On today’s WJR Business Beat segment, Jeff shares results from a new survey conducted by Employco USA, a nationwide employment solutions firm serving businesses of all sizes, which shows that employer expectations for the future are bleak.
Rob Wilson, president of Employco USA, joins the conversation, revealing that over half of employers say that they are anticipating the need for more layoffs or furloughs over the next six months in order to get through this crisis.
Tune in to the WJR Business Beat, below, to hear Jeff’s conversation with Rob Wilson:
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Despite the survey results, Wilson is still optimistic about the future:
“We’re seeing a few spots where businesses have had to learn over the last six months how to work more efficiently with less people. So, in some cases, their businesses are back to normal… The great thing about an entrepreneur is (when) you’re an entrepreneur, you’re in it for the long run, so they’re going to make it work however they have to.”
– Rob Wilson, president of Employco USA
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Good morning, Paul.
Well, a new survey conducted by Employco USA, a nationwide employment solutions firm serving businesses of all sizes, shows that employer expectations for the future are bleak.
The study, which surveyed nearly 2,000 employers nationwide, found that 85 percent of employers don’t have a strong outlook on the economic conditions in the U.S. over the next six months.
Of those surveyed, over 82 percent of employers current level of business activity is still lower than pre-pandemic and almost 78 percent of those surveyed anticipate it may take well into 2021 for business activity to return to a pre-pandemic level.
Sharing further details from the report, Rob Wilson, president of Employco USA, says that over half of employers say that they are anticipating the need for more layoffs or furloughs over the next six months in order to get through this crisis.
Take a listen to Rob:
“We found 85 percent of the employers don’t have a strong outlook on the economic conditions of the U.S. over the next six months. Fifty two percent or more are going to do some form of a layoff. Some of them, you know, 25 percent of those, or up to 25 percent of the business. Six percent of those respondents said they don’t even expect to be in business six months from now.”
But Rob, we don’t want to let you go without giving us some good news, as well.
“We’re seeing a few spots where businesses have had to learn over the last six months how to work more efficiently with less people. So, in some cases, their businesses are back to normal. They’re not losing as much as they were before. A lot of them, the PPP was huge. The great thing about an entrepreneur is you’re an entrepreneur, you’re in it for the long run, so they’re going to make it work however they have to.”
Well, as we know, Paul, Rob’s absolutely right. Entrepreneurs are a tough bunch. Now here’s the thing that we need to make sure everyone understands on the heels of this report regarding the outlook for future employment: start a business, whether a side business or full-time business, start a business, start it online, start a freelance business, whatever it may be. It’s really important to have a business on the side in case the employment picture looks tough and you better set yourself up now for success down the road.
Go to StarutpNation.com to learn more.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
