Here’s another reason for business leaders to encourage workers to get vaccinated against Covid: owners of small and mid-size companies say high employee vaccination rates will be good for business. That’s according to the new PNC Economic Outlook survey from the PNC Financial Services Group that was released today.
PNC Chief Economist Gus Faucher said, “Business owners are feeling optimistic about the near-term future of their businesses amid increasing vaccination rates, and those who report that more than three-quarters of their workforce has been vaccinated are the most positive about their business outlook. This includes expectations for higher demand, sales and profits than companies reporting a lower rate of employee vaccinations.”
The survey found that:
- Higher employee vaccination rates are linked to a more optimistic outlook for small businesses.
- Eight in 10 business owners have encouraged or required employees to be vaccinated; 78% estimated that a majority of their employees have complied.
- Nearly three quarters (71%) expected sales to increase in the next six months, while 58% anticipated increased profits.
Top-Of-Mind Awareness
Vaccinations certainly appear to be top-of-mind for business owners. According to the survey:
- Eight in 10 (79%) businesses have taken action to encourage employee vaccination.
- Nearly half (48%) are requiring employee vaccinations.
- 44% are providing assistance related to vaccinations.
- 26% are incentivizing employees to receive vaccinations.
- One in four (24%) have added restrictions for employees who choose not to be vaccinated.
‘Making An Impact’
PNC observed that, “Those efforts may well be making an impact: more than three-quarters (78%) of survey respondents estimate that a majority of their employees have been vaccinated and 43% believe their entire workforce is vaccinated.”
“The survey results demonstrate that most business owners believe the vaccine can have a positive impact on their businesses,” PNC’s Faucher said. “Further, business owner optimism rises as vaccination rates increase, indicating that efforts to support vaccinations broadly could strengthen the economic recovery.”
“Although conditions changed rapidly in August as the Delta variant became more prominent and Covid-19 cases rose, there was essentially no change in sales growth expectations between the first and second halves of the month,” he observed.
‘While optimism for leaders’ own business prospects tempered as the month progressed, it is still significantly higher than it was earlier this year, and the economic outlook remains solid,” Faucher concluded.
Survey Methodology
The PNC Economic Outlook survey was conducted by telephone from August 20, 2021 to August 31, 2021 among small and mid-sized businesses with self-reported revenue of $100,000 to $250 million; 500 interviews were conducted nationally. Sampling error for the nationwide results is +/- 4.4% at the 95% confidence level.
The survey was conducted by Artemis Strategy Group, a communications strategy research firm specializing in brand positioning and policy issues.
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