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How has COVID impacted your company financially?
Please let us know what industry you are in, company size and any financial impact from COVID.
My organization is in the healthcare education sector and our revenues have dropped significantly which is leading to major cut backs in expenses (no travel, no non essential spending, hiring freeze). We are in the 500 employee range across multiple US and Asian locations. Many employees are worried about layoffs coming but I think they will try and offer early retirement when possible to reduce our headcount without letting too many folks go, not sure if will be enough though.
Jelle Jasmin Manuel
59
07/01/20 at 4:27AM UTC
Very low sales of stores, resulting to reductions in duty hours and layoff of employees of support services departments.
Deb StricklandDigital Marketing | Analytics & Tech Nomad
181
06/29/20 at 7:11PM UTC (Edited)
My employer is considered essential (we have ~110 employees) but we sell through dealers & distributors. Those companies haven't all be able to do on-site installs due to COVID so it has slowed down sales. We did cut the marketing budget quite a bit but it hasn't had much of an impact. Tradeshows are obviously mostly canceled or gone virtual. We've either received refunds or applied to future live events.
The sales team has however, won several big deals remotely which is new to them. They've never done this before so many were skeptical but now pleasantly surprised.
No layoffs, thank goodness. I was hired one week before the company went fully remote and we're just now this week starting to go back to the office (2 days in, 3 days WFH).
Anonymous
06/26/20 at 12:14AM UTC
We are 1000 person employee owned engineering firm in the north east. Our senior executives took a 10% pay cut at the outset and the companies contribution to retirement accounts was frozen. They have since restarted the retirement contribution. We are primarily working from home. Our work is primarily focused on municipalities so we are uncertain what the major tax drops will mean, the reality is waste water projects will still be necessary so hopefully still funded.
Anonymous
06/25/20 at 9:17PM UTC
Yes, there's been a negative impact. We are about 50 employees (we're all remote now, so I have no idea the true number). We laid people off a couple of months ago. We are in the automotive industry and we have the same restrictions: hiring freeze, no non-essential spending. Not sure about travel, but there were significant restrictions imposed last year for the sales team.
KB11
14
06/25/20 at 3:33PM UTC (Edited)
We have been extremely fortunate as we are working with several pharmaceutical companies to help bring a COVID-190 vaccine/treatments to market. Not one person has lost wages and our productivity is way up. We have welcomed 2 new hires and 10 interns since March, have 3 new hires starting in the next 3 weeks and are advertising for 17 positions. We all know how lucky we are. We have done all of this with a skeleton crew in the office as 75% of our employees are working from home and working really well!!
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