CTE subscribers still at work

With the official cancellation of IMTS 2020, I think this may be an appropriate time to share some good news regarding COVID-19’s impact on the industry. While not in the lighthearted vein of actor John Krasinski’s YouTube series, I am certain that the results from our 2020 Benefits and Salary Survey will lift your spirits — particularly the data gathered about the pandemic.

More than 97% of companies surveyed among Cutting Tool Engineering’s subscribers reported that they remain open for business. For the record, 103 companies that receive our magazine participated in the biennial survey. Of those, 74 graciously answered optional questions related to the pandemic.

76% of companies said they have not had to lay off or furlough employees due to the pandemic.

In other words, just two companies had shut down due to the coronavirus.

Of the 72 companies that remained open, 78% said they were “fully” open, and the remaining 22% were open on a “limited basis.”

Although a clear majority remained fully open, nearly half the companies said their workload was down 40% or more. A fourth of respondents said business was down 20%.

In a glimmer of hope, 22% of respondents said business had remained about the same while 5% reported an increase in business.