For a CFO, it is critical to decide whether to spend more or save during a global emergency. Hence, organizations are switching to a zero-based financing strategy.
Given the current market scenario, finance leaders across organizations are focused on employees mental health while they plan on zero-based budgets. Particularly for the companies in India, it is prime time for employers as well as CFOs to keep their lens on employee well-being.
It is tricky for any financial expert in a company to decide whether to give more or save during an emergency. Over the pandemic era, most companies’ CFOs have selected a zero-based financing model while focusing on the potential scenario planning to counter this crisis economically.
According to the industry experts, companies should focus more on employees- more than business continuity and the business itself. This is indeed an excellent opportunity for enterprises to become close to great places to work – by providing support and taking care of their workforce.
As it is said, a king may craft an excellent war strategy; however, if he does not get trained warriors, the plan will fail. Lately, a vast majority of the prominent IT companies wrote to their employees and suggested giving priority to their mental health and well-being.
In fact, many organizations have formed dedicated task forces as well to resolve worker issues associated with fatigue, sickness, mental exhaustion, or workload. Indeed, with the resurgence of the pandemic making life challenging for people, companies are required to set the benchmark higher.
Helping and supporting remote workers is crucial
During such sensitive times, companies and especially the CFOs should gear up for the “employee first” approach. As the circumstances are critical and many people are battling for survival, business decision-makers should avoid restructuring now and show generosity towards people.
The reality is that a large part of people can often be found looking for doctor consultations, medicines, injections, and oxygen. As a result, the priority should be around the workforce because – if companies take care of and assist employees now, they can manage business processes and customers for the business better in the future.
Even though we operate in this fact-paced, digital world, organizations may give more preference to data and advanced technology like AI, ML, and automation. Still, at the same time, they will require skilled resources to operate such technologies efficiently. Simply put, no organization can work with 100% automation.
Also Read: 4 Traits of a Growth-Oriented IT Leader
And as the market is heading towards the digitalization rush, finding skilled resources could be a critical challenge moving ahead. Therefore, this sensitive time calls for employers to being empathetic towards employees than before. More prominent companies have already been taking care of people in a far more protective manner than ever.
Undoubtedly, this should encourage every other company globally to take this path – in order to grow better and bigger, and attain their ultimate business goals.