Survey: Nearly 35% of Wyoming Businesses Plan to Decrease Workforce
Over a third of Wyoming businesses are planning layoffs amid the coronavirus pandemic and closure orders or recommendations implemented in an effort to slow the spread of COVID-19.
In addition, 88.5% of businesses in the state anticipate revenue loss, according to a statewide survey conducted by the Wyoming Business Alliance.
A total of 409 people participated in the survey, representing all 23 counties and representing a variety of businesses, industries and nonprofit organizations, according to a statement from the Alliance.
Some 32% of respondents plan to cut up to five employees and 29% plan to close their businesses for a time, though many were unsure of the length of those closures.
Over 88% of businesses have had to alter their normal plans in light of the pandemic. Of the respondents in restaurant or retail sectors, 47.7% said they were offering curbside pickup and 34% offer other delivery options.
The survey showed 62.8% of respondents plan no changes to their workforce, and 57.2% of businesses are still accepting cash.
Here's a breakdown of anticipated revenue loss:
- 11.2 percent anticipated up to 10 percent revenue loss
- 17.4 percent up to 20 percent revenue loss
- 13.7 percent up to a 30 percent revenue loss
- 16.6 percent up to a 50 percent loss
- 9.8 percent up to a 75 percent revenue loss
- 11.3 percent up to a 90 percent revenue loss
- 4.2 percent expected a 100 revenue loss.
Additionally, 42.6% of respondents said financial assistance in the form of grants, loans, unemployment and tax relief would be helpful. About 10% wanted more information and communication.