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1、A S T A G W E L L C O M P A N YAmericas Economic Engine:The State of Small and Medium-Size Business During COVID-19EMPLOYEE PRODUCTIVITY AND WELLBEINGAPRIL 3-26,20202|NEQUE EST QUI DOLOREM IPSUM QUIA DOLOR SIT AMET2|EMPLOYEE PRODUCTIVITY AND WELLBEINGA Message From Michael Mendenhall SVP,Chief Marke
2、ting Officer and Chief Communications Officer,TriNetThere is no playbook for this pandemic.Everyone is adapting as they goand it is undeniably challenging.That is why TriNet,a leading provider of comprehensive human resources solutions,teamed with The Harris Poll to conduct a series of industry-wide
3、 pulse surveys to better understand the broad COVID-19 sentiment,beyond our own small and medium-size business(SMB)customers.The results of the first three were summarized in our initial report which focused on cash flow and confidence of the SMB community.We found that despite the challenges,SMB op
4、timism was surprisingly resilient.The results of the next four waves of surveys are summarized in this report focused on productivity and employee wellbeing.Surveys were conducted April 1426 and included more than 700 SMBs with an employee base between 5249 employees.In this latest effort we sought
5、to uncover how SMB business owners were balancing productivity with employee work life balance,especially during a crisis like COVID-19.The findings were both illuminating and gratifying.We found that in the face of the crisis,the majority of SMBs(58%)were investing in the health of their workforce
6、by adjusting healthcare benefits or offering guidance to employees.Further,92%have made efforts to shift to a remote workforce as a result of the COVID-19 pandemic.Eight in ten of SMBs have taken actions to enhance employee wellbeing,with the most common and effective of these actions is allowing fo
7、r the flexibility to balance the new work/home life conditions.And,lastly,the majority of SMBs(71%)have made HR changes,or plan to make them,as a result of the pandemic.As you read the survey results,I am sure you will agree that these are powerful insights.Insights that can help provide guidance an
8、d result in meaningful actions in the weeks and months ahead.SMBs are critical to the US economy and generate nearly half of US Gross Domestic Product while employing the majority of the workforce.At TriNet,it is our privilege to serve SMBswhether its business as usual,or something as unprecedented
9、as COVID-19.RegardsMichael MendenhallSVP,Chief Marketing Officer and Chief Communications OfficerTriNetNEQUE EST QUI DOLOREM IPSUM QUIA DOLOR SIT AMET|3EMPLOYEE PRODUCTIVITY AND WELLBEING|3The COVID-19 pandemic continues to have sweeping effects across the US,including for small-and medium-sized bus
10、inesses.Although revenues are still down and layoffs continue,SMB leaders are planning for the future by making strategic and targeted investments in the health and wellbeing of their workforce.The pandemic has underscored the importance of a strong HR function for SMBs.In order to protect employee
11、health,improve morale,and enable productivity during the crisis,SMB leaders are relying on these crucial HR functions to support employees through uncertain and stressful times.They are investing in the wellbeing of their workforce by taking concrete steps to protect employee health.As of the last w
12、eek in April,revenue is down for over 8 in 10 SMBs(83%),and 2 in 3 SMBs(66%)have reduced their workforce as a result of the pandemic,either by reducing hours,furloughs,or layoffs.%of SMBs whose revenue is down since the start of pandemic-related changesApril10-12April8-10April3-681%78%April14-16Apri
13、l16-20AprilApril21-2423-2682%83%79%81%81%4|EMPLOYEE PRODUCTIVITY AND WELLBEINGWhich,if any,of the following have you experienced in recent weeks as a result of the Coronavirus pandemic?By the end of April,more than half of SMBs(54%)had made strategic business changes,including shifting their busines
14、s model to be more online/virtual,or changing their product or service offerings to keep revenue coming in or to address the unique needs arising from the pandemic.April23-26April21-24April16-20April14-16April8-10April3-6Reduced workforce(NET)Reduced employee hoursFurloughed employeesLaid off employ
15、ees61%45%48%23%33%29%66%23%EMPLOYEE PRODUCTIVITY AND WELLBEING|5Shifting a business model to be more online/virtual is one thing;but rapidly shifting business processes to enable a remote workforce is another.This experience is nearly ubiquitous among SMBs:92%of SMBs have made efforts to shift to a
16、remote workforce as a result of the COVID-19 pandemic.While 75%of those say shifting to a remote workforce has been challenging,65%wish they had moved to a remote model earlier.SMB leaders have taken the following actions to support a remote workforce:43%of SMBs are scheduling daily video check-ins
17、with employees 40%have purchased or upgraded a video conferencing license(such as Zoom or GoToMeeting)28%are offering virtual social engagements(such as virtual happy hours,coffee breaks,etc.)with other employees 26%have purchased laptops or computers 13%have hired/contracted additional IT supportWh
18、ich,if any,of the following have you experienced in recent weeks as a result of the Coronavirus pandemic?April23-26April21-24April16-20April14-16April8-10April3-652%37%18%13%16%19%36%54%Made changes to business(NET)Shifted business model to be more online/virtualChanged product/service offering to k
19、eep revenue coming inChanged product/service offering to address pandemicThe majority of SMB leaders(62%)say that productivity has gone down with the recent changes.However,with the greatest current challenge being morale(24%selected it as the single biggest challenge theyre facing),and the majority
20、(65%)wishing they had gone remote earlier,this suggests the issue isnt remote work itself,but rather the experience of shifting so quickly to a remote model in the midst of a global pandemic.6|EMPLOYEE PRODUCTIVITY AND WELLBEINGTo what extent do you think the recent change to working remotely has ma
21、de your employees more or less productive?12%Much more productive27%Somewhat more productive46%Somewhat less productive16%Much lessproductive38%Moreproductive62%LessproductiveOther challenges more commonly associated with remote working,such as fostering a strong company culture,teamwork/collaborati
22、on,and tracking employee performance,arent rising to the top in terms of significant challenges for SMBs during the crisis,shedding further light on how the pandemic itself and the pressure of quickly shifting to a remote model may be causing this productivity drop,rather than working remotely itsel
23、f.Once the pandemic subsides,15%expect that all of their employees will remain working remotely,52%expect that some will remain remote,and 33%say none of their employees will stay working remotely when the crisis is over.Maintaining morale24%Managing employee workload14%Lower employee productivity12
24、%9%9%8%7%7%4%2%2%1%Lower level of engagementTechnological difficultiesLess communicationMaintaining information securityTracking/gauging employee performanceFostering a strong company cultureFostering teamwork/collaborationReluctance to make decisionsUnknown employee availability/ambiguous working h
25、oursWhat would you say is the single biggest challenge to managing your workforce during the pandemic?EMPLOYEE PRODUCTIVITY AND WELLBEING|78|NEQUE EST QUI DOLOREM IPSUM QUIA DOLOR SIT AMETBusiness models and product/service offerings arent the only adjustments.Most small-and medium-sized businesses(
26、SMBs)say the COVID-19 pandemic will change the way their business approaches HR in the future,especially when it comes to improving employee morale and health/safety.7 in 10(71%)of SMBs have made HR changes,or plan to make them,as a result of the pandemic.Of these,the most common changes center arou
27、nd improving staff morale,health,and safety:Reorganization of the company structure(38%)Changing to outsourced HR functionality/PEO(26%)Providing additional training/education for HR talent(24%)Hiring/contracting additional HR talent(22%)65%of these SMB leaders planned or implemented changes to opti
28、mize HR capabilities,including:42%are ramping up employee health and safety programsof the 71%who made changes.of the 71%who made changes.48%are making a concentrated effort to enhance staff moraleof the 71%who made changes.8|EMPLOYEE PRODUCTIVITY AND WELLBEINGNEQUE EST QUI DOLOREM IPSUM QUIA DOLOR
29、SIT AMET|9Most SMBs have taken concrete actions to enhance employee wellbeing during the COVID-19 pandemic.The most common and effective of these actions has been allowing for the flexibility to balance the new work/home life conditions.All things considered,the majority of SMB employees remain opti
30、mistic in light of the pandemic.Eight in 10(82%)of SMBs have taken actions to enhance employee wellbeing.Of all those who have taken these actions:56%have increased flexibility for employees to balance new work/home life situationsINCREASED FLEXIBILITYEMPLOYEE PRODUCTIVITY AND WELLBEING|933%have inc
31、reased visibility of the leadership or management teamSOCIAL SUPPORT30%have offered virtual gatherings,such as happy hours,coffee breaks,book clubs,etc.27%have provided stress management information21%have offered meditation/mindfulness courses or activities 20%16%have provided financial education i
32、nformation,such as 401K,etc.have initiated fitness challengesMENTAL,PHYSICAL,AND FINANCIAL HEALTH26%have offered resources for parents managing at-home/online schoolingSUPPORT FOR PARENTS16%have provided ideas for keeping children occupiedOther actions taken by these SMB leaders include:Which ONE ac
33、tion do you think has been most effective in enhancing employee wellbeing during the pandemic?10|EMPLOYEE PRODUCTIVITY AND WELLBEINGOf all the efforts to enhance employee wellbeing,increasing flexibility to help employees balance their new work/home life is judged by SMB leaders as the most effectiv
34、e in the current climate:44%of SMBs cited this as the single most effective action taken.Overall,three quarters(74%)of SMBs say that most or all of their employees have taken advantage of the new employee wellbeing offerings.Stress management informationMeditation/mindfulness courses/activitiesFinan
35、cial education information(401k,etc.)Fitness challengesIdeas for keeping children occupiedOther action(not listed above)Increased flexibility to balance new work/home lifeVirtual gatherings(happy hour,coffee breaks,book clubs)Increased visibility of leadership/management teamResources for parents ma
36、naging at-home/online schooling44%10%10%7%6%5%5%3%2%9%NEQUE EST QUI DOLOREM IPSUM QUIA DOLOR SIT AMET|11EMPLOYEE PRODUCTIVITY AND WELLBEING|11Throughout all of this,SMB leaders are keeping their employees interests top of mind.3 in 5(58%)of SMBs are investing in the health of their workforce by adju
37、sting healthcare benefits or offering guidance to employees.When it comes to short-term healthcare coverage,leaders are primarily concerned about the cost to the employee(22%say this is the most important consideration),the cost to employer(21%),and availability/eligibility(18%).The CARES Act Provis
38、ions in the CARES Act allowed insurers and policy-holders to add benefits or reduce cost-sharing mid-year in light of COVID-19.4 in 10 SMBs have changed their healthcare benefits to respond to the pandemic(39%).Of those who have made changes,these include:Extending healthcare coverage to laid off em
39、ployees(53%)Offering telemedicine(38%)Increasing employee assistance programs(37%)Offering short-term medical plans(32%)Affordable Care Act plans(51%)COBRA(37%)Short-term medical(36%)Telemedicine(32%)53%of SMBs are offering at least some form of guidance for employees that are losing healthcare cove
40、rage as a result of the pandemic.Of those who are offering,this guidance includes helping employees navigate:With the pandemic revealing some aspects of their current HR capabilities as lacking,SMB leaders recognize the need for additional HR support as they move forward.51%of SMB leaders feel that
41、their HR capabilities are being overloaded because of the pandemic,and 63%say the pandemic has highlighted aspects of their businesss HR as lacking.The most common aspect of HR that SMBs have relied on more heavily in the face of the pandemic is efforts to support staff morale(48%relied on supportin
42、g staff morale more heavily).In contrast,the aspects that SMB leaders most often cited as lacking have to do with the unique challenges of this crisis.1 in 5 SMB leaders said the pandemic highlighted a lack of HR capability when it comes to dealing with unemployment claims processing,and 1 in 5 also
43、 said the same about risk management.What aspects of HR has your business relied upon more heavily in the face of the pandemic/did the pandemic highlight as lacking?Relied on more heavilyPandemic highlighted as lacking12|EMPLOYEE PRODUCTIVITY AND WELLBEINGWhile SMB leaders are making changes to supp
44、ort their employees,they do not feel that insurance companies or the government are stepping up to the plate.The majority(58%)of SMB leaders feel that insurance carriers are not doing enough to support businesses like theirs during this time.By the end of April,more than half(52%)of SMB leaders now
45、feel the same way about the government that it is not doing enough to support businesses like theirs(only 48%think enough is being done).This perception of government support for SMBs has continued to rise and fall with the news cycle during the month of April,with the lowest point corresponding to
46、news that the Paycheck Protection Program(PPP)had run out of money to offer SMBs,then an uptick in confidence following legislation to infuse additional funds into the program.Strongly/somewhat agree that the government is doing enough to support SMBs during this difficult time.58%46%51%40%40%49%48%
47、April23-26April21-24April16-20April14-16April10-12April8-10April3-6EMPLOYEE PRODUCTIVITY AND WELLBEING|1314|NEQUE EST QUI DOLOREM IPSUM QUIA DOLOR SIT AMET14|EMPLOYEE PRODUCTIVITY AND WELLBEINGGiven the current circumstances,how confident are you that your business will survive for another.Whats cle
48、ar is that while SMB leaders are facing these challenges head on,the investments theyre making appear to be paying off in terms of the employees outlook:57%of SMB leaders would say their workforce remains optimistic in light of the current circumstances.SMB leaders themselves maintain an overall pos
49、itive outlook in the own businesss ability to survive the next several months,with 3 in 4 remaining steady in their confidence that their business will survive for another 6 months.91%79%92%87%88%85%88%75%68%80%76%75%76%75%68%61%75%63%68%65%63%April23-26April21-24April16-20April14-16April10-12April8
50、-10April3-63 months6 months12 monthsNEQUE EST QUI DOLOREM IPSUM QUIA DOLOR SIT AMET|15EMPLOYEE PRODUCTIVITY AND WELLBEING|15SMB leaders are stalwart in their confidence in the US economy as whole.That confidence did slip somewhat throughout the month of April,but a gradually rebounding stock market,
51、and an additional$484 billion in stimulus funding signed into law on April 24,caused a surge in optimism toward the end of the month.By April 26,two in three(65%)SMB leaders remained confident that the US economy will recover in the next 12 months.Given the current circumstances,how confident are yo
52、u that the U.S.economy will recover in the next 12 months?April23-26April21-24April16-20April14-16April10-12April8-10April3-669%65%65%60%57%54%65%16|EMPLOYEE PRODUCTIVITY AND WELLBEINGMethodology TriNet is partnering with The Harris Poll to conduct an ongoing series of surveys with business leaders
53、in companies of 5 to 249 employees.Business leaders are qualified as either owners/partners or C-level executives.Quotas are set by company size and industry for each wave.The data collected in this paper covers seven separate surveys conducted from April 3 to 26,2020.Actual distribution by company
54、size and industry for each of these waves is as follows:This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.Total SMB leaders surveyed5-19 employees20-99 employees100-249 employeesMain Street industries1Non-Main Street ind
55、ustries2April 3-6,2020100April 8-10,2020140April 10-12,2020146April 14-16,2020137April 16-20,2020138April 21-24,2020126April 23-26,20201351Such as automotive,construction,hospitality,manufacturing,real estate,retail,skilled
56、 trade,etc.2Including Technology,Financial Services,Professional Services,Life Sciences,and Non-Profit industriesEMPLOYEE PRODUCTIVITY AND WELLBEING|17About TriNetTriNet(NYSE:TNET)provides small and medium size businesses(SMBs)with full-service HR solutions tailored by industry.To free SMBs from HR
57、complexities,TriNet offers access to human capital expertise,benefits,risk mitigation and compliance,payroll and real-time technology.From Main Street to Wall Street,TriNet empowers SMBs to focus on what matters mostgrowing their business.Go to TriN to get started or speak with a TriNet representati
58、ve at 888.874.6388.About The Harris Poll The Harris Poll is one of the longest-running surveys in the U.S.,tracking public opinion,motivations and social sentiment since 1963.It is now part of Harris Insights&Analytics,a global consulting and market research firm that strives to reveal the authentic
59、 values of modern society to inspire leaders to create a better tomorrow.We work with clients in three primary areas;building twenty-first-century corporate reputation,crafting brand strategy and performance tracking,and earning organic media through public relations research.Our mission is to provide insights and advisory to help leaders make the best decisions possible.A S T A G W E L L C O M P A N Y