Over a quarter of CFOs say they expect to lay off employees as they deal with financial impact of pandemic
The third release of PwC’s COVID-19 CFO Pulse Survey reveals 26% of US chief financial officers (CFOs) anticipate layoffs, a marked increase from two weeks ago, when PwC surveyed US and Mexico CFOs and found that only 16% of them were expecting layoffs.
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As the crisis stretches farther into 2020, financial impacts of COVID-19 now rate as the top concern, with 75% of CFOs citing the pandemic’s effects on operations and liquidity. In fact, 82% of CFOs are now focused on reining in costs — up considerably from two weeks ago, as they continue to deal with the economic impact of the COVID-19 pandemic. Two thirds (67%) of survey respondents are considering deferring or canceling planned investments. Most companies are looking to contain costs by halting investments in facilities and capital expenditures, IT, workforce and other areas.
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“As we see the economic ramifications of the pandemic continue, workforce discussions are shifting,” said Tim Ryan, US Chair and Senior Partner, PwC. “Many of the business leaders I am speaking to want to do everything they can to protect their workers’ jobs. However, we are seeing that without normal revenue flows, many leaders are being forced to make tough decisions around staffing and costs. Unfortunately, it is becoming increasingly difficult for some to avoid reducing headcount given the continued uncertainty around how long the pandemic will last.”
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