As businesses bring people back to work sites that have fundamentally changed, PricewaterhouseCooper’s (PwC) latest COVID-19 CFO Pulse Survey reveals their greatest concern is a new wave of coronavirus infection (64 per cent).

This concern is closely followed by the impact of a global economic downturn (61 per cent).

The survey of 989 CFOs in 23 countries and territories, including over 40 CFOs in Jamaica and across the Caribbean, was conducted between June 1-11.

It’s clear from the survey that CFOs are focusing on regaining their footing, rebuilding revenue and reshaping their businesses.

The majority of CFOs surveyed in the Caribbean expect COVID-19 to decrease revenue/profits by 10 per cent or more (66 per cent), with 11 per cent stating while they expect a decrease, the range is unknown and two per cent saying the impact is too difficult to assess at this point.

Most Caribbean CFOs (70 per cent compared to 63 per cent globally) cite offering new or enhanced products or services as most important to rebuilding or enhancing their revenue streams. None are considering making cuts to digital transformation or cybersecurity.

Leighton McKnight, PwC Jamaica leader and advisory leader for PwC in the Caribbean, commented: “Caribbean finance leaders are now looking to balance their business strategy with the new requirements for doing business in this challenging era of unpredictability. Seventy per cent of CFOs are planning to focus on product innovation and this is a good sign. COVID-19 has created opportunities and it will be good to see businesses evolving and adapting to remain profitable. CFOs are also concerned with bringing people back into workspaces and reorganising to keep both employees and clients safe. This isn’t surprising, but if companies implement the right measures to keep employees and clients safe and take a phased approach, they’ll be better able to focus on working to survive and thrive as we move forward.”

“There are also significant opportunities for business leaders to step up and deliver on the larger purpose of the corporate community that is, creating opportunities and investing in people and communities in order to grow the economy,” McKnight added.

Caribbean edition survey highlights:

FINANCIAL ACTIONS

77 per cent of respondents are considering implementing cost containment.

50 per cent of respondents are considering deferring or cancelling planned investments as a result of COVID-19.

0 per cent of CFOs are considering cuts to digital transformation, cybersecurity and research & development.

WORKFORCE IMPACT

32 per cent say in the next month they expect a productivity loss due to lack of remote work capabilities.

34 per cent say in the next month they expect a change in staffing due to low/slow demand (temporary furloughs).

RETURN TO THE WORKPLACE

77 per cent are very confident they can meet customers’ safety expectations.

82 per cent are very confident they can provide clear response and shut-down protocols if COVID-19 cases in their area rose significantly or if there was a second wave of infections

73 per cent are very confident they can provide a safe working environment.

EMERGING STRONGER

77 per cent say the current work flexibility will make the company better in the long run (eg hours, location).

59 per cent say the current situation has resulted in better resiliency and agility which will make the company better in the long run.

70 per cent say technology investment from the current situation will make the company better in the long run.

59 per cent say the current situation has resulted in new ways to serve customers, which will make the company better in the long run.