4/2/2020 I'm not planning on traveling outside of my state I'm not planning on leaving my home My firm has asked me to refrain from personal travel Other I've stopped all personal travel but am traveling for business
9% 7% 4% 4% 3%
COVID-19 IMPACT AEC INDUSTRY OUTLOOK & RESPONSE TO COVID-19 PANDEMIC
This document contains data gathered by voluntary respondents to a survey administered by Zweig Group on 3/12/20. Updates to these results will be provided as necessary to account for the fluidity of this situation. Please contact firstname.lastname@example.org for further information.
IMPACT ON TRAVEL POLICIES RATE THE FOLLOWING IN TERMS OF IMPACT ON A 1 TO 5 SCALE WITH 5 BEING A HIGHLY NEGATIVE IMPACT
Business travel is to be conducted on a case-by-case basis All business travel has been suspended No impact Voluntary business travel has been suspended Business travel is limited to or prohibited from certain locations Other
41% 30% 13%
IMPACT ON BUDGET Ability to collaborate internally on projects Ability to finish current projects on time Ability to finish current projects within budget Ability to provide high quality service and response to clients 2.6 2.3 2.3 2.3 2.1 2.1 2.0 1.9 1.8 HOW DO YOU ANTICIPATE SPENDING WILL BE IMPACTED BY THE THREAT OF COVID-19? Category Si nificant increase over 2019 Slight decrease over 2019 Significant decrease over 2019 No change Slight increase over 2019 Bonuses % My firm is considering changes to the 2020 budget No changes have been made to my firm's 2020 budget and none are currently planned My firm has altered the 2020 budget due to COVID-19 55% 34% 11% BUDGET DECREASE PERCENTAGE 0% 20% 13% 24% 6% 5% 5% Ability to obtain new work Ability to collaborate with subcontractors / consultants on proje ts Ability to train staff Collection period / Accounts receivable Ability to find qualified staff
33% 32% 5% 41% 2% 20% 27% 4%
16% 5% 3% 20%
42% 36% 49% 31% 67% 47% 48% 41%
9% 18% 35% 7% 22% 16% 16% 42%
REVENUE DECREASE PERCENTAGE
IMPACT ON REVENUE Business development Computers & equipment Discretionary spending Health care Marketing / Promotion Recruitment / Hiring Software / IT Systems / Online Storage Travel
8% 7% 7% 9%
The impacts of COVID-19 will likely cause a decrease in my firm's revenue by this percentage compared to the previous year COVID-19 will not likely impact my firm's revenue in any way COVID-19 will likely cause my firm's revenue to increase
1% 8% 9% 4%
IMPACT ON EDUCATIONAL EVENTS & TRAINING
Employees at my firm are not allowed to attend business conferences and trainings My firm supports employees individual decisions to not attend events or trainings but has not issued a change to formal policy Data is from the April 3, 2020 rep rt with 175 respondents.
JAMIE CLAIRE KISER, from page 1 Even if you were able to replicate your exact workstation from your office into your home, you are still approaching the workday in a way you have not done before, even if, like me, you have long been an adherent of social distancing. While change itself can be neutral in that it is neither inherently good or bad, applying intentional thought into how to approach something mundane, like going to work in the morning, can be a spark. I believe that diversity of perspective is a catalyst for innovation. Do you get your best ideas sitting at your desk after 10 hours? I don’t. Changing the scenery, tearing myself out of the spreadsheet and taking a walk or closing my laptop during a flight and pulling out my notebook and opening up a blank page has been the spark behind some of my best creative contributions to the challenges that confounded me for hours at the office. It is those small shake-ups in routine and in business as usual that create the space for shaking loose new ideas. IMPACT ON CLIENT ENTERTAINMENT & NETWORKING As an advisor, we rely on experience, analysis, lessons learned, case studies, and precedent to guide our clients. This is an interesting time in that none of those resources squarely fit the current situation; the “experience advantage” no longer applies, and the “new normal” is a thing we continue to constantly chase as the situation evolves. With a somewhat leveled “experience advantage,” what we have left as a differentiator is the ability to make sharp, sober decisions. To roll with the punches. To incorporate new information that doesn’t compute with traditional perspectives on work, productivity, professionalism, and communication. We will keep on collecting the data here at Zweig Group and staying as informed as we possibly can. In the meantime, the words of Tom Peters are the best advice I can impart: “Excellence is the next five minutes.” JAMIE CLAIRE KISER is Zweig Group’s managing principal, director of advisory services, and CFO. Contact her at email@example.com. Business conferences and trainings are approved on a case-by-case basis No changes have occurred to my firm's poli y on educational events and trainings Other IMPACT ON TELECOMMUTING & WORKING REMOTELY COVID-19 has changed my firm's policy on telecommuting to allow any employee to telecommute at any time. COVID-19 has changed my firm's policy on telecommuting to allow only certain employees to telecommute currently. My firm allows for telecommuting for certain employees and has not chang d its p licies in response to COVID-19. My firm allows for a y employees to telecommute at any time and has not changed its policies in response to COVID-19. My firm does not allo for teleco muting and has not changed its policies in r sponse t COVID-19. % 42% 17% 16% 15% 10% 0% 20% 40% 60% 80% 100%
15% 13% 7%
1200 North College Ave. Fayetteville, AR 72703 Chad Clinehens | Publisher firstname.lastname@example.org Sara Parkman | Senior Editor & Designer email@example.com Christina Zweig | Contributing Editor firstname.lastname@example.org Liisa Andreassen | Correspondent email@example.com 44% 35% 14% 5% 2%
% My firm supports the decision of employees to refrain from public networking but has not issued a formal policy My firm has mandated that employees refrain from entertaining clients in social public settings (restaurants/bars/events) No change Other My firm is considering asking employees to refrain from entertaining clients in social public settings (restaurants/bars/events)
Tel: 800-466-6275 Fax: 800-842-1560
WHAT PERCENTAGE OF YOUR FIRM's WORKFORCE CAN EFFECTIVELY WORK FROM HOME?
Email: firstname.lastname@example.org Online: thezweigletter.com Twitter: twitter.com/zweigletter Facebook: facebook.com/thezweigletter Published continuously since 1992 by Zweig Group, Fayetteville, Arkansas, USA. ISSN 1068-1310. Issued weekly (48 issues/year) $250 for one-year print subscription; free electronic subscription at thezweigletter.com/subscribe © Copyright 2020, Zweig Group. All rights reserved. 80% 69% 100% Lower Quartile Median Mean Upper Quartile 1/1
© Copyright 2020. Zweig Group. All rights reserved.
THE ZWEIG LETTER April 13, 2020, ISSUE 1340
Made with FlippingBook Annual report