But, the pandemic’s economic impact is still the top concern for most employers.
Most businesses managed to sufficiently pivot during the pandemic to sustain through the COVID-19 crisis, according to a new report by asset management firm Principal Financial Group. Only 10% of respondents said they were experiencing a drop in their business’s financial health over the last year.
Businesses are, however, still apprehensive about the COVID-19’s impact on both the economy and their office culture. Apart from the usual worries about revenue growth, companies are also worried about employee health and the healthcare costs in the wake of the pandemic.
In the near-term, 36% of companies stopped hiring while 32% used measures like a travel freeze to save money. Almost a quarter (24%) laid off staff, and 22% applied for US paycheck protection program. The study surveyed 500 business decision-makers from companies with up to 10,000 employees.
[5 minute read]