Forty-two per cent of Canadian business leaders believe dampened employee morale and potential increase of burnout amid the pandemic will negatively impact their revenues for the remainder of 2021, according to a new study 2021 Forward Together from Sage Canada.
The cloud business management solutions provider partnered with national research firm Angus Reid Group to survey 775 business leaders and 1,569 workers across Canada for this study to uncover the impact of burnout on Canadian businesses and examine their outlook towards the remaining 2021and into 2022.
Post-pandemic recovery plans must focus on employee wellbeing
The findings of the survey suggest deteriorating revenues among Canadian businesses for the rest of the year can be a result of the inability of most employees to fulfill their job responsibilities while working from home. One in three (32 per cent) Canadian workers who were surveyed said they believe burnout in their household (themselves or their family) will affect their ability to do their job effectively this year.
While there are some external factors outside of our control, business leaders should be focused on planning and prioritizing employee wellbeing, investing in training and skills development, hiring new staff and adopting the latest technologies to enable employees to work smarter, not harder, Nancy Tichbon, managing director, Sage Canada, noted in a press release.
The hybrid work model is here to stay
Business leaders demonstrated confidence that the hybrid work arrangement is working and is necessary moving forward for increasing productivity (42 per cent), attracting and retaining talent (41 per cent), mitigating burnout (34 per cent).
For the majority of business leaders (76 per cent), therefore, post-pandemic recovery priorities include a viable and sustainable hybrid work model, required technologies for efficiency and growth, and relevant employee skills.
Accordingly, technological skills are highly valued by business leaders and workers surveyed. Unsurprisingly, technology has been a critical enabler for businesses across Canada throughout the pandemic. One-third of businesses surveyed cited collaboration tools as their “saving grace,” allowing them to adapt and transform how they function. Investment in technological infrastructure is also planned by business leaders.
Almost half (47 per cent) of business leaders also said they are planning to increase their technology budget for the remainder of the year.