FINDINGS & INSIGHTS
SACCNY COVID-19 ACTION STUDY: PHASE I
How Swedish-American corporations and entrepreneurs
are coping with and adapting to the Covid-19 pandemic.ABOUT THIS STUDY
SACCNY Covid-19 Action Study Phase Il serves as a follow-up to Phase |, previously published in May
2020, and with the intention of shedding further light on how organizations are continuing to respond
and adapt to the disruptions caused by the Covid-19 pandemic. Again, the Swedish-American Chamber
‘of Commerce in New York (SACCNY) and Applied Value Group have teamed up to not only look at how
companies are continuing to cope and retool as the pandemic wears on, but also to analyze the impact
on bottom-line and growth projections, sustainability initiatives, internationalization plans, as well as how
different country approaches to addressing the pandemic may have impacted businesses’ responses and
competitive edge.
Participants. More than 100 management level executives from corporations representing seventeen
sectors responded to the survey. Survey participants’ seniority is broken down as follows:
+ C-suite executives, including Board of Director Members and Chairpersons (39%)
+ Senior-level executives, including Vice President/General Manager, and Head of Business Unit/
Department (42%)
+ Other (18%)
In addition, the study includes 20+ in-depth interviews with management level executives, broken down
as follows:
+ C-suite executives, including Board of Director Members and Chairpersons (43%)
+ Senior-level executives, including Vice President/General Manager, and Head of Business Unit/
Department (57%)
Pandemic Phases. This study defines the first phase of the pandemic (Phase |) as the spring of 2020 and
the second phase of the pandemic (Phase Il) as summer through winter of 2020.
‘Segmentation. This report consists of two different sections that each reviews the pandemic’s impact on
Growth, Digitalization, Sustainability & Collaboration and Internationalization Plans & Efforts. However,
the different sections segment the data differently to capture the most potent insights revealed in the
survey and interview responses. Section | evaluates the data with respect to industry group and company
size, and contrasts the findings to those found during the first phase of the pandemic. Section 2 evaluates
the data with regards to company nationality and whether the study respondent is stationed in the U.S. or
in Sweden
SACCNY Covid-19 Action Study Phase I. See the previously published Phase | study findings here.
‘Supported by:
Consulate General of Sweden
New YorkRespondent distribution over company size
26% EBL smatcompanies 1-49 Employees
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15%
Respondent distribution over industry and sector (excluding “Other”)
12%
Distribution of study respondents according to company nationality and location (excluding “Other”)
U.S. Compan
Respondent Stationed in the US. 56%
Swedish-U.S. Companies: 21%
Respondent Stationed in the U.S, Swedish Headquarter
Swedis
Compan
: Respondent Stationed in Sweden 37%TABLE OF CONTENTS
Purpose & Framework - SACCNY President
Summary of Insights & Key Findings
Insight 1: Economic Rebound & Future Growth
Insight 2: Digitalization
Insight 3: Crisis Response & Impact on Sustainability Initiatives ——————
Insight 4: Impact on Internationalization & Expansion Plans.) —____—
Insight 5: Economic Rebound & Future Growth
Insight 6: Crisis Response & Impact on Sustainability Initiatives ————
Insight 7: Impact on Internationalization & Expansion Plans —————
Insight 8: Image and Interest in U.S. vs Swedish Industry & Markets. ————
Summary Remarks
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PAGE 49PURPOSE & FRAMEWORK - SACCNY PRESIDENT
As the Covid-19 pandemic has raged on and upended business-as-usual, challenged capacity to adapt
and stay both afloat and relevant, including the ability to accurately and effectively foresee the future and
“newnormal” - the team at SACCNY continues to keep our finger on the pulse and help our members
best approach these many challenges. This Phase II of our Covid-19 Action Study follows on the heels of,
Phase |, completed and published this past spring, and with the intention of understanding continued
viability of early actions, as well as take a look at updated or tweaked response strategies, additional
lessons learned, and, a look into the future,
Similar to Phase |, we compiled questionnaire generated responses, while also deep diving through
numerous personal interviews. To our knowledge, this comprehensive review is unique in its scope and
perspective and continues to garner interest and response from our diverse and important member
industry leadership, as well as a number of academic, media and other interest organizations.
As described in “About This Study’, this report is divided into two different sections with data segmented
accordingly, and to best demonstrate findings from questionnaire responses and interviews.
The goal of Section 1 of this Phase Il studyis to evaluate how early response and adaptation strategies
reported as part of the Phase | study, held up and remained relevant as the pandemic progressed. Section
evaluates data with respect to industry group and company size, and contrasts the findings to those
found during the early phase of the pandemic. The ability to act nimbly in the short term may not always
be a good indication of ability to anticipate in the longer term, and knowing the difference may prove
lessons well learned for future challenges and crisis management.
The goal of Section 2 of this Phase Il study is to explore how, as the crisis prolonged, yet another set of
adaptation strategy emerged, and what impact this has had on other areas of business and industry,
including potential differences between Sweden and the U.S. As such, Section 2 evaluates the data with
regards to company nationality and whether the study respondent is stationed in the U.S. or in Sweden.
A heartfelt thank you and word of gratitude to the many who gave of their time and thoughts - all of
whom are busy and pre-occupied with both the traditional, but now compounded by new, challenges and
workload. Thank youl It is our sincere hope you will find the findings and content of our Covid-19 Action
Study Phase Il both interesting, insightful and useful. Please don’t hesitate to reach out with thoughts or
‘comments you might have - we are eager to hear them!
Anne TironetioktPresident
The Swedish-American Chamber of Commerce, New York“This study focuses both on how actions taken early
stage are holding up six or eight months later, while
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climate change and new models for collaboration.”
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