Report Identifies How the Coronavirus Has Impacted Small- and Medium-Sized Businesses (SMBs) and Their Workforces
CINCINNATI – August 6, 2020 – Human Capital Management (HCM) company Paycor today released “A Paycor Survey: Here’s How Businesses are Managing the New Reality of Work.” COVID-19 changed the way nearly everyone works and left a lot of unknowns about how to budget and make plans to move forward. To understand exactly how the coronavirus impacted SMBs and their workforces, in the summer of 2020, Paycor surveyed nearly 600 human resources (HR) and finance leaders with a 10-minute online survey.
According to a 2020 report by SMB Group, SMBs make up 99.8% of all U.S. businesses. SMBs are the engine of the U.S. economy and have felt the impact of COVID-19. According to Paycor’s research, 33% of SMB leaders found managing the first wave of the pandemic extremely challenging but 47% are somewhat confident the U.S. economy will bounce back.
From government funding, furloughs and layoffs, to working from home and team morale, this new research from Paycor gathers insights from SMBs leaders on how they are navigating the new reality of work.
Key findings include:
- 54% of SMB Leaders surveyed are planning to hire in 2020
- 47% of SMBs moved from office to remote work but 40% of SMBs say they will return to the office
- 30% of SMBs furloughed employees and 20% reduced compensation
- To respond to the crisis, 45% of SMBs are communicating more frequently with employees
- More than 45% of SMB leaders anticipate healthcare costs and overall costs of benefits will increase in 2020
To access the full report, please click here.
“There has not been an organization or industry that hasn’t been affected by COVID-19,” said Karen Crone, Chief Human Resources Officer at Paycor. “This data helps us better understand first hand what SMBs are experiencing so we can serve them better as trusted advisors and expert partners to help navigate this pandemic.”
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Paycor creates HR software for leaders who want to make a difference. Our Human Capital Management (HCM) platform modernizes every aspect of people management, from the way you recruit, onboard and develop people, to the way you pay and retain them. But what really sets us apart is our focus on business leaders. For 30 years, we’ve been listening to and partnering with leaders, so we know what they need: HR technology that saves time, powerful analytics that provide actionable insights and dedicated support from HR experts. That’s why more than 40,000 medium & small businesses trust Paycor to help them solve problems and achieve their goals.
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