What happened: Nearly 1,400 respondents say they expect their business to cut its entire workforce during the COVID-19 crisis, according to a new survey from the BC Chamber of Commerce and partners.
Why it matters: The survey highlights how severely B.C.’s public health emergency is impacting businesses, many of which are dealing with reduced revenue, business or deal flow.
Nearly 1,400 B.C. business representatives expect to see their workforce reduced by 100% due to the widespread health, social and economic impacts of the COVID-19 crisis.
That figure represents a quarter of the more than 5,400 respondents that shared the staffing decrease they expect to see during the pandemic, according to a new survey from the BC Chamber of Commerce, in partnership with Small Business BC, the BC Economic Development Association and Community Futures BC.
Sixty-four percent expect their company to cut 50% or more of its workforce. Only 10% of respondents expect the crisis to have no impact on their staffing levels.
There were more than 520 presidents, CEOs, owners and executive directors who said they expect to entirely cut their staff.
For most businesses that participated in the survey, the business impacts they are experiencing are severe. Three-quarters of just over 7,150 respondents characterized COVID-19’s impact on their business as significantly negative. Another 19% noted a low level of negative impact.
Some of the top impacts currently being experienced include:
- A decrease in revenue, business or deal flow (83%)
- A decrease in demand for products and services (58%)
- Customers avoiding locations or services (52%)
- The cancellation of critical meetings, gatherings or events (50%)
- Temporary or indefinite office closures (32%)
- Staff absences due to voluntary self-quarantines (29%)
Of nearly 8,000 respondents, 90% indicated that their business is currently impacted by COVID-19.
