Grant Thornton reveals results of Covid survey

Posted: 18/05/2020

Adam_Budworth_GrantThornton_may20Grant Thornton Channel Islands, in association with the Jersey Chamber of Commerce, has revealed the results of its recent Covid-19 business impact survey for Jersey.   
 
Turnover, cash flow and profits seriously depleted – 50% of those who responded to the survey believed their turnover had reduced by more than 50%, while profit and cash flow had reduced by a similar amount. The key issues facing businesses include business uncertainty, reduced operations and a fall in customer demand. 
 
Employers are considering salary reductions – 60% of respondents said they would consider making staff redundant or reducing contractual working hours and salaries to ensure their business survives post-pandemic.  
 
High demand for phase 2 of Co-Funded Payroll Scheme – While phase 1 of the Government of Jersey’s Co-Funded Payroll Scheme received a limited number of applications, nearly 60% of those who responded to the survey said they will apply for financial support from phase 2 of the scheme.  
 
Businesses commit to buying local – To stimulate the economy and keep businesses afloat, 90% of all respondents stated they would only buy local whenever possible, rather than purchase goods and services from elsewhere. 
 
Employers adopt new ways of working – Nearly 75% of respondents said they have adopted remote working, with many employers stating they will continue to offer their employees the opportunity to work remotely and apply flexible working hours to their day.  
 
Wellbeing of staff – 70% of respondents said they believe the wellbeing of their staff has been negatively affected by the pandemic, with difficulties working remotely, uncertainty for the future and social isolation all having an impact on their mental health. 
 
Adam Budworth (pictured), Managing Director of Grant Thornton Channel Islands, commented: “The results indicate that businesses remain resilient in the face of this crisis, and by implementing the various measures available, they are confident they will survive.
 
“We cannot assume the future is guaranteed for all – there is no doubt the pandemic will have a lasting impact on how we work and how we interact, both socially and commercially. Businesses will need to continue to innovate and adapt their practices to ensure they can continue to operate in the future."  
  
Survey results webinar

Jersey Chamber of Commerce is hosting a webinar on 22 May to discuss the findings from the survey and what we can learn from these insights to support the Island’s recovery. It will feature: 
• Jennifer Carnegie, President of Jersey Chamber
• Adam Budworth, Managing Director, Grant Thornton Channel Islands
• Susie Crowder, Director of Human Capital Advisory at Grant Thornton
• Martin Holmes, President and Chair of the Jersey Construction Council
• Simon Soar, CEO of the Jersey Hospitality Association

To register for the the webinar, click here


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