Six in ten US businesses report a decrease in revenues

Coronavirus US business tracker: April 17th 2020

Despite being one of the largest economies in the world, US businesses are finding themselves tasked with the urgent and unprecedented challenge of navigating their businesses through a global pandemic.

Six in ten (62%) US companies are providing access to online meditation / workout classes, learning and training opportunities (36%).

Six in ten (60%) US businesses have reported a decrease in revenues – a significant number – however it is worth noting that this figure has plateaued over the past three weeks.

Businesses all over the world have been impacted negatively, with measures being put in place to brace against the turbulence. In the US specifically, some have opted to introduce a reduced number of workdays per week (38%), and three in ten (32%) have made salary cuts in order to stay afloat.

Despite the change in direction coronavirus brings, US businesses remain committed to carrying on as normal where possible, with 85% of businesses continuing to operate in some capacity – including remote working.

Areas particularly feeling the pressure include business travel and events, and in-person meetings, which have witnessed a decline of 77% and 76% respectively.

Among all of the uncertainty, US businesses are implementing strategies to ensure their staff members stay engaged and feel motivated. Half (52%) are offering flexibility in work schedules – crucial at a time when workers with children and other major responsibilities are facing logistical challenges.

Our recent US coronavirus weekly tracker article (view here) shows that four in ten (43%) Americans report having a worse mental health outlook now than at this time last year. Crucially, six in ten (62%) US companies are providing access to online meditation / workout classes, and 36% are providing access to learning and training opportunities. In the spirit of rewarding hard work at a trying time, 34% are also holding virtual happy hours to lift spirits.

Overall, coronavirus is expected to impact the US business community for six months – but with uncertainties rising and no real manual to follow, many have little option but to sit tight and wait for further updates from official sources.

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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