Last week, the Washington State University Carson College of Business published this year’s edition of the Business in the Northwest report.
The report, shared annually for the last three years, was unusual this year in that it was predominantly oriented around how businesses have adjusted as a result of the COVID-19 pandemic.
The 2020 report draws conclusions based on survey answers from 301 Pacific Northwest business leaders, who shared their experiences between June 16 and June 26.
Ultimately, the report concluded that even though businesses have faced major COVID-19-related difficulties head-on, most PNW leaders are confident they have the necessary skills and resources to successfully steer through the pandemic, according to the school’s website.
“2020 has emerged as one of the most challenging years of our lifetimes,” said Carson College dean Chip Hunter in a statement posted on the school’s website. “Yet, even in the face of record adversity, the Pacific Northwest business community continues to show resilience. The results of this year’s report encourage me to believe that we’ll come out of this with new ways of working and a stronger sense of community.”
According to the report, some 64 percent of PNW business leaders have felt a negative impact on their business. One in 10 businesses have had to close permanently as an effect of the COVID-19 pandemic; about 24 percent have closed temporarily.
Despite this, about 80 percent of business leaders reported feeling optimistic about the region’s business climate, with 92 percent reporting that they felt as though they had the required tools to withstand changes in the course of the next three years.
Eighty-seven percent of business leaders said they felt more of a responsibility to help out their community; 95 percent felt more of a need to provide additional employee support.
The report concludes that teleworking is “here to stay,” with 56 percent of leaders opting to continue letting employees work from home. Seventy-four percent of businesses will, for the time being, keep hosting meetings virtually.
For more key insights, visit the Business in the Northwest 2020 website.