To shed some light on how Hong Kong multinationals approached the COVID-19 crisis, The Financial Times conducted a short pulse survey. It also discusses whether their resilience throughout the crisis was replicated internationally. More than 100 Hong Kong-based business leaders have responded to the survey, and here are some key conclusions from it:
- 45% of respondents admitted that their businesses encountered a decrease in productivity due to the pandemic, with 42% stating they saw a decline in revenues;
- 57% said their headcount had been maintained. Most companies had less than a quarter of employees placed on unpaid leave, and hardly any salary reductions were introduced;
- With 87% working from home was the most common measure taken by Hong Kong companies. 63% of the companies indicated that this measure would continue in the future;
- 74% of respondents answered they measured the success of their crisis management plan by seeing little to no impact on headcount;
- 50% agreed their Hong Kong operation’s approach to the crisis impacted their organization’s global response. Working from home and temporarily closing offices was copied internationally by nearly all respondents’ businesses;
- 74% of respondents were pleased with their HK operations response to the crisis. Half of the respondents believed their local approach had been superior to other offices. This is due to cultural differences, past experience with health crises, and disciplined workers.