A recent survey from Gartner says the majority of CFOs and financial leaders are considering making remote work more permanent after the coronavirus (COVID-19) pandemic
According to the Gartner survey, 74% of CFOs and finance leaders are planning to move at least 5% of their on-site workforce to permanently remote positions following the COVID 19 crisis. The survey of 317 finance executives said this measure could be instrumental in controlling organizational costs. Almost a quarter of respondents would move at least 20% of their on-site employees to work from home permanently, said the survey.
CFOs are planning to adopt remote working as a creative cost-savings measure to avoid more severe cuts and minimize the downside impact on operations. Other measures taken by the finance leaders include adjusting to more flexible work schedules and providing company-issued work from home equipment. The survey said these actions by CFOs are helping in minimizing disruptions employees might be facing due to working from home.
The majority of CFOs have realized that technology has evolved to make remote work more viable for a wider variety of positions than ever before, found the survey. Gartner said that about 90% of CFOs said they expect minimal disruptions to their close accounting process, with almost all activities being executed remotely. Meanwhile, 20% of CFOs said they are cutting their on-premise technology spending, and 12% of respondents are planning the same initiative. In addition, 13% of CFOs have already slashed real estate expenses, while another 9% are planning to cut them in the near future.
Permanent remote working could complement other cost-cutting measures that CFOs have already taken as companies are facing business disruptions from COVID-19. The report concludes saying that CFOs are also scheduling one-on-one meetings with board members who have different backgrounds to make sure they are not missing anything critical.
The COVID-19 pandemic could permanently shift working patterns as the majority of employees are starting to question why they had to go into the office in the first place.