Dive Brief:
Small business owners are hopeful for a swift economic recovery as they begin reopening after closures due to the COVID-19 pandemic, according to a report released June 23 by the Society for Human Resource Management (SHRM).The data comes from a survey of 416 small business executives from organizations with 500 or fewer employees.
To reopen, nearly a third of those surveyed said they're re-evaluating business protocols. And the majority (82%) said they are considering or adopting broader telework policies, while almost half (43%) said they will allow flexible hours or compressed workweeks.
Although most respondents said they recorded an overall decrease in revenue since the beginning of the pandemic, 52% expect to recover to pre-COVID profitability in six months or less. This is a speedy recovery in comparison to forecasts by economists predicting some metro areas won't return to pre-COVID-19 employment levels until 2024, according to SHRM. Almost half said they anticipate losing customers going forward and 53% are concerned about the increased risk of lawsuits due to reopening amid the pandemic, according to SHRM's report. FULL ARTICLE