Chief financial officers are becoming more confident that they can safely implement back-to-work plans with reconfigured offices and safety procedures, but employees are not so sure, according to the latest PwC CFO survey.
At a high level, two thirds of CFOs are "very confident" that their company can create a safe workplace. That new workplace is likely to include more flexible work models as 68% say transitions to remote work have made their companies better.
But the wild card is that employees may be a harder sell. Among CFOs, 47% were very confident they could manage their employees' well-being and morale. According to PwC's COVID-19 Employee Pulse Survey, 61% of workers are concerned about their employer using a wearable device to track location and proximity to those infected, 52% worry about workplace cameras and 49% are concerned about required COVID-19 testing.
More: What does the new normal look like post COVID-19? 15 CXOs answer | Offices, work sites, employee roles to be reconfigured post COVID-19, say CFOs | CFOs plan to spend more on virtual business tools, automation, says Deloitte
Add it up and the reboot of work and the economy is likely to have some growing pains. A few takeaways:
- 58% of CFOs are planning to alternate crews and change shifts as work resumes on-site.
- 43% of CFOs plan to make remote work a permanent part of the mix for roles that allow it, but that is down from 49% two weeks ago. OpenText won't reopen half of its physical offices post COVID-19 pandemic
- 73% of respondents plan to reconfigure work sites to promote social distancing, up from 65%.
- Overall, 72% of CFOs say that the COVID-19 crisis will give their companies better resiliency with another 68% citing work flexibility.
Other odds and ends:
- CFOs are looking to restructure supply chain contracts with 44% of respondents looking to change terms. Coronavirus to test supply chain analytics, business demand visibility
- Consumer facing companies are expecting the biggest hit with 20% of CFOs saying sales will fall more than 50% with another 18% seeing a 25% to 50% hit.
- 81% of CFOs at financial services firms see better resiliency and agility from the COVID-19 crisis with 73% seeing work flexibility and 60% seeing more technology investments. CFOs looking to make remote work, telecommuting more permanent following COVID-19, says Gartner survey
- Industrial companies are looking to cut capital expenses and operations with less of an impact on workforce and IT spending.
- The view of returning to business as usual has shifted out. IT spending will be viewed through new lens as business resumes post COVID-19