From revenue projections to concerns about health and well-being, the challenges created by coronavirus are impacting leaders both personally and professionally. To learn how organizations in April 2020 are responding to this global crisis, FiscalNote’s Executive Institute surveyed senior executives across 24 industries on their concerns, priorities, strategies and expectations.
Businesses have an entirely new stress. Not surprisingly, executives are most concerned about their friends and family’s well-being as the pandemic has brought new concerns for health. From a business standpoint, revenue decline, customer impacts, and employee morale and productivity were most highly ranked. Competitor responses to the crisis and concerns about not meeting shareholder expectations were ranked as less of a priority.
Business Responses to COVID-19
Almost all of our survey respondents noted that they are staying in close contact with customers and vendors. Well over half (65%) are trying to help customers by offering content, resources, or thought leadership communications and support to their clients. A further 60% are also redeploying resources to meet new demands on their businesses.
New Resource Reliances
This crisis has forced many businesses to rely on new resources and technologies. Over half of respondents are relying more on technology platforms and software than ever before. Almost half (48%) are leveraging more social media, and nearly one-third (33%) are using more digital advocacy. Almost a third (31%) of respondents are relying less on their paid lobbyists and over one-quarter (27%) are leveraging their law firms less.
Silver Linings Exist in the Chaos
While no one knows how long this period of uncertainty will last, companies are finding silver linings for their business. Almost three-quarters (71%) of respondents reported that they are leveraging new technologies to do their work, 64% found that they are spending more time with their family and less time on the commute, and 50% are investing in employee innovation and creativity.
While there’s little doubt that the COVID-19 crisis will have lasting impacts on our globe, based on responses from our survey a few things are clear:
- Respondents have a new stress - the health and well-being of themselves and their families.
- Reliance on technology is being valued and implemented across companies.
- Maintaining a focus on people including customers and employees can help weather this crisis.
- Law firms and paid lobbyists are not being relied on as before COVID-19.
- Social media and digital advocacy are inexpensive ways to engage with your customers and prospects.
This blog post covers how survey participants are managing their businesses through the COVID-19 pandemic. To view the full survey results, click here.
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