Scenario planning gives you the license to sleep well at night because you know that you've got a plan on the shelf that you could turn to… We're all going to have to strap on our seatbelts and just see where this ride takes us.
- Mona Sutphen Former White House Deputy Chief of Staff TriNet PeopleForce 2020
The pandemic has placed a renewed focus on SMBs. At PeopleForce, TriNet CEO, Burton Goldfield, told us the success of SMBs will drive the U.S. economy and that they need great policies, focus and talent to succeed. We also heard from former White House Deputy Chief of Staff, Mona Sutphen who told us the ability to adjust is critical. Michael J. Angelakis, Chairman and CEO of Atairos, Jacqueline Van Dine, VP of Merchandising at Birkenstock, and Samantha Snabes, Co-Founder of re:3D, discussed the importance of keeping a tight watch on supply chains and the uniqueness of the company and its product. We learned that companies that are strategic in managing their cash, are agile decision-makers and use speed as competitive advantage are in the best position to thrive. See the results of our live poll of attendees (each had between 28 to 308 respondents):
Have you outlined the essential elements needed to keep your business operating? (Respondents: 242)
79% - Yes
21% - No
Which areas of your business have changed in 2020? (Respondents: 28)
46% - All
39% - Team & management
11% - Sales and marketing channels
4% - Consumer preferences
0% - Supply chain
What are the areas of employment risk in the age of COVID that concern you most? (Respondents: 71)
51% - Risk of not properly handling return to work
28% - Risk of not properly navigating work from home
11% - Risk of not considering an adjustment to your equity and inclusion program
10% - Other
What productivity trends have you seen from your employees who are working from home? (Respondents: 73)
44% - Productivity has increased
40% - Productivity has stayed about the same
16% - Productivity has dropped slightly
0% - I can never reach my employees now
Have you ever considered a hybrid work-from-home arrangement with the work week split between home and office? (Respondents: 129)
52% - Yes, I would definitely consider it
39% - We have that now
9% - No, it wouldn’t work for my business type
How much cashflow did you have when the pandemic hit? (Respondent: 53)
30% - 12 months +
26% - 6 months
19% - Less than 3 months
13% - 3 months
11% - 9 months
Did you have a workforce reduction? (Respondents: 229)
65% - No, we did not
16% - Yes, we had layoffs
10% - Yes, we had both furloughs and layoffs
9% - Yes, we had furloughs
Have you seen a shift in skill set needed to work in the new environment? (Respondents: 210)
66% - Yes
34% - No
What shape of recovery do you believe we’ll have in the economy? (Respondents: 81)
40% - K
38% - V
16% - Others
6% - L
Has your relationship with your customers improved due to COVID? (Respondents: 164)
46% - No, it has stayed the same
43% - Yes, it has
11% - No, it has weakened
Do you have operational flexibility? (Respondents: 177)
47% - Sort of - we have pivoted but are still working through things as they come
46% - Yes - we were well planned to pivot
7% - No - we are shifting in real time
Have you audited your non-critical costs? (Respondents: 65)
65% - Yes
20% - Not yet, but planning to
15% - No
Have you considered variable vs fixed cost, especially when it comes to operations, office space, software & hosting, or HR services? (Respondents: 111)
80% - Yes
20% - No
If you have moved to a remote work environment, have you seen a shift in cost? (Respondents: 263)
54% - A decrease in cost
38% - No noticeable change
8% - An increase in cost
If you received a PPP loan, was it clear where and how you needed to spend it on day one? (Respondents: 142)
55% - Yes
45% - No
Do you actively engage with your bank? (Respondents: 66)
74% - Yes
26% - No
Do you lean into regulations to find opportunities? (Respondents: 131)
57% - No
43% - Yes
Are you anticipating your customers questions and providing information before they ask? (Respondents: 50)
72% - Yes
28% - No
Has your organization adopted a fail fast methodology? (Respondents: 43)
77% - No
23% - Yes
Do you offer 24/7 customer support? (Respondents: 99)
79% - No
21% - Yes
Do you think we’ll experience inflation in the coming years? (Respondents: 58)
66% - Yes
19% - Unsure
16% - No
Where are we in the market cycle? (Respondents: 60)
48% - Middle – Expect a “Double Dip”
45% - Unsure
7% - End of Cycle
Who will be the winners in the next economic cycle? (Respondents: 81)
51% - Big Tech
19% - Large Cap
19% - Small Cap
9% - International
4% - Financials
Has your business developed a plan to reduce transmission risk for when employees return to work? (Respondents: 143)
85% - Yes
11% - No
4% - Not sure
Has your company scheduled a target date for when employees should return to your office/facility? (Respondents: 223)
46% - No, not yet
27% - Employees are already back
20% - Employees are free to work remotely moving forward
7% - Yes, we've announced a (tentative) date
Is your company hiring in 2020? (Respondents: 69)
80% - Yes
20% - No
Was your supply chain affected by COVID? (Respondents: 44)
64% - No
36% - Yes
Was your company in a position to pivot to work from home? (Respondents: 57)
93% - Yes
7% - No
How do you feel about the "new normal"? (Respondents: 80)
45% - I'm not sure yet
34% - I'm excited
21% - I'm concerned
To get access to the sessions, please visit trinet.com/peopleforce-event
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