The Coronavirus outbreak has forced companies around the country to let employees work from home. The situation was meant to be temporary for many businesses, but some CFOs (Chief Financial Officers) are thinking about making some employees full-time remote workers, according to a recent Gartner, Inc. survey.
Gartner Finance Practice recently surveyed 317 CFOs and finance leaders and 74 percent of the respondents said they planned to move at least 5 percent of their previously onsite workforce to remote positions after companies are permitted to let people return to work. Approximately 25 percent of CFOs said they would move at least 20 percent of their onsite workers to permanent remote positions.
“This data is an example of the lasting impact the current coronavirus crisis will have on the way companies do business,” Alexander Bant, practice vice president, research for the Gartner Finance Practice said in a statement. “CFOs, already under pressure to tightly manage costs, clearly sense an opportunity to realize the cost benefits of a remote workforce. In fact, nearly a quarter of respondents said they will move at least 20% of their on-site employees to permanent remote positions.”
Recent remote work policies lead to CRE savings, company changes
Additionally, 13 percent of survey respondents said they have already reduced real estate expenses and another 9 percent plan to take actions to do the same in the coming months. Meanwhile, 81 percent of CFOs said they planned to exceed their contractual obligations to their hourly employees. Senior finance leaders see remote work as a way to more labor cuts and minimize the downside impact to operations.
CFO had also previously told Gartner they were taking extra steps to support employees by adjusting to more flexible work schedules and provide company-issued telework equipment. Such actions can help minimize the disruptions that workers might face because of the health 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,” Bant said. “Within the finance function itself, 90 percent 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.”