Purpose of the Study
The primary purpose of this research is to assess the impact of the COVID-19 pandemic on small, medium, and large businesses in Newfoundland, Canada. Therefore, it is aimed at investigating the effects of the virus on the economy of the region as a whole, focusing specifically on its impact on local firms, their responses, and plans for the future. In addition, one of the main objectives is to examine the Newfoundland business environment in terms of employee turnover to make informed conclusions about the shifts in labor market participation. As a result, local policymakers will have the basis for developing an effective action plan to meet the needs of the firms in the area.
Scope
This research primarily targets the local government as the main investor and supporter. Thus, the insights from this project will center exclusively around the Newfoundland region. It is crucial for this research to highlight the specific challenges faced by local businesses. Therefore, the aim is not to investigate the impact of the pandemic on a global scale, but to focus exclusively on one area. Moreover, there are already many studies such as the research by Stamolampros et al. (2019) and Mayhew (2019), which examine the impact of the virus using the statistics published by authorities and inter-governmental organizations. However, the purpose of this particular research is to gain information by surveying real people and having discussions with an actual business that have been affected.
Literature Review
The COVID-19 pandemic has spread all over the world and confronted governments with various challenges in regard to addressing economic declines, financial crises, unemployment, and lockdowns. Mohammed (2020) mentions how the absence of an anti-virus contributed to the inability of policymakers to make economic decisions to battle uncertainty while managing risks associated with the spread of the disease. The lack of prior experience in dealing with global viruses has prompted many local authorities to delay any action. Canadian Federation of Independent Business (n.d.) demonstrates the entirety of the relief measures offered by the government of the Newfoundland and Labrador province. It is important to evaluate the current support options provided by the authorities in the region in order to conduct research aimed at developing new ones.
The effect the global pandemic has had on small businesses is immense. Fairlie (2020) provides these insights, which can inform the creation of the questionnaire and help the team go in with realistic expectations. Roper and Turner (2020) make predictions about the possible impact of the virus and mention job satisfaction and employee productivity, which is one of the primary focuses of this research. Thus, this source can be utilized to assess current trends in different industries in an effort to further examine the impact of COVID-19 on employee turnover. Mayhew (2019) informs how to calculate involuntary and voluntary employee turnover, which then translates into a reduction in consumption. In addition, the studies conducted by Stamolampros et al. (2019) and Zheng and Lamonde (2009) are imperative in predicting the impact of the decrease in job satisfaction on the productivity of workers and the profitability of the firm.
Primary Data Methodology
As for methodology, this research will use a simple survey comprised of four blocks of questions. The list of the companies involved is going to consist of around 100 firms of various sizes and from different industries. The team will develop the questionnaire based on the information provided by similar initiatives worldwide. It will be piloted among a couple of CEOs and experts in order to collect feedback and make the necessary revisions. After that, the executives of the businesses chosen will answer these self-administered questionnaires online, via phone, or offline if the quarantine is lifted by that time. The team will analyze the data using SPSS and present the results.
Statement of Ethical Issues
When it comes to the ethical issues the team is concerned with while conducting this research, they include confidentiality, personal information security, and voluntary participation. In order to address them fully, it is important to be transparent with the participants, while also ensuring that their data is safe. First, it is crucial to acknowledge that taking part in this project is voluntary even though the research team will try to inform the potential participants of the benefits their answers can have in terms of changes in local policy. Second, there should be a guarantee that the information and anonymity of all of the participants are secure. Lastly, it is imperative to offer the participants full transparency and inform them of the entirety of the process.
References
Canadian Federation of Independent Business (n.d.). Newfoundland and Labrador: COVID-19 relief measures for your business. CFIB. Web.
Fairlie, R. (2020). The impact of COVID‐19 on small business owners: Evidence from the first three months after widespread social‐distancing restrictions. Journal of Economics & Management Strategy, 29(4), 727-740. Web.
Mayhew, R. (2019). Employee turnover definitions & calculations. Chron.Web.
Mohammed, T. (2021). COVID-19 is an emerging, rapidly evolving situation. CIT. Web.
Roper, S., & Turner, J. (2020). R&D and innovation after COVID-19: What can we expect? A review of prior research and data trends after the great financial crisis. International Small Business Journal: Researching Entrepreneurship, 38(6), 504-514. Web.
Stamolampros, P., Korfiatis, N., Chalvatzis, K., & Buhalis, D. (2019). Job satisfaction and employee turnover determinants in high contact services: Insights from employees’ online reviews. Tourism Management, 75, 130-147. Web.
Zheng, C., & Lamond, D. (2009). Organizational determinants of employee turnover for multinational companies in Asia. Asia Pacific Journal of Management, 27(3), 423-443. Web.