Canadian companies believe burnout will hurt business results this year, new study from Sage in Canada finds

Business leaders share their concerns for the well-being of employees; a hybrid work model; and invest for the recovery

TORONTO, April 28, 2021 (GLOBE NEWSWIRE) – Sage (FTSE: SGE), the market leader in cloud business management solutions, has uncovered the impact of burnout on Canadian businesses in a new commissioned report – 2021 Forward Together.

The report found:

• Among companies affected by the pandemic, 42% of Canadian business leaders believe that declining employee morale and the potential increase in burnout will negatively impact their revenues for the remainder of 2021.

• One in three Canadian workers (32%) believe that burnout in their household (themselves or their family) will affect their ability to do their job effectively this year.

Concerns about employee well-being

When planning for the post-pandemic recovery, business leaders place a lot of importance on their employees, primarily their mental health and safety. However, the level of action taken varies.

• 47% of business leaders are concerned about employee burnout. However, among those affected, 68% took no action to address this issue.

• 43% are concerned that employees feel safe returning to their workplace and of those affected, half (51%) have already taken steps to address the issue.

In addition, vaccine deployment is another major factor determining business prospects and business leaders and workers share similar views on vaccines.

• A majority (86%) of business leaders believe that keeping the vaccine rollout on schedule or ahead of schedule will help their success in 2021.

• Half of business leaders (55%) and workers (51%) believe the COVID-19 vaccine should be mandatory before employees return to the workplace, compared to 24% of business leaders and 32% workers who feel that this should not be the case. Case.

“The past year has been a tough time for many businesses across Canada, but we’re starting to see a light at the end of the tunnel,” says Nancy Tichbon, CEO of Sage Canada. “While some external factors are beyond our control, business leaders need to focus on planning and prioritizing employee well-being, investing in training and skills development, hiring new employees and adopting the latest technologies to empower employees to work smarter, not harder.

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Preparing for post-pandemic recovery

For business leaders, post-pandemic recovery priorities include a viable and sustainable hybrid work model, the technologies required for efficiency and growth, and relevant employee skills.

A hybrid working model

Business leaders are also demonstrating their belief that the hybrid work regime works and is necessary to move forward for the reasons below:

Priority investments

Despite the current financial challenges caused by the pandemic, business leaders are prepared to invest in the following for the remainder of the year:

• 47% will increase their technology budget and 36% will increase their marketing budget.

• 33% of companies that anticipate a negative impact on their revenues will digitize their operations.

• 37% will offer internal training and 28% are willing to pay for external training.

Workers, on the other hand, prefer increased pay (34%) to internal training (13%) or external training (17%), but only 16% of business leaders intend to increase the remuneration of workers.

Recovery in 2022

Business leaders currently have mixed confidence in their outlook for the remainder of the year. More than half (53%) of Canadian businesses have experienced a drop in revenues due to COVID-19, of which three-quarters (74%) expect this trend to continue until the end of 2021 .

However, some are showing signs of optimism from 2022:

• Of the 44% of business leaders who anticipate a negative impact on revenues for the rest of 2021, 56% of them believe it will reverse in 2022.

• Of the 30% of business leaders who anticipate a positive impact on revenues in 2021, 34% of them believe that the positive impact will continue into 2022.

To see how Sage customers across Canada are using our technology to improve their business, visit this interactive map.

For more information, please download the full 2021 Forward Together report.

Media contact

Monique Daniel
sage
[email protected]
(905) 781-0758

Methodology

In partnership with Sage, Angus Reid Group conducted an online survey of a representative sample of 1,569 Canadian workers and 775 business decision makers in organizations with 50 to 499 employees, during the week of March 22, 2021. Respondents are members of the Angus Reid Forum. For comparison purposes only, this sample plan would have a margin of error of +/- 3.5 percentage points 19 times out of 20 for business leaders and +/- 2.5 percentage points for managers. Canadian workers 19 times out of 20.

About Sage

Sage is the global market leader in technology that gives small and medium-sized businesses the visibility, flexibility and efficiency to manage finances, operations and people. Together with our partners, Sage is trusted by millions of customers around the world to provide the best cloud technology and support. Our years of experience means our colleagues and partners understand how to serve our customers and communities through good and tough times. We’re here to help, with practical advice, solutions, expertise and insight.

About the Angus Reid Group

Angus Reid is Canada’s best known and respected name in opinion data and market research. Offering a variety of research solutions to businesses, brands, governments, nonprofits, and more, the Angus Reid Group team connects technologies and people for powerful insights that inform your decisions. The data is collected through a suite of tools using the latest technologies. The first is the Angus Reid Forum, a community of opinion made up of engaged residents from across the country who respond to polls on topical issues that matter to all Canadians.