The Indiana Chamber of Commerce says the COVID-19 pandemic continues to have a severe impact on the state’s economy and businesses with signs of only a “few incremental improvements.”
That is a big takeaway from a survey the chamber conducted in late June with 634 company executives, a follow-up to a survey conducted in April to gauge how Hoosier businesses are weathering the health crisis.
“The results also reinforce that this recovery is going to be a long haul – not months, but likely a year or longer before things resemble ’normal’ levels of activity,” said Kevin Brinegar, Indiana Chamber president and chief executive officer.
Brinegar says some chamber members reported a slight improvement during the reopening of the state. He says the survey reveals some of the improving outlook stems from federal assistance the businesses received, which improved cash flow for the companies.
In June, 68% of the respondents said they have received support from the federal Paycheck Protection Program, compared to 43% in April who had received PPP.
The chamber survey also indicates 62% of businesses expect to change their business model to adapt to a new reality.
One-third of the respondents say remote work would continue for some or all employees.
“Employers have adapted and understand there is a new normal until we have a proven COVID-19 vaccine. That fundamentally changes how businesses operate on a daily basis. For many, that means being more nimble and innovative than they’ve ever been,” said Brinegar.
When it comes to productivity of workers, the survey shows 53% of employers felt their staff was less productive, about a third reported no change, while 12% felt workers were slightly or much more productive while working remotely.
The survey of Indiana Chamber members and investors was conducted June 22-29. More than 55% of participants have fewer than 50 employees, with 22% between 100 and 500 employees.
Click here to view the findings of the survey.