Businesses preparing for a slowdown in sales and cash flow challenges due to COVID-19 pandemic
Survey of the American Chamber of Commerce in Ukraine and Deloitte
Kyiv, Friday, 13 March 2020
The American Chamber of Commerce in Ukraine, together with AmCham member company Deloitte, conducted a Ukraine Covid-19 Business Impact Survey. This is the first survey on the impact of coronavirus on the business community in Ukraine.
The most needed actions in supporting workforce at the current stage are: limiting of business traveling (89%), remote work (87%), providing office safety, including antibacterial stuff, disposable utensils, thermometer (82%) as well as providing employees with the latest advice and information (81%).
Currently, companies already support or plan to support their employees by limiting business travel (81%), providing remote work opportunities (79%), providing employees with up-to-date information and advice (74%), and office security (74%).
Meanwhile, the biggest impact that the COVID-19 pandemic might have on business is sales slowdown and cash flow challenges (61%), unable to serve the customers/clients (52%), and unable to continue normal business management.
When asked about adjusting business performance target in 2020, 65% of member companies responded that they plan to maintain the target, while 14% plan to lower the target moderately.
Olena Boichenko, Director of Human Capital Advisory Services in Deloitte Ukraine, has commented the survey results: “In spite of the realized significant impact of COVID-19 pandemic on global and domestic business, the survey proves that Ukrainian entities are demonstrating readiness to the challenge and reasonableness of actions.
According to the survey, 63% of respondents have established temporary body aimed at tracking the situation with COVID-19 at the local level. Commonly, such bodies engage top managers and representatives of HR, security, and administrative functions and, in some cases, all functions of the entity.
It is important that most respondents have already undertaken measures aimed at mitigating the effect of COVID-19 pandemic. A limited number of business trips, a possibility to work remotely, ensuring safety of offices and providing updated information to employees are the most required actions to support employees in the current situation in Ukraine.
Among the main challenges in the course of implementing support measures in the entity, the respondents have noted difficulties in arranging and implementing the remote working system. We are going to further monitor the situation and share local and global practices”.
Andy Hunder, President of the American Chamber of Commerce in Ukraine, commented:“The health and wellbeing of employees is our prime concern. We conducted this survey to help companies, in particular, Ukrainian companies, to minimize risks and apply best practices from international companies that successfully protect their talents and businesses from the impact of COVID-19. We will continue to support our member companies by regularly monitoring the situation and via updates on AmCham website”.