Results of COVID-19 Poll
Between the dates, Tuesday, March 31, 2020 – April 3, 2020, MBS Advisors conducted an online poll aimed at individuals in the plastics industry asking if they job status had been affected by the recent COVID-19 crisis. 312 plastics professionals took our poll. The poll consisted of only 3 questions:
- What is the status of your employment since the COVID-19 crisis began in the U.S.?
|Was employed, still employed||75%|
|Was employed, now furlough||13%|
|Was employed, now terminated||6%|
|Was not employed, not now employed||5%|
|Was not employed, received job offer since March 16||1%|
The good news is that 75% of the plastic professionals that were polled are still working. The bad news is that many of those folks are worried that they may be furloughed at some point in the near future.
2. What is the status of your compensation since the COVID-19 crisis began in the U.S.?
|Cut/decreased more than 20%||14%|
Unfortunately, for the people who have had to take a cut in pay, they are having to take a cut of more than 20% of their normal salary.
3. What is your biggest job-related concern during this time?
|Biggest Job-Related Concern||% of Respondents|
|Job Security: Fear of getting furloughed/length of furlough/laid off||16%|
|Health: Fear of getting sick or a family member or coworker getting sick||10%|
|Finding another job||7%|
|Impact on the Economy/Recession or Depression Coming||7%|
|Money – running out, not being able to pay the bills||7%|
|How long will this last?||6%|
|Status of customers cash flow/pulling out of projects, etc.||6%|
|Keeping the workforce under me healthy and safe.||5%|
|Loss of efficiency because of working remotely||2%|
|Loss of revenue: company/employer may be forced to close down||2%|
|keeping up with supplies/supply chain||2%|
|Keeping projects on schedule||2%|
|Keeping plant staffed||1%|
|Loss of retirement money/or retirement time will need to be delayed||1%|
|What happens when this is over?||1%|
Not surprisingly, the majority of people surveyed said that they were worried about either being furloughed or losing their job. Fear of catching the Coronavirus, a coworker or family member catching the virus, or the impact this crisis will have on our industry and the economy overall. Other concerns that came up were the inability to make customer visits, government support, long-term affects on material prices, and what the new normal will look like when everyone is allowed to go back to work. There seemed to be a lot of fear regarding the manufacturers of automotive plastics, the ability to make new sales and maintaining a safe working environment.
One thing is clear: most of us are worried about something right now, whether it be keeping up with demand, not losing business, keeping our employees healthy, or wondering if you will be able to make your mortgage payment next month. This is a challenge for all of us.