The latest survey from PwC said a majority of CFOs are expecting an increase in permanent remote working following the COVID-19 crisis
According to a report from PwC, 77% of chief financial officers (CFOs) are anticipating changing workplace safety measures once employees return to on-site work. Nearly half of the CFOs surveyed said they are looking forward to making remote work a permanent option for roles that allow it. About 22% of CFOs said they plan to implement contact tracing as part of their plan to reopen their workplaces.
In a bid to promote social distancing, 65% said they are anticipating the need to reconfiguring worksites while 52% are planning to change and alternating shifts to reduce exposure. Half of the respondents said they expect a significant demand for employee protection. Two important things extremely important for CFOs are -protecting cash and liquidity positions. More than 70% of respondents said effects on liquidity, and capital resources are some of the biggest concerns. Several businesses are turning to new technologies and digital solutions to help employees adopt and maintain social distancing. It is expected to be a new normal for the foreseeable future.
The pandemic has forced business leaders to look at containing costs and to consider layoffs. According to the survey, Eighty percent of respondents expect that coronavirus will decrease their company’s revenue/profits this year, and, 53% said they are projecting the number at exceeding 10% this year. As 71% of them indicate that financial impacts remain a top concern, almost a third of CFOs are now anticipating layoffs.
Some of the key findings of the report are as follows –
- 70% of respondents said they are considering deferring or canceling planned investments.
- Surprisingly 40% of CFOs said they are not changing their strategies.
- 12% said COVID-19’s impact on revenue/profits is still too difficult to assess.
- 15% of respondents said there would be an increased appetite for M&A.
- 56% are planning to develop alternate sourcing options for their supply chains.
The survey said despite potential losses, business leaders will focus on people and help support local communities and economies as the world work towards bouncing back.