A new survey of Alberta CEOs suggests 26 per cent of them are not certain their organization will survive the COVID-19 crisis until a vaccine is widely available.

The survey, released Monday by the Business Council of Alberta and Viewpoint Research, shows that the leaders of Alberta’s top businesses believe that the road to recovery will be long, hard and winding.  

“COVID-19 and an oil price crash has severely impacted our economy, with many Albertans unemployed and businesses facing tough decisions,” said Michael Holden, VP Policy and Chief Economist of the Business Council of Alberta, in a news release. “As we move through our relaunch stages and look towards recovery, we are looking at a long path back. These survey results point to long-term economic and employment impacts.”

The survey also found:

  • 61 per cent of businesses have undergone layoffs, and 18 per cent do not expect to refill any significant number of those positions;
  • Nearly 90 per cent of the respondents experienced moderate to severe declines in business revenues, and the majority of those have engaged in layoffs;
  • Most of the surveyed businesses responded by doing what they could to survive – cutting costs, pausing projects, performing layoffs, and more. However, many have also adapted – introducing new products or services (25 per cent); shifting operating models to digital (43 per cent); or investing in new projects; and
  • 68 per cent of businesses surveyed had already or intend to access the Canada Emergency Wage Subsidy program.

“This survey shows that Alberta business leaders expect a tough and slow road to recovery, but they are also expressing confidence and optimism,” said Kelsey Hahn, Managing Director, Viewpoint Research. “Businesses are adapting, leaders are shifting their mindsets, and with the right environment and supports in place, recovery is possible.”

“What we found is that even though several government support measures were announced, many have had limited applicability for Alberta businesses,” added Holden. “The notable stand-out is the Canada Emergency Wage Subsidy, which has proven to be a welcome and effective initiative. Of the respondents that had no to minimal layoffs, almost half of them benefitted from the subsidy, saving thousands of jobs, and protecting Albertans from potential unemployment.”