Survey Findings Show How COVID-19 Has Affected Business
Press Release (ePRNews.com) - HONG KONG - May 07, 2020 - Asianet Group carried out a survey during April 23-30, 2020 to assess the impact of COVID-19 on the day-to-day operations of businesses. Asianet sought the views of senior executives from 4,000 companies in Asia, the EU and USA, together with a selection of one-to-one interviews.
Much has been written about finding a vaccine for COVID-19 and how disruptive the pandemic has been. However, as there are now signs of a return to work, Asianet Group wanted to ask the question:
”What have you learned about your company, and how can you make it perform better?”
The major findings of the survey were:
- Significantly impacted our people and the inability to deliver products and services – 79%
- Did not have a major impact on our brand – 59%
- Identified opportunities to add new products and services – 63%
- Identified need to restructure roles, 35%, and our organization – 40%
- Systems needs were identified – 64%
- COVID-19 made a significant, but not existential, impact, 58%, vs. limited impact – 30%
- Workforce was able to work remotely 53%; but 48% were not able to work effectively
Business finance and liquidity have been a problem for 57% of respondents, with small companies (61%) experiencing greater financial and liquidity issues than larger companies (54%). While many countries have launched financial support initiatives, these have been slowly implemented, whereas larger companies have more ready access to banks and a larger fixed asset base making it easier to obtain increased overdrafts and increased loan facilities.
Operationally, by far, the biggest impact on the workforce has been the inability to deliver products and services, 79%, combined with the inability to travel, 63%. While many companies introduced remote working, it was not happening effectively for 48% of the workforce. They did not have appropriate workspaces at home, particularly in Asia, having only basic laptops or pads with low-speed internet connections. As most countries implemented lockdowns, children were at home competing for access to the internet and having the TV on all the time.
The crisis has demonstrated the importance of accessing internal data quickly and accurately. However, some companies are unable to access the information as it was not in a central database or readily available. Another aspect of this was finding that information systems and communications, while working internally, were not adequate for communicating with remote offices, customers, and stakeholders.
For companies that would like a copy of the full complimentary report, please contact us.
About Asianet Group
Headquartered in Hong Kong, Asianet Group is a specialist executive search and talent market intelligence consulting company that has been in business since 1988. Asianet has the experience to act in partnership to build successful organizations by developing and implementing recruitment solutions regionally and globally.
Phone: (852) 2530 0130
Michael Lee Jeong Chan
702-704 Wilson House, 19-27 Wyndham Street, Central, Hong Kong