Only This Devastatingly Small Percentage of CEOs Plan to Hire and Expand in 2020, New Survey Says
As the world is adapting to what is now the “new normal,” Fairygodboss wants to be there for you every step of the way. Keep reading for timely advice and join our Navigating the New Normal group for continued support.
How is our economy going to look over the next 12 months? It's a question no one has the answer to yet. But one recent survey of CEOs is attempting to predict how small and mid-sized businesses will behave as 2020 plays out.
Vistage — a peer mentoring membership organization for CEOs, business owners and executives — surveyed over 1,500 CEOs on how COVID has impacted their businesses and how they expect those impacts to affect revenue and hiring.
37% of the CEOs reported that they plan to decrease their workforce in the next year.
Six percent of the CEOs have seen revenues collapse by 75% or more, while 21% have seen revenue decline between 25% and 75%. Another 44% say revenue was down by up to 25%.
However, there is hope that organizations of this size will be hiring in small numbers, even if the majority have seen cash flow shrink.
84% of the surveyed CEOs plan on taking advantage of the Paycheck Protection Program. And 19% of CEOs say they plan to increase their workforce in the next 12 months and will be actively hiring. 42% said they expect their firm's total number of employees to stay the same.
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