Market Impact – COVID-19

The COVID-19 pandemic has had an extraordinary impact on the economy – but how has it impacted companies with ties to the financial markets?  We asked eleven of our clients - encompassing trading and investment advisers, trading infrastructure, data, risk management and analytics – about the affect of COVID -19 on their businesses, from predicted revenue, to hiring and workforce priorities. Here's what we found.

2020 revenues forecast to be the same or higher

Positively, every client we spoke to reported that their estimated financial performance for 2020 was the same as, or higher, than it was before the outbreak of COVID-19.

“On the trading side of business, volumes have been up so the business has benefited from volatile markets”.  

Senior Manager, UK

 

Hiring Impact

There was a mixed picture when it came to the impact of COVID-19 on hiring plans.  Six respondents explained that there had been a decrease in hiring numbers to focus on critical/ priority roles.  

Several of these clients said how it was harder to get headcount approval at the moment.

“Before lockdown we had 28/30 roles, now reduced to 4/5 with additional layers of approval added. Not replacing leavers unless they are in Sales.” 

Human Resources, UK

“It's a lot harder now to get headcount approved by HR. Going right to top to get sign off from CFO level."

Senior Manager, UK

Whilst four respondents were hiring as normal or even more actively...

“Still continuing with 2020 hiring plan as usual. Successfully onboarding people remotely.”

Human Resources, UK

Workforce Priorities 

When asked for their top workforce priority right now, unsurprisingly five respondents cited discussions around location of staff and returning to the office as their top priority.  

“we have a task force in place to look at return to office/ new normal.” 

Senior Manager, UK

 

“looking into ways people can go back safely to the office at some point in time – what needs to be done, how many employees can go at the same time etc.”

Senior Manager, UK  

Others made reference to Staff Productivity, Retention and Communication

"Ensuring productivity, and team work, whilst working remotely. Feels longer they are working from home, it will get harder to motivate staff."

Senior Manager, UK

When are companies planning to return to the office?  Read more

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