OPTIMISM AMONG SMALL AND MEDIUM-SIZED BUSINESSES HIGHER NOW THAN BEFORE THE COVID-19 PANDEMIC BEGAN, SURVEY FINDS

KARA HOOGENSEN, Senior Vice President, Principal Financial Group

BACKGROUND:

The Covid-19 pandemic has had a profound impact on our way of life, especially for business owners who had to shut their doors, lay off or furlough employees or even face bankruptcy. But according to the Principal Financial Well-Being Index^(SM) , an annual nation-wide survey that examines the financial well-being of American workers and business employers, optimism among small to mid-size businesses is on the rise.

In November 2020, only 39% of employers felt positive about their business prospects. That is in stark contrast to this most recent survey, with 57% of respondents saying they feel confident about the next 12 months. Additional findings include:

• 65% of respondents expect to rebound from the economic impact of Covid-19 within the year
• 77% of respondents are comfortable with their cash flow
• Nearly 6 in 10 (59%) of leaders say the accelerated vaccine rollout would improve business
• 41% of businesses will not mandate that employees get the vaccine, while 59% are either unsure or will require certain employees to be vaccinated

On June 8, Kara Hoogensen will be available for interviews. She will tell your listeners the complete results from this new national survey, how Covid-19 impacted the way businesses operate and which pandemic workplace changes may become “the new normal” in the future.

More About Kara Hoogensen:

Kara Hoogensen is a senior vice president with Principal Financial Group®, in charge of Specialty Benefits for U.S. Insurance Solutions (USIS). Hoogensen joined Principal in 1996 and held roles in pension underwriting and consulting until 2000. After a year with Merck & Co., Inc. as a professional representative, she re-joined Principal in 2001 as a business development consultant and then held multiple strategy positions before being named director and then managing director for Defined Contribution Investment Only (DCIO). She was promoted to chairman, president, and CEO of Principal Bank and Principal Trust Company in 2014 and became president and CEO of Principal Securities, Inc. in 2015. Hoogensen assumed her role of vice president of Group Benefits in USIS in August 2017.  Hoogensen received her bachelor’s degree from Central College. She earned her Certified Employee Benefits Specialist (CEBS) designation from the International Foundation of Employee Benefits and Certified Investment Management Analyst (CIMA®) designation.

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