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2020 Principal Financial Well-Being Index Finds Businesses Growing

2020 Principal Financial Well-Being Index Finds Businesses Growing

2020 Principal Financial Well-Being Index Finds Businesses Growing

Aug 24, 2020, 2 Minute Read

In its seventh edition released in July, the Principal Financial Well-Being Index for Business Owners gathered insights from 500 leaders at companies from 2 to 10,000 employees for a look at how COVID-19 has affected how they do business, how it’s impacted their customers and employees, and what they plan to do moving forward during recovery.

Four Big Takeways

  1. Businesses have tried to maintain staffing.
    – 76% haven’t cut staff.
    – The two most popular cost-saving options are a hiring freeze and other budget cuts (such as travel).
  2. Employee well-being remains a clear priority.
    – Fewer than 15% of businesses plan to reduce employee benefits. Some plan to expand them in response to COVID-19.
    – 21% plan to boost mental health and well-being programs.
    – 20% are increasing healthcare benefits.
  3. They’re adapting to uncertainty.
    – 66% of businesses expect to recover economically within a year.
    – Three popular reactions to COVID-19: increased cleaning (48%), more employees working remotely (39%), and increasing cash on hand (26%).
  4. Federal help is making a difference for small businesses and their employees.
    – One-third of small businesses (2-500 employees) received federal assistance.
    – 77% are spending the stimulus on payroll.
    – 58% are also spending assistance on employee benefits.

The Impact on Small Businesses

Download the full 2020 Principal Financial Well-Being Index to explore the findings in more detail.

Start quoting Principal today!

 

Questions?
Contact your Claremont team at 800.696.4543 or info@claremontcompanies.com.


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