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A Recent Survey Found That Nearly 1 in 3 CFOs Believe Layoffs Are Imminent, But Are There Other Options? What Should You, as a Financial Leader, Prioritize?
PCW surveyed CFOs to discover more about how they’re handling the coronavirus pandemic. The results weren’t overly surprising given the current circumstances:
So what can we take away from this? Well, naturally, CFOs are looking for ways to cut costs – and this means lessening their spending on people, investments, and on-premises work. But despite many believing layoffs are the right choice, it’s important to consider the role people play in any given organization.
While a range of factors outside of anyone’s control will impact short-term cash flow, the value of an organization, on a long-term level, lies in its human capital. Many CFOs plan to continue remote work, which is crucial to allowing as many people as possible to maintain employment within the organization. Remote work allows for many cost-cutting benefits:
But CFOs will need to find ways to adapt to working from home without sacrificing efficiency or security against threats. They will need to understand the tools available to them, implement them correctly, and support their people in using them. This can include:
Naturally, CFOs have a range of priorities right now – but going into the future, it’s integral to make technology decisions that position the organization for greater resiliency and agility to respond to the market.
CFOs are leading through the crisis, there’s no doubt about that, but that leadership will be key as we see lockdowns lifted across the world. They will be taking many short-term measures to handle the following issues:
But now, we’re transitioning out of crisis mode and into planning mode. Long-term value creation must be a top priority, which means understanding and prioritizing factors that will drive survival well beyond the pandemic. Here are our recommendations:
Take advantage of outsourcing technology services and support
Outsourcing technology services and support, as opposed to hiring internally, will become critical as a way to save on the costs associated with hiring internally, including salaries, benefits, vacation time, and more. Outsourcing allows you to:
Embrace remote access and cloud-based tools
Many organizations are planning to continue embracing remote work as a way to cut costs. This has the added benefit of eliminating the reliance on on-premises systems. The cloud offers access to data, applications, and systems from any device or location – meaning you’re able to eliminate costs associated with purchasing, upgrading, and maintaining technology.
Plus, the cloud typically features built-in security measures that are much more advanced than the average organization can afford, such as:
CFOs will be navigating a lot of tough technology decisions. We can help. Reach out to us via the chatbox or give us a call at (516) 207-1839.