How Are CFOs Planning To Keep Their Organizations Afloat Post COVID-19?
Many states are starting to lift their lockdowns, but social distancing is expected to be in place for the unforeseeable future. Organizations that were forced to close their doors are now opening back up, but the business has certainly changed over the past few months.
- People are spending less money in the face of an economic downturn
- Social distancing means less customers are allowed into buildings at any given time
- Businesses have less cash flow available to them
Although we don’t know how long the coronavirus pandemic will last, we do know that it’s important to keep operating and staying afloat, despite the difficult times we’re in. So how are CFOs doing this? Gartner surveyed 317 CFOs to find out their plans for operating in a post-COVID-19 world:
- 74% of CFOs plan to transition previously on-premises employees to remote work post-coronavirus.
- 81% of CFOs plan to exceed their contractual obligations to hourly workers via remote work to offer flexible schedules.
- 13% of CFOs have already cut real estate expenses with another 9% planning to do the same.
It’s clear: remote work is here to stay. For many organizations, remote work offers clear benefits:
- Keeping real estate and/or office supply costs lower than ever before
- Boosting productivity as employees aren’t commuting or socializing
- Lessening limitations in terms of hiring talent from any location
Global Workplace Analytics found that organizations can save, on average, $11,000 per employee if that employee is working from home half of the time. In addition, employees save money too. They’re able to cut out roughly $2,000 to $7,000 per year because they spend significantly less money on gas, lunch, and more.
How to Make Remote Work Successful
Many CFOs are opting to continue embracing remote work, but how do you make sure it’s successful in helping you achieve the benefits listed above? It’s all about having the right remote work strategy in place. Here are our recommendations:
Use The Right Cloud-Based Tools
Remote workers will need to be able to collaborate with one another, despite the physical distance between them. Cloud-based tools are the perfect way to achieve this. You’re able to cut costs associated with purchasing and maintaining hardware and software, as well as enjoy the ability to access, edit, and share important information in real-time. Our top favorite cloud-based tools include:
- Microsoft 365, which includes Microsoft Teams
- VoIP business phones
- Project management software, such as Basecamp or Asana
Don’t Forget About Cybersecurity
Remote workers are at an even higher risk than employees working from the office. Why? Because they tend to have fewer security measures in place to protect them. Make sure you’re implementing the right security measures to protect against hackers, including:
- Anti-virus software
- VPN technology
- Multi-factor authentication
- And more
Make Sure Remote Support Is Available
If technical issues occur, your remote workers will need assistance to keep working productively. Make sure you have a technology support company ready to provide remote, and if needed, onsite support to your remote workers. They should be able to get in touch with your technical support company via phone, email, or web portal whenever necessary.
How to Minimize the Impact of Future Disruptions
We’ve all learned that business continuity is about more than simply preparing for a storm or outage that lasts a few days. A business continuity plan should cover the following:
- Dislocation from the office
- Restoration of systems, data, and processes
- Unavailability of key personnel
- Unavailability of information systems
- Loss of customer demand
- Emergency contacts
- And much more
For CFOs, another critical part of staying afloat is understanding how long this downturn will last. This means keeping an eye on the development of the coronavirus pandemic. There’s a tracker app that offers statistics, such as confirmed cases, unemployment, testing, and more. This is helpful for CFOs who want to stay aware and in the loop so they know when the business will return to some sense of normalcy.
If you’re not working remotely in an effective manner or you haven’t planned for the future with proper business continuity, click here to get in touch with one of our representatives or call (860) 410-0670 today!