Sixty-five percent of chief financial officers anticipate retooling work sites for physical distancing as the economy opens up, and 52% are planning shifts to reduce exposure, according to a PwC survey, which has 305 US respondents.
The survey, which runs every two weeks, captures how CFOs are thinking through state orders to re-open the economy and businesses. For instance, the National Restaurant Association published a guide for restaurants owners to retool layouts. Social distancing, food and employee safety procedures and technology for contactless payment systems are all recommended.
Every sector will find new best practices and safety measures in the new normal.
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- CFOs plan capex and IT cuts as well as layoffs due to COVID-19, says PwC
The PwC survey found the following:
- 52% say their businesses could return to normal in less than three months if COVID-19 were to end immediately.
- 32% of CFOs are considering layoffs, up 6 points from two weeks ago.
- 53% are projecting revenue and profit losses topping 10% this year and 80% say top and bottom lines will take a hit.
- 5% of respondents saw a revenue decrease of more than 50%.
- 22% of CFOs plan to implement contact tracing in the workplace.
- 49% of CFOs say that remote work will be a permanent option for certain roles. And 40% see more automation.
- 70% of respondents are deferring or cancelling planned investments with 48% considering IT for cuts.
- 56% are planning alternate sourcing options in their supply chains.