The Data & Marketing Association (DMA) have revealed the results of its second ‘Coronavirus – The Impact on Business’ survey, highlighting the key concerns, challenges and needs of businesses during this difficult time.
The findings show that 56% of businesses have applied to the UK Government’s Coronavirus Job Retention Scheme already, with a further 8% saying they definitely will apply over the coming months.
Those surveyed continue to report their organisations’ as running at just over half ‘Business as usual’ (56.9%), while a third of businesses (36%) believe they won’t last longer than six months in the current conditions – with a further 20% not sure how long they might last.
The impact on the UK’s freelancers is clear too as 46% of businesses report they have already or will definitely not retain freelance or short-term staff – a further 29% conceded this was a likely or possible necessity in the coming months too.
“The results from our latest barometer of businesses in our community highlights the continued impact on revenues that the pandemic is having. It’s clear that many businesses have welcomed the government support in an attempt to retain their staff through furlough,” says Chris Combemale, CEO of the DMA, “However, we are continuing to call for an extension of the job retention scheme. Even once restrictions are lifted it could take months for revenues to return to normal and it is essential businesses can plan for a phased return to work, to avoid inevitable redundancies.”
Nearly three-quarters of businesses are looking to government schemes for support (74% definitely/likely to apply or have done so for at least one). Looking at those businesses that have already or will definitely utilise these schemes, the Job Retention Scheme is most popular (64%), followed by deferring VAT payments (30%) and reclaiming Statutory Sick Pay (28%).
