How CFOs Are Keeping Their Organizations Strong After COVID‑19
Adapting to a New Business Reality
Many states have lifted their lockdowns, yet social distancing is still part of everyday operations. Companies that closed their doors have reopened, but the way business works has changed. The past few months created challenges such as:
- Lower customer spending during an economic downturn
- Fewer customers allowed inside buildings at once
- Reduced cash flow for many businesses
Although no one knows how long the effects of COVID‑19 will last, staying operational is critical. Gartner surveyed 317 CFOs to better understand how organizations plan to move forward in a post‑COVID world.
What CFOs Are Doing to Stay Afloat
Remote Work Becomes a Long‑Term Strategy
CFOs are shifting their strategies in significant ways:
- 74 percent plan to move former on‑site employees into permanent remote roles
- 81 percent plan to offer flexible schedules for hourly workers through remote options
- 13 percent have already reduced real estate costs, with another 9 percent planning similar cuts
Remote work is becoming a long‑term solution because it brings strong benefits for both the business and employees.
Why Remote Work Works
Remote work helps organizations:
- Lower office and real estate expenses
- Increase productivity since employees avoid commuting and distractions
- Hire talent from any location without limitation
Global Workplace Analytics found that companies can save about $11,000 per employee when that employee works from home half of the time. Employees save too, often reducing yearly costs by $2,000 to $7,000 due to less spending on gas, meals, and travel.
How to Make Remote Work Successful
If your organization is embracing remote work, it is important to set your teams up for success with the right strategy.
Use the Right Cloud Tools
Cloud tools help remote employees communicate and collaborate in real time. They also reduce the need to buy and maintain hardware or software. Useful cloud tools include:
- Microsoft 365 with Microsoft Teams
- VoIP business phone systems
- Project management software like Basecamp or Asana
Strengthen Cybersecurity
Remote workers face higher cybersecurity risks because their home setups often have fewer protections. Your organization should put the right tools in place such as:
- Antivirus software
- Firewalls
- VPN access
- Multi‑factor authentication
Provide Reliable Remote Tech Support
When remote workers run into technical issues, they need fast support to stay productive. Make sure your IT partner can offer both remote and onsite help when needed. Your team should be able to reach support by phone, email, or through a web portal.
Preparing for Future Disruptions
COVID‑19 revealed that business continuity planning must go far beyond short outages. A strong continuity plan should include:
- Working from locations outside the office
- Rapid restoration of systems, data, and daily processes
- Planning for times when key staff are unavailable
- Handling disruptions to information systems
- Managing a sudden drop in customer demand
- Updated emergency contact lists
CFOs also need to stay informed about economic conditions. Tracking data such as case numbers, testing levels, and unemployment trends helps leaders understand when business performance may return to normal.
Ready to Strengthen Your Remote Strategy?
If your remote setup is not working well or your business continuity plan is incomplete, our team can help.
Contact us online today to get support from an RSI representative.