A new survey shows that chief financial officers are increasingly worried about the ramifications of the Covid-19 pandemic, with 82% saying the outbreak has the potential to significantly impact their businesses.
PwC's CFO Pulse Survey shows that the top three concerns with respect to the coronavirus are the chances of a global recession (67%), financial impact on operations, liquidity and capital resources (60%) and a reduction in productivity (44%).
The survey reveals that many companies are rapidly adjusting their business strategies in response to the pandemic.
52% are considering measures to contain costs and 47% are considering deferring or cancelling planned investments and capital expenditure.
When asked about the impact on their workforce over the next month, 52% of respondents expect productivity losses due to the lack of remote working capabilities.
32% of respondents also expect layoffs as a direct result of Covid-19.
But there is also some positivity in the survey as the majority of finance leaders surveyed - 75% - feel assured that their business could return to business-as-usual within three months should Covid-19 be resolved today.
"The impacts of Covid-19 are being felt by many businesses in Ireland as measures to contain the outbreak impact all aspects of life.
"Those businesses who plan and act decisively during a crisis emerge better positioned to succeed through uncertainty," commented David McGee, Leader at Markets and Strategy PwC Ireland.
"This includes assessing all aspects of their business from liquidity and cash flow, workforce, supply chain, strategy, operations, contractual agreements, financing and insurance," Mr McGee added.
