More than half of CFOs said companies will take at least three months to recover from the COVID-19 pandemic
According to the PWC’s fifth COVID-19 CFO Pulse Survey, 58% of CFOs believe it will take at least three months for their companies to recover from the shutdown once the COVID-19 pandemic recedes. However, employees are still worried about resuming duties at the workplace.
CFOs are preparing for lower than anticipated revenues and reconfigured workplaces, the study found. They are gradually normalizing what it means to run a business amidst the COVID-19 and are also coming to terms with broader revenue and cash flow expectations. Enterprises that will focus on key factors like culture, employee safety, revenue strategies, and cost management will turn out to be successful post-pandemic, said the survey. In terms of investment, a majority of the CFOs are expected to continue focusing on digital transformation to enable new ways of working.
Fifty-five percent of CFOs said they are expecting revenue losses to be more than 10% this year while 80% of respondents said they are considering cost-containment measures. Around 35% of CFOs are expecting furloughs by June. The survey also said there is an increase in the confidence of businesses to protect their workers in the crisis. Sixty-four percent of respondents said they are “very confident” their company can help create a safe workplace environment for employees. In addition, 83% of respondents anticipate a change in workplace safety measures. Nearly 45% of them are thinking about making remote work a permanent solution for roles that can accommodate it.
It is a crucial time for enterprises to reinforce a flexible corporate culture and also establish trust between employees and employers. Therefore, CFOs need to maintain frequent and transparent communication with employees, as they are looking for information and updates during the uncertainty. Organizations globally are now coming in terms of the crisis and are taking measures to sustain their business while working with the new normal. The pandemic has also accelerated digital transformation and pushed its importance further for company success.