New research released today by SHRM (Society for Human Resource Management) shows small businesses expect a significantly faster recovery than those forecasted by economists. The survey also highlights innovations in business operations, changes in policies, key challenges, and plans for when and how to reopen during the COVID-19 pandemic.
The new survey of U.S. small business owners found:
- Of those allowed to reopen in some capacity by their state, city, or county, 81 percent have already begun or are in the process of reopening their business;
- Small businesses expect a significantly faster recovery than the broader economy, as 52 percent expecting to recover to pre-COVID profitability in six months or less;
- Forty-three percent say they have started rethinking the way they do business, with 32 percent reporting a new way to deliver an existing product or service;
- Forty-three percent plan to accommodate employees with children by allowing flexible hours/compressed work weeks and 82 percent will either probably or definitely adopt broader or more flexible work from home policies.
“The U.S. workforce has experienced nothing short of an upheaval. Following a pandemic, recession, and protests nationwide, we’re seeing small businesses innovate and adapt as they reopen their doors,” said SHRM President and CEO, Johnny C. Taylor, Jr., SHRM-SCP. “This research underscores how small businesses have truly proven their agility and flexibility as the country confronts the COVID-19 pandemic.”
“Notably, 75 percent of small business executives are confident their business will be better prepared to effectively handle a crisis like the COVID-19 pandemic if one occurred in the future. With that in mind, returning to work will be a collaborative effort between business leaders, HR professionals, and employees.”
Small business owners also reported implementing or considering several changes to the workplace. For example, 82 percent plan to employ more flexible work-from-home policy for all workers with telework-capable jobs, nearly three in 10 have adopted new or novel technology processes, and over 1 in 5 small business owners have asked their employees to learn new skills to support changes in their business model.