In a survey published by the National Association of Manufacturers (NAM), 78 percent of manufacturers surveyed across the country anticipated being financially impacted by the COVID-19 pandemic. The survey was conducted from Feb. 28 to March 9 and received 558 responses.
United States manufacturers also highlighted the impacts on their supply chain processes. Many reported problems with parts arriving late and thus causing products to be delivered late to customers. These problems were reported to be “manageable” but are causing additional costs and for some manufacturers to look for alternative suppliers, according to NAM. Of the surveyed respondents, 35 percent reported problems with their supply chain and many believe these problems will increase if the slowdown caused by the pandemic continues beyond the next quarter.
Respondents are anticipating a slowdown in operations due to reduced customer demand. Specific business continuity measures mentioned included:
- Limited travel
- Increased workplace sanitation procedures
- Restricted face-to-face interactions and external meetings
- Staggered shifts to compensate for higher-than-normal absences
About half of respondents reported they already have an emergency response plan in case one is needed. These plans included restricting external visitors and offering a “more lenient leave policy.” Respondents mentioned providing their employees with regular updates from the CDC, and highlighted that the worst-case scenario for their business is one of their employees contracting COVID-19.