US business tracker: May 22nd 2020
While the immediate shock of the coronavirus impact levels out – businesses assess ways to get back on track
US companies need to start thinking about long term solutions to repair the damage
The coronavirus has had a devastating effect on the global economy. Still, now that the initial impact has begun levelling out, US companies need to start thinking about long term solutions to repair the damage it has caused.
It seems US businesses are putting consumers at the heart of their strategy, with more than two thirds (71%) believing it’s important to understand their customers’ pulse. Having a deeper understanding of their customer’s habits and knowing them inside out will help businesses ensure they are offering valuable solutions.
On top of that, US companies say that identifying the financial / operational cost optimization levers is crucial when it comes to mitigating business risks- and will helping them to rebuild themselves.
Where once these business elements may have been separate, leaders are also considering the benefits of aligning workforce planning with business strategy and formulating a crisis management team to mobilize response efforts.
Working from home will last for longer than expected
People can expect to be spending the summer at home this year, as US businesses foresee work from home (WFH) policies to last for around three months (significantly up from 2.3 months the previous week).
For many, three months may turn in to a much more extended period. Perhaps inspired by global companies such as Twitter (who have said their staff can now work from home ‘forever’), the majority (71%) of US businesses expect a shift in favor towards WFH in general.
Many (36%) even believe that companies will now rely on remote working – a change which could see people from other cities, and even countries, able to work for companies they once wouldn’t have been able to.
Savanta’s US weekly business tracker measures the business impact of COVID-19 among decision makers within organizations of all sizes and industries. It tracks the perceptions on the economy overall as well as organization specific impacts including sales, employee outlook, productivity and performance.
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