Experts assess virtual workplaces, SMB transactions

Recent analysis of COVID-19’s impact on the global workforce has uncovered a trove of data sets on workplace behaviors and key performance indicators. Findings suggest the business community has entered a new era marked by virtualization and sweeping reforms to benefit programs, workplace practices and the international supply chain.

WorldatWork, a nonprofit professional association focused on organizational performance, surveyed 1,510 of its Total Rewards and human resources constituents in multiple industries. The Total Rewards program and tool kit “defines an organization's strategy to attract, motivate, retain and engage employees,” according to the WorldatWork website.

The WorldatWork COVID-19 Employer Response Survey, published April 9, 2020, found a 415 percent increase in part-time and full-time remote workers. Over one third of the organizations are fully compensating employees through existing leave policies, with 45 percent creating new leave policies and benefits in response to the unprecedented worldwide shutdown.

Agile organizational pivoting

Scott Cawood, president and CEO of WorldatWork, pointed out that every statistic in the study reflects incredible hardships facing enterprises with large workforces. Noting that the pandemic has dealt a “body blow” to people, organizations and nations, he said, “[I]t’s clear that the future of work looks very different than it did in 2019.”

Despite grim statistics, Cawood was encouraged by the agility with which organizations are adapting to changing workplace requirements. “Perhaps a bit of silver lining is the quick responses by employers to adapt and change direction and to effectively communicate these changes, he said, adding that many "will likely ‘stick’ long after this crisis subsides.”

Additional WorldatWork survey highlights include the following:

• Telemedicine: 30 percent of respondents are implementing telemedicine, changing how prescriptions can be accessed (30 percent) and creating/providing additional resources to at-risk populations (26 percent).

• Hazard compensation: 65 percent of respondents do not have plans for hazard pay for employees required to work on-site during the pandemic. However, retail (46 percent) and healthcare/pharmaceutical (29 percent) workers will likely receive some form of hazard pay.

• Raising salaries: 56 percent of respondents have already increased or are planning to raise salaries; 21 percent are delaying decisions. More than half of the organizations surveyed are making changes to staff/operational hours by implementing hiring freezes (72 percent); furloughs (39 percent); and layoffs (25 percent).

• Personnel reviews: 42 percent of respondents are considering but have not yet decided to change performance metrics; 21 percent are still in the process of setting performance metrics.

• Interdepartmental communications: 67 percent of respondents are sending out COVID-19 related communications daily or every few days. Most organizations (63 percent) expect to be back to normal operations by summer.

Additional information about the report and WorldatWork is available at www.worldatwork.org/

Electronic transactions rise

Payments analysts have also observed an increase in electronic transactions, particularly in food delivery and paper goods. CardFlight, a POS technology solutions provider, compiled data from its SwipeSimple POS devices and software platform to analyze COVID-19’s impact on the small and midsize business (SMB) sector.

The company’s Small Business Impact Report series, introduced March 19, 2020, and updated weekly, charts the following metrics: week-over-week change in sales at small businesses; number of business closures in the past week; analysis of sales by merchant category; changing customer tipping behavior; sales by time of day; impact of coronavirus by population density; and change in behavior, card-present transactions.

CardFlight’s latest findings, published April 8, 2020, indicate that sales in their sampling of merchants boasted a modest 0.7 percent increase compared to the previous week, making this the first week without a decline in the SMB category.

“The average active merchant represented in this data set processes approximately $130,000 in credit/debit card payments annually,” CardFlight researchers wrote. “The merchants are a mix of professional and personal service providers, specialty retail establishments, and food and drink purveyors.” Additional details and a full copy of CardFlight’s report are available at: www.cardflight.com/small-business-impact

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