Chief financial leaders across the nation are expecting broad changes in their workplace, workflows, staffing demands, financial outlook and merger and acquisition strategy following the COVID-19 pandemic. That’s according to a PricewaterhouseCoopers LLP survey conducted last week with 305 U.S. chief financial officers and finance leaders across industries.
Among health organizations in particular, financial leaders are simultaneously working to address two critical issues: uncertainty about demand and protecting their workforce. Not surprisingly, approximately 70% of health industry CFOs reported that they expect higher demand for employee protections in the next month, compared with 50% of executives from other industries. Further, 41% of health industry finance leaders listed “tools to better understand customer demand” as a top-three priority area when considering changes to their supply chain strategies, compared with 30% of financial leaders in all sectors.
Among industries overall, nearly half the respondents believe remote work is here to stay for some roles, as companies plan to alternate crews and reconfigure worksites.
In terms of financial effects of the pandemic, more than half respondents projected a decline of at least 10% in company revenue and/or profit this year. A third expect layoffs to occur as CFOs continue to target costs, whereas 70% said they are considering deferring or canceling planned investments. Fifty-six percent of respondents said they are changing company financing plans, up from 46% in a similar survey by PwC conducted two weeks ago.
