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. From the results, the company wrote and published a white paper studying the business and economic impact of the pandemic.
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Pearson Partners International releases white paper COVID-19 Business Impact, reveals how business leaders are feeling and what their plans are during the pandemic.
According to Pearson Partners, survey respondents were across the United States, with companies ranging from small, private organizations to multi-national conglomerates. Most respondents identified as board members, CEOs, C-level or functional business leaders. The survey asked questions about their work environment, their jobs, their organizations and their expectations for business and economic recovery.
“The COVID-19 pandemic has fundamentally changed every aspect of work as we know it,” said Keith Pearson, Chairman & Chief Executive Officer of Pearson Partners International. “Our survey and white paper reveal just how business leaders are feeling and what their plans are. In fact, our COVID-19 Business Impact Study yielded surprising results about business resiliency and the overall future outlook.”
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Key findings:
- Work from home (WFH) is 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.
- Most 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 survive the economic downturn, with several reporting a pivot in business model, at least temporarily.
- While spending decreased in business travel, marketing and advertising, and supply chain availability diminished for many industries, most companies are increasing development of new products and services and acquisition of new customers.
- Although revenue and business operations were affected, most respondents expected that their company would be able to rebound in the next two years or sooner.
- Almost half of survey respondents believed the U.S. economy would recover in the next one to two years.
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