Bangkok--7 May--PwC Thailand
The fourth release of PwC’s COVID-19 CFO Pulse Survey reveals 77% of US chief financial officers (CFOs) anticipate changing workplace safety measures upon returning to on-site work. As employers focus on protecting employees, 65% anticipate reconfiguring work sites to promote physical distancing and 52% anticipate changing and/or alternating shifts to reduce exposure. In addition, half of survey respondents expect a higher demand for employee protection.
As states start to lift stay-at-home orders and reopen local economies, 52% of CFO respondents said their businesses could return to normal in less than three months if COVID-19 were to end immediately.
Increasingly, business leaders are considering layoffs as they look to contain costs in the face of an ongoing pandemic. According to the survey, 32% of CFOs are now anticipating layoffs, up 6 points from two weeks ago, and more than half (53%) said they are projecting revenue/profit losses to be greater than 10% this year.
“As some states look to reopen, business leaders are recognizing they not only play a crucial role in the health, safety, and stability of their employees, but also that of their communities,” said Tim Ryan, PwC’s US Chair and Senior Partner. “As we continue to navigate this crisis, I’m encouraged to see that despite difficult decisions and potential profit losses, business leaders are continuing to do what they can to put their people first and, in turn, help support local communities and economies as the nation looks to rebound.”
New insight from survey data shows that less than a quarter of respondents (22%) indicate they plan to implement contact tracing as part of their plan to reopen their workplaces and around half (49%) anticipate making remote work a permanent option for roles that can accommodate it.
“While business leaders begin to forge strategies to bring employees back into the workplace and to engage with their customers in person, they are realizing that the physical workplace and customer experience will be drastically different from before the COVID-19 pandemic,” said Amity Millhiser, PwC’s Chief Clients Officer. “Many of them are turning to new technologies and digital solutions to help them adapt and maintain social distancing, which will likely be a new normal for the foreseeable future.”
As businesses move toward a return to the workplace, PwC has created Check-In with Automatic Contact Tracing – a tool that allows companies to help quickly identify and alert employees who may have come into contact with a co-worker at the workplace who has tested positive for COVID-19.
Niphan Srisukhumbowornchai, Clients and Markets Leader, Entrepreneurial and Private Businesses (EPB) Leader, and Tax and Legal Partner for PwC Thailand, said that together with the release of the PwC COVID-19 CFO Pulse Survey – US/Mexico findings, PwC published its Global COVID-19 CFO Pulse report, which canvassed some 871 CFOs during the week of 20 April in two dozen territories/countries.
It found that a majority of CFOs surveyed were prioritizing measures to ensure employees’ safety in the workplace as they prepare for a return to business as usual. Some 64% of CFOs planned to change safety measures and requirements (such as wearing masks and temperature checks before entering the office), while 55% planned to reconfigure work sites to promote social distancing. Another 47% considered making remote working a permanent option for certain roles.
Additionally, nearly half (49%) of CFOs globally said they could return to business as usual within three months if COVID-19 were to dissipate today. CFOs in the energy, utilities and resources industries were most likely to believe their operations would return to normal (62%), followed by those in the health industries (54%) and retail and consumers (51%).
“As for Thailand, concerns about the COVID-19 pandemic are still evident among CFOs even though the country has started to lift some restrictions and ease lockdown measures. As businesses start to reopen, they are looking at their post-crisis recovery plans while adjusting to a new normal.
We’ll see even greater use of technology to support business operations as people gradually return to work in the office, including measures to improve workplace safety to prevent new waves of infections. All efforts must be taken to ensure that staff and stakeholders are provided with the best possible safety measures – business leaders can’t afford to be careless,” Niphan said.