As the global economy prepares for the new normal post-COVID-19, 78 per cent of chief financial officers (CFO) in the Caribbean say the crisis-driven transitions to remote work and the adapting of flexible work hours will set their companies on a continuous path of success, according to PricewaterhouseCoopers (PwC) COVID-19 Pulse Survey.

The study conducted in May revealed that 54 per cent of finance leaders in the Caribbean region are considering making remote work a permanent option where feasible, while 63 per cent say they are planning to accelerate automation and new ways of working, compared to 43 per cent of CFOs globally.

Concurrently, 44 per cent of Caribbean CFOs have concerns over loss of productivity due to remote working in the upcoming months.

While many companies are still reeling from the fallout of COVID-19, 34 per cent of Caribbean CFOs are more optimistic in their organisation’s ability to get back to business as usual in less than one month, if the COVID-19 pandemic were to end today. Only 14 per cent of CFOs globally shared similar sentiments.

As the global economy gradually reopens, Caribbean finance leaders feel confident they can create safe environments for both their employees and customers. Among the tactical measures planned to protect staff, 85 per cent of CFOs in the Caribbean regions are planning to provide masks and offer testing, and 61 per cent are planning changes to worksites.

According to Arthur Wightman, PwC Bermuda leader and markets leader for PwC in the Caribbean, the study revealed that Caribbean organisations are increasingly embracing the value of digital transformation.

“As a number of economies slowly start to reopen, it is becoming increasingly clear that businesses have a key role to play in managing the way forward. While governments are issuing broad guidance, it is companies that will need to determine how to keep their people safe, and develop innovative solutions to ensure this safety can be sustained throughout the crisis and recovery. The good news is that finance leaders are confident about their companies’ ability to design and implement effective return-to-work strategies,” Wightman stated.

“While companies are focused on longer term on business transformation, it’s heartening that in the short term, they are deepening their contributions to community relief efforts and emergency funds,” he continued.

However, a majority of the Caribbean CFOs were unsure in their ability to identify new revenue opportunities and expect a significant decrease in revenue and/or profits, with 34 per cent expecting a drop of up to 25 per cent, and 12 per cent expecting a decline of 25-50 per cent as a result of COVID-19.

PwC surveyed 867 CFOs in 24 countries and territories, including over 40 in Bermuda and the Caribbean, including public and private companies in the technology, media and entertainment, retail and consumer, industrial manufacturing and automotive, energy and utilities, financial services, and government and public services sectors.