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The Impact of COVID-19: US Business Professionals Envision the Future of Work

Calabasas CA., June 25, 2020 – InnovateMR, a global leader in survey sampling solutions, has released the results from recent B2B market research to understand the impact of COVID-19 on business professionals’ perceptions, struggles, and predictions for the future.

 

The project surveyed 1,000 employed professionals in the US. Leveraging their proprietary online B2B panel, First Class Panel™, the sample was balanced on several firmographics, including industry, company size, education, job title, department, income, and decision-making authority. Insights were collected from May 7-May 26, 2020.

 

The results from the survey indicate that while the pandemic has had an impact on company financials and culture for many, employees are feeling cautiously optimistic about the future. 53% of research participants who indicated a decrease in company spending expect these restrictions to lift within 6 months. 70% of survey participants expect household income to stay steady or increase in the coming year compared to 2019 figures, with only 30% of participants expecting to earn less in 2021 compared to 2019.

 

Of participants working virtually, 66% indicate that it is possible to successfully run their business while reducing travel and face-to-face client interactions. Zoom has offered significant support in the new virtual workplace, with 34% indicating it is the video platform used most during the pandemic. Microsoft Teams (20%) and Skype (12%) have also been popular platforms to drive connection.

 

The outlook for investment in technology looks promising, with 40% of professionals anticipating expenditure to increase in the future. Cloud services, collaboration tools, and cybersecurity technology rank high among future investment priorities over the next 12 months, according to IT decision-makers. Digital marketing avenues such as online advertising, social media, and e-mail advertising may also see an uptick, with marketing decision-makers pointing to these areas as prospects for increased investment in the coming months.

 

Improved communication, better collaboration, and the creation of more efficient workflows and processes have been the silver lining for many business professionals, with over 30% indicating these benefits as a positive impact of the pandemic.

 

Innovate’s Chief Research Officer, Lisa Wilding-Brown, commented, “In order to envision a path forward, we wanted to speak directly with business professionals to understand the challenges they’re facing, along with future expectations for their businesses. While the pandemic has had a negative economic impact on many sectors, there are also indications of hope and growth that came to light in our research. We’re living in a time of rapid change, data-driven insights will help organizations prepare to meet the needs of employees and consumers alike.”

 

View an executive summary of the survey results here.

 

About InnovateMR

InnovateMR is a fiercely independent sampling company that delivers Faster Answers™ from business and consumer audiences. As industry pioneers, InnovateMR helps market research agencies worldwide answer business questions and uncover insights with online and mobile surveys. Established by industry forerunners who launched both goZing and uSamp, the company’s co-founders have spent over two decades in the online sampling industry developing innovative methodologies to harness research technology and survey audiences around the globe.

 

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