The furious speed with which the COVID-19 outbreak morphed from a health care issue to an economic issue has created unprecedented challenges for chief financial officers. To manage through these challenges and position their organisations for recovery, CFOs need to take decisive action now.
Employees are the first priority, of course: doing everything possible to safeguard their health and financial security is an imperative. It is not only the right thing to do but will be critical to rebounding when COVID-19 abates. Ongoing communication will be important, too, both to minimise employees’ stress and to keep them engaged.
Many companies have already instructed corporate staff to begin working remotely, safeguarding both their physical and financial health. However, most organisations have little experience managing a work-from- home workforce, and their employees little experience working in one.
CFOs must prioritise making sure workers get the tools and technologies they need to communicate and collaborate, along with ready access to the corporate data pertinent to their jobs—all while maintaining security standards.
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