-makers say that their company undertaken major layoffs.
- 18% of business decision-makers say that leadership in their company has taken the salary cut.
Strategies to mitigate business risks
- 69% of business decision-makers say that their company is expected to align workforce planning with business strategy to prepare for evolving needs.
- 65% of business decision-makers say that their company is expected to mitigate risks by understanding the pulse of its customers.
- 63% of business decision-makers say that their company is expected to mitigate risks by identifying the financial and operational cost optimization levers.
- 60% of business decision-makers say that their company is expected to mitigate risks by accelerating the digital transformation.
- 57% of business decision-makers say that their company is expected to mitigate risks by formulating a crisis management team to mobilize response efforts.
- 56% of business decision-makers say that that their company will mitigate risks by assessing prospects for relief from tax provisions.
- 55% of business decision-makers say that their company is expected to mitigate risks by identifying new pricing strategy.
- 55% of business decision-makers say that their company is expected to mitigate risks by formulating new supply chain strategy.
- 48% of business decision-makers say that their company is expected to mitigate risks by deferring or cancelling the planned investments.
Priorities of the organizations
- 59% of the business decision makers say that ‘Designing health & safety plans to protect employees from coronavirus’ is one of the top three priorities of their organization.
- 51% of the business decision makers say that ‘Realigning the business targets based on the impact of coronavirus’ is one of the top three priorities of their organization.
- 51% of the business decision makers say that ‘Reducing the non-essential spending to curtail operational cost’ is one of the top three priorities of their organization.
- 44% of the business decision makers say that ‘Developing sustainability plans’ is one of the top three priorities of their organization.
- 41% of the business decision makers say that ‘Adopting cost-cutting measures for business survival’ is one of the top three priorities of their organization.
Post Covid-19 technological changes in US corporate sector
- 41% of business decision-makers think that post coronavirus the reliance on remote working will increase in the US corporate sector.
- 20% of business decision-makers think that post coronavirus the US corporate sector will invest more in building virtual platforms.
- 16% of business decision-makers think that post coronavirus the automation will increase in US corporate sector.
- 12% of business decision-makers think that post coronavirus the US corporate sector will see development of Robotic process automation software.
- 11% of business decision-makers think that post coronavirus the US corporate sector will implement more AI/machine learning.
About Savanta
Savanta is a fast-growing data, research and advisory firm with five global offices and 347 staff. We inform and inspire our clients through powerful data, empowering technology and high-impact consulting. All designed to help our clients make better decisions and achieve faster progress. Savanta offers clients a full range of intelligence services, including:
- Bespoke research – tailored solutions built using specialists from Savanta’s Industry Methodology Practices
- Data collection and analysis – access to 100 million respondents through a proprietary technology platform
- Intelligence products – including the BrandVue and MarketVue reputation tracking services
The post Impact of Coronavirus on Businesses appeared first on ValueWalk.