InsiderEconomyPOVEK research shows reduction of turnover not of staff during pandemic

POVEK research shows reduction of turnover not of staff during pandemic

A research conducted all over Cyprus by POVEK, the Cyprus Confederation of Professional Craftsmen and Shopkeepers, in cooperation with the Bank of Cyprus and the Retail Zoom Company on the consequences of the pandemic during the period March 2020-December 2021, indicated that small-to-medium companies suffered a reduction of their turnover, of their profits, and liquidity during the Covid-9 period without, however, an important reduction of the number of their employees.

Furthermore, according to the results of the research, most companies proceeded with changes to the way of their operation (online sales, digital upgrading and introduction of new products/services), while their majority (83%) believe the state’s support measures are insufficient.

According to an announcement by POVEK, 541 small-to-medium companies participated in the research by completing a questionnaire. Some 70% of these companies employ two to nine people, 18% only one person, and 12% from 10 to 49 people.

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