White Paper: The Business and Economic Impacts of COVID-19
Pearson Partners International, a global executive search and leadership consulting firm (and member of IIC Partners, one of the world’s top 10 global executive search organizations) recently surveyed 520 business leaders on their experience during the COVID-19 crisis and how they expect their work, their businesses and the U.S. economy to move forward.
Respondents were across the United States, with companies ranging from small, private organizations to multi-national conglomerates. The majority of respondents identified as board members, CEOs, C-level executives or functional business leaders. The survey asked a range of questions about their work environment, their jobs, their organizations and their expectations for business and economic recovery.
The Pearson Partners International COVID-19 Business Impact Study yielded some surprising results about the resiliency of businesses and the overall outlook for the future. Some of the key takeaways included:
- Work from home (WFH) has become a new reality for most businesses, with employees adjusting to working remotely and employers finding that they are as productive, if not more so, than before. Most companies plan to keep this flexibility for at least part of their workforce in the future.
- The majority of workers in our study were very or extremely enthusiastic about their work and felt confident in their job security based on their company’s policies or their belief in their own skills and value.
- Two-thirds of respondents expressed confidence that their companies were financially stable and would be able to survive the economic downturn, with several respondents reporting a pivot in business model, at least temporarily.
- While spending is down in business travel, marketing and advertising, and supply chain availability has diminished for many industries, most companies are increasing the development of new products and services and acquisition of new customers.
- Although revenue and business operations took a big hit, most respondents expected that their company would be able to rebound in the next two years or sooner.
- Almost half of the survey respondents believed the U.S. economy would recover in the next one to two years.
The resulting study explored these and other critical areas of impact to businesses, individuals and the U.S. economy.