CPA_Practice_Advisor_June_2020 - 33

A YEAR IN THE LIFE: PAYROLL ACCOUNTANT

COVID-19's Impact
on Employee Outlook

F

"The workforce has hit a new 'normal'
in what it looks like and how it functions,
and it is clear that employers and employees
adapted quickly to a new way of working,"
said Ahu Yildirmaz, co-head of the ADP
Research Institute. "This pandemic has
significantly changed the world of work,
upended employees' everyday lives, and
undoubtedly will have a long-lasting effect
on organizations. The rate of the labor
market decline is historic, yet employee
sentiment has begun to show stabilization.
Our research shows that while stress, work/
life balance, the ability to connect with others and the ability to complete tasks haven't
returned to pre-pandemic levels, employee
outlook appears to be leveling off despite
the impact of COVID-19. As the workforce
continues to demonstrate resilience by
overcoming challenges and adapting to a
new way of working, the shifts we've seen
previously in workforce flexibility will
become a necessity."

EMPLOYER RESPONSE MATTERS
The survey reveals worker perception of
their employer's actions today will greatly
position the organization competitively for
tomorrow and will also impact employee
behavior once the pandemic ends. Employees satisfied with their employer's response
to COVID-19 believe their company is putting people first. The promotion of positive
thinking, facilitating work from home and
encouraging virtual connections are top
drivers of employee satisfaction with an
employer's response to the pandemic. As
a result, this satisfaction is closely tied to
interest in remaining with the employer -
with those who are most satisfied likely to
indicate they are more interested in staying
with their current employer than they were
before the COVID-19 outbreak. ■

ollowing are key takeaways
from the report:

*
U.S. Workers Becoming Comfortable
with the New "Normal": The shift in work
and where it is done appears to have reached
its new "normal." In the first few weeks of
the crisis, stress levels were high as workers
struggled with childcare constraints, fear of the
virus, technical issues and trouble completing
their tasks. As the weeks progressed, many of
these issues became less likely to impact their
work. Though elements such as stress, work/
life balance, the ability to connect with others
and the ability to complete tasks did not get
better, they became less likely to get worse
each week, possibly signifying workers were
becoming more comfortable with the change.
* Financial Concerns Appear to be Short
Lived: While 65% of workers indicate COVID-19
has negatively impacted their finances, or will
soon, the majority (58%) of workers expect their
finances to return to previous levels in the short
term, including 60% of those reporting job loss
or furlough.
* Increase in Job Confidence and Employer
Recovery: Employees reveal they were least
confident in their ability to retain their jobs early
on, which coincided with the release of record
unemployment figures. However, by week eight,
there was an increase in confidence, with 68%
of workers expecting they would retain their
job for at least the next month and one in three
(31%) expecting to return to work within the
month. This optimism is possibly buoyed by
fluctuating stock market, government programs
made available and local businesses reopening.
* Long Term Effect of Employer Actions:
By week eight, 60% of workers reveal they are
satisfied with actions taken by their employer
in response to COVID-19, citing increased
sanitation procedures, sharing positive messages and limiting customer interactions as the
most common company responses according
to workers. In fact, more than 60% of those
highly satisfied with their employer's actions
believed their company was putting people
first. A few companies have made changes to
increase PTO, add benefits and support local
hospitals or charities. ■

JUNE 2020 ■

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