San Diego Executives Gauge Coronavirus Impact
Sage Executive Group survey of business leaders in San Diego region finds that serious sales declines are expected, outlook for layoffs is mixed and more than 75 percent of employees are working from home as the result of Coronavirus measures.
As a measure of the regional outlook, three-fourths of the 45 Sage respondents, including CEOs and executives of a broad range of companies from real estate, finance and technology services to hard-hit restaurants and breweries, said they expect sales to decrease in the next six months. About 6 out of 10 expressed little confidence in achieving profit growth.
Despite the concerns, more than half of the business leaders expect to avoid layoffs or even add workers, reflecting the diversity of the San Diego economy. In the survey, 20 percent expected to add workers; 31 percent foresee no change; and 49 percent anticipate a decrease in their workforce.
Most Sage members in San Diego and Orange counties "expect results to be less than originally forecast, but most are confident of surviving this crisis," said Sage Executive Group CEO Jerry Rollins. He added that "amid all of the negative news, some companies are thriving and actually increasing their head counts."
The state-mandated measures to battle the Coronavirus have affected every company, and for two out of three firms, more than 75 percent of their employees are currently working from home.
The foremost concern for more than 70 percent of the executives is how Coronavirus will affect their economic growth this year. Other challenges followed far behind as a "great concern" – regulation, 30 percent; political uncertainty, 27 percent; cyberattacks, 24 percent; and trade, 18 percent. Climate change followed far behind at 6 percent.
In the survey, three-fourths of the executives ranked the Coronavirus as their major management challenge, ahead of dealing with a skilled labor shortage and global and local competitive threats. Almost half said their most important goal for the year will be to sustain operations.
Sage Executive Group provides top executives in the San Diego and Orange County areas an opportunity to meet monthly in peer advisory groups to address and solve the most critical issues impacting their business and personal lives.
For more information, contact Sage Executive Group at (800) 648-1063 or visit www.sageexecutivegroup.com.
Media Contact: Jerry Rollins, Sage Executive Group CEO
(850) 775-6500; firstname.lastname@example.org
Sage Executive Group, Marketing Coordinator
Page Updated Last on: Apr 03, 2020