A recent survey conducted by the Wisconsin Technology Council revealed only a small amount, just 11%, of tech companies across the state say the COVID-19 pandemic has significantly affected their business.
Meanwhile, the majority of respondents reported modest gains in sales and revenues, mostly among those involved in information technology or life sciences.
The survey was conducted between April 16 and April 23, and approximately 111 responded to the survey. All but four respondents were from Wisconsin, but 87% identified as chief executive officer, president or a manager in their respective organization. More than half of the companies in the survey (70%) operate within information technology, life sciences or professional services.
The bulk of those who responded said their companies employed fewer than 50 people.
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Of the 111 respondents, 19% said they were hiring, 23% put a freeze on hiring more employees, and 18% said they were instituting layoffs, furloughs or taking other interim steps to manage the size of their workforce. Forty percent reported they are “status quo” in terms of employees.
Other results from the survey include:
- 68% expect their own businesses to start recovering this summer or fall
- 52% expect Wisconsin’s economy to recover this summer or fall
- 43% expect the U.S. economy to recover this summer or fall (35% think it will take “a year or more” for the U.S. economy to rebound)
- 46% called for a gradual lifting of Wisconsin’s Safer at Home order to make their business more successful in the months ahead
- 14% cited more U.S. Small Business Administration loans to make their business more successful in the months ahead
