2020 Principal Financial Well-Being Index Finds Businesses Growing

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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

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).
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.
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%).
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

37% of businesses, with under 500 employees, reported that their financials have improved significantly or somewhat in the past 12 months.
More than half of small businesses described their financial health as stable and one-third are growing.
As of March 2020, less than 10% considered reducing the employer paid portion of employee benefits, and less than 7% considered a reduction in the employee benefits offered.
83% of small businesses have been able to maintain or increase staff in the past 12 months.
Over one-third have applied for and were approved for some type of federal assistance.
45% of employers with under 500 employees are using the assistance for employee health care benefits.

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

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