Concern for US businesses grows as projects and revenue leads decline by over half

Coronavirus US business tracker: April 22nd 2020

Many US businesses have had to rethink their strategy for 2020, with most major events, campaigns and plans coming to a standstill in an attempt to clamp down on COVID-19

Many professionals are expecting coronavirus to make significant technology changes within the corporate sector

Over half (57%) of US businesses have reported a dip in revenues as a result (however this figure is 3% less than at this point last week). The main areas that continue to be impacted are the number of projects being undertaken, and decreased revenue leads, which have both declined by 55% and 52% respectively.

They aren’t expecting a quick turnaround, with three out of four (76%) business decision makers saying that they believe coronavirus will impact the business community for as long as six months.

US businesses continue to look at ways of mitigating economic risk, with over four in ten (43%) reducing their employees’ work days (up 5% on last week). In an attempt to keep loyal employees financially secure, the number of those making salary cuts in order to stay afloat has decreased to 27% (from last week’s 32%).

Pressure to upskill during this time may add additional strain. Many professionals are expecting coronavirus to make significant technology changes within the corporate sector, including increased reliance on remote working (37%), investments in virtual platforms (26%), increased automation (15%), and increased reliance on AI/Machine learning (14%).

Employees at the heart of US businesses’ priorities

Working from home has long been a source of division between business leaders and employees. Many businesses will have previously denounced it as a means to ‘slack off’, however recent changes see nine out of ten (92%) US companies resorting to some form of work from home policy. It appears this new trend will continue for future operations, with 62% of companies expecting a shift in favor of home working once the pandemic is over.

US companies continue their attempt to keep employees happy and engaged during this uncertain time by offering access to various benefits. Half (52%) are giving out subscriptions to online workouts and yoga, while others (51%) accommodate individual needs with flexible working hours. A further 36% are providing learning and training opportunities to keep their employees stimulated and motivated.

Employee safety is a top priority once businesses reopen. Six in ten (60%) will make designing health and safety plans for staff one of their three key first steps. Realigning business targets (53%) and developing sustainable strategies and reducing non-essential spending (48%) follow closely behind.

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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