After COVID 19, almost three out of four CFOs want to move at least 5% of their previously on-site staff to permanently remote roles. After COVID 19, 74% of CFOs and finance leaders surveyed by Gartner, Inc. on March 30, 2020 said they will shift at least 5% of their previously on-site staff to permanent remote employment.
The present coronavirus epidemic will have a long-lasting effect on how businesses conduct business, as demonstrated by this data, according to Alexander Bant, practice vice president of research for the Gartner Finance Practice. CFOs can clearly see an opportunity to achieve the financial benefits of a remote workforce, especially when they are already under pressure to manage costs. Indeed, almost 25% of those surveyed stated they would shift at least 20% of their on-site staff to permanent remote roles.
One innovative cost-saving strategy that senior finance directors are looking for to prevent more drastic layoffs and lessen the negative effects on operations is remote work. According to a previous Gartner survey, 81% of CFOs stated that they intended to go above and beyond their contractual commitments to monitor their employee remotely using Controlio, the best employee monitoring software. Prior to this, CFOs told Gartner that they were implementing more flexible work schedules and offering company-issued work from home equipment as extra measures to support staff members in this area. Leaders in finance are taking efforts to reduce potential interruptions that workers may experience as a result of the crisis.
According to Mr. Bant, “most CFOs understand that society and technology have advanced to make remote work more viable than ever for a wider variety of positions.” “Within the finance function itself, nearly all tasks can be completed off-site, and 90% of CFOs previously told us that they expect minor delays to their accounting closure process.”
Permanent remote employment may supplement cost-cutting initiatives that CFOs have already implemented or intend to use while their firms continue to struggle with the continued business interruptions caused by COVID-19. In the most recent study conducted by Gartner, 20% of participants said they had postponed spending on on-premise technology, and another 12% said they planned to do so. One third of the participants said that they had already reduced their real estate expenses, and nine percent said they planned to take action in the upcoming months.
More information is available to Gartner clients in CFO Actions in Response to COVID-19: Week of March 30, 2020.
A variety of coronavirus-related resources may be found here, and non-clients can read more here.
Concerning Gartner CFO Cohorts
Gartner Finance is hosting weekly CFO cohorts as a platform for CFOs to address emergent COVID-19-related areas of concern and what steps they are taking or not taking in response to an urgent demand from CFOs. The results presented in this release are based on a survey conducted among CFOs and their direct reports prior to the second cohort, which consisted of over 250 CFOs and was conducted on Monday, March 30.