WORKING FROM HOME IS THE NEW NORMAL FOR MANY OF US BY BILL STANKIEWICZ, SUPPLY CHAIN EXECUTIVE
An MIT study done in April, showed that around 50% of the population was working from home in April. And another study done by Gartner Group indicates that 74% of CFOs intend to shift some workers to be remote workers permanently, post-crisis.
Google, Facebook and Zillow have informed their employees that they will remain working from home through the end of 2020. Capital One workers will remain home through Labor Day. Nationwide Insurance is shuttering five of its locations and allowing workers to remote work permanently.
With 81% of CFOs previously telling Gartner that they planned to exceed their contractual obligations to hourly workers, remote work is one example of creative cost savings senior finance leaders are seeking in order to avoid more severe cuts and minimize the downside impact to operations. CFOs previously reported to Gartner that they were taking additional steps to support employees in this area by adjusting to more flexible work schedules and providing company-issued work from home equipment. These action by finance leaders help minimize disruptions workers might be facing as a result of the crisis.
“Most CFOs recognize that technology and society has evolved to make remote work more viable for a wider variety of positions than ever before,” said Mr. Bant. “Within the finance function itself, 90% of CFOs previously reported to us that they expect minimal disruptions to their accounting close process, with almost all activities able to be executed off-site.”
As organizations continue to grapple with the ongoing business disruptions from COVID-19, permanent remote work could complement cost-cutting measures that CFOs have already taken or plan to take.
In Gartner’s most recent survey, 20% of respondents indicated they have deferred on-premise technology spend, with an additional 12% planning to do so. An additional 13% of respondents noted they had already made cost reductions in real estate expenses, with another 9% planning to take actions in this area in the coming months.
Gartner clients can read more in CFO Actions in Response to COVID-19: Week of 30 March 2020.
Thanks for sharing here,
Savannah Supply Chain
www.beBee.com USA Brand Ambassador