Multimedia Plus, a training and communications technology firm, released a COVID-19 impact survey today that measures the impact of COVID-19 on pressing retail and hospitality industry issues focused on technology, training, and spending priorities. The survey, launched on November 11, 2020 and closed on November 16, 2020, examined the planned financial impact and spending that the current COVID-19 pandemic has had on national business. In total, 246 senior executives participated in the survey.
· When asked their greatest concern going into the holiday season, an overwhelming 52% responded New Pandemic Closures
· Although the most recent October unemployment rate was still 6.9% when asked about staffing up for the holiday season 36.5% named recruiting as their biggest challenge, followed by scheduling at 17.6%
· Priorities right now are led by new employee training and communications (30.5%) followed by Contactless payments. (22.3%)
· When looking ahead to 2021, while the majority (47.8%) say that their IT spending remains the same, 31% are increasing IT spending in 2021 by 10% or more
· Highest priority training initiative for 2021 is Leadership Development (24%) followed by Safety (22.9%)
Retail and Hospitality Industries focus on training initiatives for 2021:
· Leadership development is a priority for 24% of respondents
· Safety (22%), New Operations Training (18%) and Product Knowledge (13%) the next highest priorities from respondents.
"With the continued spread of COVID, it's not surprising that the executives being polled are most concerned about the prospects of new closures. Right now, their focus has been to roll out new employee training and communications and for many contactless payments. Looking forward to 2021, what's most interesting is that for the majority their focus is shifting to developing their leaders and to continue to train on safety. When budgeting for 2021, the majority are either increasing or maintaining IT budgets," explained David Harouche, CEO & CTO, Multimedia Plus.
The Impact: A focus on leadership
While new safety measures and maintaining IT spending remain at the top of the list of priorities, it’s leadership that is the focus for the future. Leaders must focus on the future using creative thinking to stay ahead of the curve for business growth, particularly in challenging times. The global pandemic has shown decision makers that strong leadership is needed to focus on business continuity and the many challenges posed by COVID-19. Leadership that is able to prioritize the safety of guests and associates, assess the resilience of the supply chain, and manage new work environments like remote teams, in addition to the ongoing challenges of businesses in normal times, will have a brighter future.
About Multimedia Plus
Multimedia Plus is transforming the way brands communicate globally. MMP's patented technology platform, INCITE, ensures performance and execution of company strategies - where it counts - with customers. The company's programs are being used by brands globally and are translated into more than 22 languages.