Insperity, Inc. (NYSE: NSP), a leading provider of human resources and business performance solutions for America's best businesses, today announced the results of its Client Business Outlook Survey regarding the impacts of COVID-19. The survey of Insperity's Workforce Optimization® and Workforce SynchronizationTM client base, conducted during the week of April 27, 2020, analyzed the key areas of concern, including workplace safety, emergency funding, employee well-being and engagement, staffing and compensation, along with financial implications.
"Despite the current situation, these survey results show that many of Insperity's clients continue to focus on the well-being of their employees as they navigate the challenges of the COVID-19 pandemic, reflecting the tenacity and compassion of America's best small and medium-sized businesses," said Paul Sarvadi, Insperity chairman and chief executive officer. "We are pleased to see that our business continuity support has been successful and highly valued by our clients, and we remain committed to standing shoulder-to-shoulder with them through this challenging time."
One key finding from the survey - 59 percent of respondents applying for Paycheck Protection Loans (PPLs) received funds before initial funding ended on April 17 - well above the naional average of 20 percent reported by several outlets. Overall, 80 percent of respondents have applied for PPLs due to the COVID-19 crisis.
According to the survey, with regard to business adjustments, respondents were appropriately focused on employee and workplace safety. Seventy-eight percent transitioned to a work-from-home model. Fourteen percent temporarily closed one or more locations and 20 percent reduced the hours employees are working.
In terms of current priorities for their business, as expected, 82 percent of respondents are focused on business continuity during the economic slowdown. The second top priority, at 64 percent, for respondents is helping their employees through the crisis with a focus on their well-being and mental health. Return to work and workplace safety were concerns for 57 percent of respondents and 47 percent were concerned about employee engagement and culture.
Since the COVID-19 outbreak, 27 percent of respondents have reduced staff and 15 percent have implemented pay reductions.
When asked about future staffing levels, over the next several months, 70 percent of respondents expect to maintain or increase staffing levels, while 11 percent anticipate reducing staffing levels. Following those short-term changes, later this year, 56 percent of respondents expect to be at or above pre-COVID-19 staffing levels, with 18 percent expecting to remain below pre-COVID-19 staffing levels. The majority of respondents, 72 percent, expect to maintain current compensation levels.
The financial impact on businesses is noteworthy, with 87 percent of respondents overall indicating COVID-19 has negatively impacted their business, including 36 percent reporting a significant negative impact.
Insperity conducted the survey of business owners and on-site supervisors in a variety of industries from its base of Workforce Optimization and Workforce Synchronization clients throughout the United States on April 27- May 1, 2020. The national survey has a statistical confidence level of 95 percent with a margin of error of 4.0 percent.
Insperity, a trusted advisor to America's best businesses for more than 34 years, provides an array of human resources and business solutions designed to help improve business performance. Insperity® Business Performance Advisors offer the most comprehensive suite of products and services available in the marketplace. Insperity delivers administrative relief, better benefits, reduced liabilities and a systematic way to improve productivity through its premier Workforce Optimization® solution. Additional company offerings include Traditional Payroll and Human Capital Management, Time and Attendance, Performance Management, Organizational Planning, Recruiting Services, Employment Screening, Expense Management, Retirement Services and Insurance Services. Insperity business performance solutions support more than 100,000 businesses with over 2 million employees. With 2019 revenues of $4.3 billion, Insperity operates in 83 offices throughout the United States. For more information, visit http://www.insperity.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20200504005743/en/
[ Back To Workforce Management Homepage ]
CALL FOR CONTENT