A top fear of CEOs is a resurgence of the Covid-19 virus, according to survey results.
Businesses with over one thousand employees are more likely to downsize their office space than those with fifty or less workers, indicating an increased reliance on remote employees.
I sent a survey to hundreds of top executives, receiving 130 completed questionnaires, asking about their current business conditions, their expectations over the next six months, and their concerns. My hope was to offer observations and implications that emerged from the data to the CEO community as a gauge of what its members are thinking and to policymakers building a roadmap for the future.
The divide illustrates what we know about the economic impact of the pandemic. Businesses, such as social media, video games, telemedicine, and communications platforms benefit if they can continue to provide and even expand their services while working remotely or serving customers who are experiencing stay at home orders. Those whose goods and services require or primarily rely on physical interaction – restaurants, retail, personal services, travel, and hospitality have suffered tremendously.
On the question of complying with social distancing guidelines, 74% felt that they could address the changes with minor or moderate disruption and expense, but again, the large companies anticipate greater challenges and costs.In an economy marked by 25% unemployment, it is not surprising that executives see little problem in hiring and recruiting, even if that needs to be done remotely.
Nearly two thirds, or 64%, of participants in the survey said that they are not getting what they need from government guidance, with agreement across all sized enterprises. Naturally, the conflicting advice of the various branches – federal, state and municipal – adds to the confusion, suggesting that a clear coordinated message would be preferable to business leaders.
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