Middle Tennessee’s technology companies are showing renewed signs of growth and workplace flexibility as the pandemic subsides, according to a survey conducted by the Greater Nashville Technology Council.
The number of companies reporting rising revenue grew 10 percentage points since last May while those reporting decreased revenue dropped 21 percent, according to the survey of roughly 80 businesses.
The hiring environment looks to be improving even more rapidly: 65 percent of firms say they are looking to add employees, up from 38 percent last May. Only 31 percent said they are not hiring, down from 59 percent in the first half of 2020.
“Last May, we were three months into the pandemic. While many of our member companies surveyed were faring better than average, they still had a cautious outlook on the economy and the state of their operations,” Brian Moyer, the council's president and CEO, said of the survey results. “We are now seeing clear indicators of recovery as the vaccine has rolled out, and many companies are rebuilding their physical operations and hiring new talent. They are also seeing a slow but steady rebound in revenue.”
Looking at operations, the survey suggests nearly half of the employees for Middle Tennessee tech companies will continue working remotely after the pandemic, more than double the number from 2019. Moyer chalks that transition up to productivity metrics, in which a third of respondents said their workforce is more productive when working from home.
“Some companies continue to see the benefits of a remote workforce, while others are eager to get back into the office,” he said. “Confidence in the productivity of remote workers has grown steadily over the past year. It’s clear that the pandemic will change the workplace forever.”