CFOs Optimistic About Returning To The Workplace
PWC’s COVID-19 CFO Pulse Survey suggested that 58% of CFOs think that their companies may take a minimum of three months to recover from the COVID-19 shutdown once it recedes. Most employees are still concerned about having to resume work.
The Role of Collaborative Technologies in Co-Working
In 2020, CFOs are getting ready for low revenues and reconfigured workplaces. CFOs are starting to normalize the new norm of running businesses and accepting the new cash flow and revenue expectations. They are focusing on essential factors such as cost management, employee safety, culture, and revenue strategies. Focusing on these critical factors makes it possible to recover fast after a pandemic.
Most CFOs are investing in digital transformation to implement new ways of working. 55% of CFOs reported to be expecting over 10% of revenue losses this year, and 80% of them are looking into cost-containment measures. Without a doubt, most CFOs have gone through significant revenue losses as a result of the COVID-19 pandemic and may take some time to recover. About 35% of CFOs expect furloughs by June.
Many businesses believe that they can protect their employees during the crisis. 64% of respondents reported being very confident in the ability of their companies to provide them with a safe working environment. Most of the respondents believed that there would be some changes in safety measures at their places of work. About 45% of them are considering adopting remote work as a permanent solution.
Possible cost-containment is a reality for many CFOs. While cost-containment actions are already being implemented, they may continue to be in place for some time after the pandemic. About 31% of CFOs expect layoffs in the next month, and 80% still report that their companies are thinking of implementing additional cost measures. Finance leaders are struggling with the fact that the economy is facing one of the biggest hits in modern history.
The Return and Safety Concerns
Companies continue to deal with the struggles of creating safe workplaces independently as there are no clear rules surrounding the matter. As employees start going back to work, companies are forced to reconfigure their sites. The private sector is being forced to take the lead in ways that it could not have anticipated. Only 47% of CFOs say they are confident in their ability to balance the needs of all their stakeholders including the customers, investors, employees, and the surrounding communities. However, many companies are already responding. Over half of them have increased efforts to help their communities. 16% of them plan on sustaining the level of commitment for the future.
Sine 85% of the respondents have increased their social and community commitments or maintained them at the same level as before the coronavirus pandemic, corporate responsibility programs are essential. Even though companies may alter them to suit the changing needs, they cannot be overlooked.
The pandemic has resulted in high rates of unemployment, so firms now need to engage their people when trying to determine the impact of the pandemic on local communities. Only 13% of respondents say that they are considering social, environmental, and government disclosures that relate to COVID-19 in the coming six months.
Digital transformations now need to go past workflow automation, RPA, and ML. enterprises must reinforce flexible working cultures and foster trust between employers and employees. Having transparent communication is one of the simplest ways to build trust. Employees need to continue receiving updates and reliable information even after the pandemic.
In conclusion, many CFOs are becoming hopeful of getting back to work. Most of them have put in the effort to recover from the pandemic while protecting their significant stakeholders.