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.”
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