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CLIFTON PARK, NY – May 1, 2020 – When the Capital Region economy “reopens” and the area’s workers head back to their offices, employers are not only apprehensive about the financial impact of the COVID-19 pandemic on their business but for the health and well-being of their employees as well.
GTM Payroll Services, a leader in human capital management solutions for Capital Region businesses, recently surveyed local companies – representing a cross-section of industries – on the economic impact of the health crisis and their concerns moving forward.
Among the survey’s highlights:
- 86% said COVID-19 will have a negative impact on their revenues this year with 39% saying revenues will decrease by 50% or more.
- 40% of businesses estimate it will take 6-12 months for their sales volume to return 2019 levels.
- 75% of businesses did not have a continuity plan in place.
- 61% of those surveyed already had a workforce reduction because of the pandemic and 18% anticipate additional cutbacks after the health crisis is over. A third have reduced the size of their sales teams.
- 60% of businesses have not cut their marketing spend during this time.
- Top three concerns small businesses have for post-pandemic are the financial impact on their business (70%), impact on customers (60%), and recession fears (37%).
- The top three workforce concerns businesses have for post-COVID-19 are employee stress/wellness (64%), worksite sanitation and safety (37%), and need for new policies (28%).
- With regard to working differently, a third of businesses anticipate a change to their remote work policy after the health crisis is over.
Also, when asked what could help their business the most, many replied that financial assistance was needed to help keep their company operational.
Seventy-nine percent of the nearly 100 respondents were small businesses with 50 or fewer employees.
“It’s clear that Capital Region businesses have some challenges ahead and now is the time to start getting ready for a post-pandemic world,” said GTM Payroll Services’ Founder and CEO Guy Maddalone. “Business owners should focus on what they can control such as creating a safe work environment for employees, looking for new ways to cut costs, finding new sources of revenue, and, perhaps most importantly, communicating with employees in an optimistic yet realistic tone.”
Some areas that employers may need to address include business continuity plans, flexible paid leave and work-from-home policies, and employee and customer guidelines for health and safety.
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About GTM Payroll Services
Founded in 1991, GTM Payroll Services is a recognized leader in payroll, tax, insurance, and compliance services for families that employ household help and human capital management solutions for businesses across all sectors and sizes. Today, GTM processes more than $1 billion in payroll every year for more than 44,000 employees. GTM’s staff of more than 70 employees includes certified payroll professionals, licensed insurance brokers, PHR-certified human resource managers, employment tax experts, and CPAs. GTM is an iSolved Network Certified Partner. The firm is SOC 1-compliant, the industry standard for client information security. GTM is an active member of the American Payroll Association (APA), Independent Payroll Providers Association (IPPA), Society for Human Resource Management (SHRM), and Professional Insurance Agents (PIA). The firm is also an accredited business with the Better Business Bureau (BBB). GTM has been featured by the Times Union and The Business Review as one of the best places to work in the Capital Region. For more information, visit GTM Payroll Services at GTM.com. For more information, visit GTM Payroll Services at GTM.com.