BUSINESSES NAVIGATE NEW PHASE OF CHALLENGES, OPPORTUNITIES
As communities and businesses navigate reopening and recovery, the most recent phase of the COVID-19 pandemic presents unchartered territory for all. But there is reason to be optimistic while overcoming inevitable challenges.
According to a recent report by the Society of Human Resource Management (SHRM), small business owners are hopeful for a swift economic recovery as they begin reopening after closures due to the health crisis. The data comes from a survey of 416 small business executives from organizations with 500 or fewer employees.
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.
To reopen, nearly a third of those surveyed said they’re re-evaluating business protocols. And the majority, 82 percent, said they have considered or adopted broader telework policies, while almost half, at 43 percent, said they would allow flexible hours or compressed workweeks.
Although most respondents said they recorded an overall decrease in revenue since the beginning of the pandemic, 52 percent expect to recover to pre-COVID profitability in six months or less. This is a speedy recovery in comparison to forecasts by economists predicting some metro areas won’t return to pre-COVID-19 employment levels until 2024, according to SHRM.
“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, in a written statement. “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.”
Indeed, there are numerous organizations that are assisting employers through reopening and recovery right here in the tri- state region, from legal and financial firms to health and safety experts. In this issue of the Business Magazine, we’ll highlight these companies and how they can be of value to employers today and in the days ahead.
One such firm is Compliance Management International (CMI), headquartered in North Wales, Pennsylvania, with offices in Cranberry Township and Mechanicsburg. CMI has been a leading national provider of environmental, health and safety (EHS) for more than 25 years and is helping to keep workplaces running safely in the pandemic era.
Plus, don’t miss this month’s Legal Brief, which examines the regulatory compliance in pandemic and post-pandemic times, or On the Hill, which shows a snapshot of the impact of the COVID-19 health crisis and closures on the Keystone State and businesses.
And, be sure to check out the Spotlight Q&A to learn about some of the key areas that employers need to consider when developing an effective business succession plan.
Know that the MBA is always here to assist you and your organization through reopening and recovery in any way it can! Visit our COVID-19 Employer Resources page on www.mbausa.org to stay up to date and learn more!