When the COVID-19 crisis came on in March, we polled 150 C-level leaders to gauge their immediate reactions. One month later, we went back to them and asked how their plans have changed—and what challenges they’re facing with re-entry. Here’s what they said.
2-Minute Takedown
This crisis will have a deeper, longer impact on the economy than originally expected. The biggest long-term impacts: more localized supply chains and an increased agility and speed of business.
One-third expect their company’s operations to stabilize sometime in Q3 this year. But 26% don’t expect stability until 2021—or beyond.
Downturn Readiness & Impact
Concerns are shifting away from disruption and unpredictability and toward survival—both short- and long-term—including burning through cash.
How do you expect the market crisis today
to differ from the market crisis of 2007-2008?
40%
53%
27%
1%
The impact will be deeper
(more difficult recovery)
The impact will be more acute
(shorter recovery)
The impact will be more long-term
(longer recovery)
The impact will be minor
(easier recovery)
TOP ACTIONS & Concerns
What is the primary thing your organization
is doing right now to change its business
model or strategically pivot?
Set up significantly new digital/
e-commerce capabilities
Shift product/service portfolio by 50% or more
Other
Sell to completely new/
different markets
Take on new financing to survive (stimulus, loans, bankruptcy, etc.)
Move from B2B to B2C
Move from B2C to B2B
Take on new affiliates/partners
Of the following, what
is your primary concern?
33%
1 |
4 |
3 |
6 |
2 |
7 |
8 |
5 |
13%
17%
7%
20%
1%
1%
9%
Burning through cash reserves
1 |
4 |
3 |
6 |
2 |
7 |
8 |
5 |
21%
15%
15%
7%
21%
5%
3%
11%
Supply chain disruption
Having to lay off or furlough employees
The unpredictable behavior of partners, employees, and clients in this environment
Other
Losing customers to competitors
My organization’s long-term survival
(6 months+)
My organization’s short-term survival (3–6 months)
Fundamental Changes
Looking at the next 3-5 months, which statement best reflects your organization’s primary focus in regard to maintaining corporate values vs. making the right business decisions?
We have to make many business decisions that are contrary to our corporate values
We have to make a few tough decisions that are contrary to our corporate values
Our business decisions are in line with our corporate values, despite the current landscape
18%
75%
7%
How will the current market crisis fundamentally alter your organization over the long term (6 months+)?
It will most likely change our
.
Company culture
Approach to remote work
Debt position
Crisis management procedures
Customer mix
Supply chain risk/
exposure
Other
2%
44%
19%
13%
8%
3%
11%
About the poll
About the respondents
back to top
West Monroe wanted to better understand the priorities and concerns among the C-suite to the market crisis that has emerged due to the COVID-19 pandemic. On April 23–24, 2020, we surveyed 150 C-level executives at companies with a minimum of $250 million in annual revenue. West Monroe is a national business and technology consulting firm.
ABOUT THE POLL
INDUSTRY
TITLE
COMPANY'S
ANNUAL REVENUE
Financial Services
11%
Healthcare & Life Sciences
Manufacturing/ Industrial
Telecommunications
Construction/ Mining
Hospitality/ Food Service
Information Technology Services
Energy & Utilities
Consumer Packaged Goods/Retail
Aerospace and Defense
Public Administration/Government
Professional Services
Other
13%
17%
4%
6%
7%
4%
5%
17%
1%
0%
1%
10%
INDUSTRY
TITLE
COMPANY'S
ANNUAL REVENUE
13%
Chief Executive Officer or President
25%
Chief Financial Officer
14%
Chief Operating Officer
28%
Chief Information Officer
11%
Chief Marketing Officer
9%
Other C-Level
0%
Less than $100 million
0%
$100 million - $249 million
13%
$250 million - $499 million
32%
$500 million - $999 million
0%
Unsure/ Cannot Discuss
35%
$1 billion - $3 billion
19%
More than $3 billion
How will the pandemic market crisis create a lasting impact on the U.S. economy?
We will work faster and with more agility
Supply chains will be more local, not global
Nationalism will rise and travel will decrease
Real estate will shift
Innovation will be disruptive and useful
Climate change decisions will alter
Education and distance learning will change
Respondents were asked to choose three
When thinking about a “return to work,” what is your biggest restart challenge?
Return to work
When do you expect your company’s operations to stabilize?
Managing my business through social distancing measures, including flexible scheduling and work location
29%
Unknown timeline and process for lifting government restrictions
26%
Consumer/business confidence, spending, and fear
23%
Cash flow and financial state of the business
11%
Orchestrating the coordination of my value chain—suppliers, partners, customers
7%
Other
3%
Hiring back after furloughs/layoffs
1%
1%
Maintaining IT infrastructure during and after transitioning back toin-office work
We have it now
Approach to remote work
By the end of Q2 (April-June) 2020
Q3
(July-September) 2020
2021 or beyond
7%
10%
33%
24%
26%
70%
65%
49%
39%
33%
27%
1%
Q4
(October-November) 2020
Media/ Entertainment
2%
See how this answer differs from last month
A month ago, 51% thought the impact would be acute. This will be deeper and longer than initially expected, execs say.
See how this answer differs from last month
This group doubled since March (3% to 7%), indicating decisions are getting tougher.
See how this answer differs from last month
Collectively, “survival” jumped from 11% to 18% in a month as complete shutdowns last longer than expected.
See how this answer differs from last month
This jumped the most, from 10% last month, as more companies take on loans to weather the crisis.
About the poll
About the respondents
back to top
West Monroe wanted to better understand the priorities and concerns among the C-suite to the market crisis that has emerged due to the COVID-19 pandemic. On April 23–24, 2020, we surveyed 150 C-level executives at companies with a minimum of $250 million in annual revenue. West Monroe is a national business and technology consulting firm.
ABOUT THE POLL
INDUSTRY
INDUSTRY
TITLE
TITLE
COMPANY'S
ANNUAL REVENUE
COMPANY'S
ANNUAL REVENUE
Company culture
Approach to remote work
Crisis management procedures
Supply chain risk/
exposure
Customer mix
Debt position
Other
2%
44%
19%
13%
8%
3%
11%