A recent Gartner survey of 317 CFOs and Finance leaders done sometime in March 2020 revealed that nearly three in four CFOs plan to shift at least 5% of their on-site employees to permanent remote positions even after COVID-19 lockdowns lift.
The findings revealed that 74% will move at least 5% of their previously on-site workforce to permanently remote positions post-COVID 19.
This is just one example of the changing business impact that the Covid-19 pandemic will have on the global workforce.
The way companies will do business in general and the way they manage their workforce is also set to undergo a transformation, given the effects of the pandemic.
Let’s Look at A Few Priorities That Have Taken Center stage Since the Start of the Covid-19 Pandemic
Business owners and business leaders, even sales and marketing teams are already under pressure to manage and reduce operational costs. Many believe that a permanent move to remote work will help reduce overhead expenses. However, this is where teams are still grappling, while trying to ensure revenue doesn’t suffer beyond a point, they are also finding ways to reduce operational costs in an attempt to ensure business continuity and safeguard employee interests where possible.
Focus on Proper Employee Support
Several companies are using this new normal to help employees adjust by offering flexible work schedules or by providing equipment support, to enable better work from home processes.
These steps can help reduce the negative disruptions caused by a sudden shift to a remote work model. It is important to understand that while the tech sector was more or less accustomed to a remote work model over the years, not every industry or team within a tech or SaaS company was accustomed to this work methodology.
A shift in focus and ensuring adequate employee support is now becoming a crucial need for global teams.
Focus on Accessibility to HR Technologies and Other Productivity Tools
We all know how important being at the right time and the right place is! The good part about the way HR Technology and other cloud-based collaboration technologies have evolved is that their features and capabilities have allowed teams of even over 500 people to make this shift to a remote work model far more easily, at the same time ensuring that everyone is able to communicate, collaborate and ensure tasks are done on time, while business leaders assess productivity and compliance in the midst of it all.
A recent news indicated that Google and majority of its taskforce would be allowed to work from home till the end of 2020. None of this would be possible without a combination of the right technologies, tools and more importantly, processes.
In order for the concept of remote work to be optimized across the hierarchy and even across industries, not only do employees and teams need to adjust, they need the right support and technical know-how and capabilities. The right training with virtual sessions can enable the know-how to shift to this remote work model easily, but without the right tools and technologies, all of that turns into hearsay.
There’s Also FinTech (To Be Grateful for) and To Invest More In
Another benefit of implementing complete remote work processes at a time when over 180 countries are going through a downturn caused by Covid-19 is the evolution of fintech. Finance leaders are in a position today to seamlessly ensure that there are minimal disruptions to their accounting close process, they can easily ensure that all activities are executed off-site. This is a time for companies big and small to invest in the right finance technologies as well, to ensure a secure and wholesome remote work methodology that surpasses departments and ensures proper operational management.
The global lockdown that is either partially or wholly in place for over 180 countries has resulted in a change in not only how businesses functions, but also in buyer trends and behaviors. The interest in virtual meeting tools, productivity software, time tracking technologies, collaboration tools have increased while buying trends or interests for other technologies might be on hold for the foreseeable future.
If there’s anything that Covid-19 has taught us, it is that we need to know how to pivot overnight to adjust our business models, teams and technologies to help ensure one important thing – business continuity! All of this while ensuring employee health and safety, of course.