New research undertaken by Hitachi Capital Business Finance suggests small family firms are doing the most to cushion their workforce from the impact of COVID-19.
With continuing fears over rising redundancy levels, the study found that traditional family-run businesses have been fighting the hardest to protect jobs during the pandemic. Indeed, while 46% of all small business owners said they expect no reduction in headcount across 2020, the figure rises to 57% for more traditional family-run firms.
In addition, the survey revealed that family-run businesses were more likely than the average small business to have given staff bonuses during lockdown, initiated one-to-one pastoral calls to support staff wellbeing and committed to improved sick pay for staff members who need to self-isolate.
Commenting on the findings, Jo Morris, Head of Insight at Hitachi Capital Business Finance, said: “Despite the greater challenges that family businesses have in adapting their businesses and in seeking finance, many have worked extremely hard since lockdown to avoid the painful process of letting people go. Our research suggests that caring and looking after people is often at the heart of their business. And this bodes well during a time of unprecedented economic uncertainty.”