Returning To Work Post COVID: Business Owners Confidence

Returning To Work Post COVID: Business Owners Confidence

About the survey

PwC surveyed 305 US CFOs and finance leaders between April 20 to 22, 2020. 89% of the respondents were from public and private companies in these top five sectors: consumer markets (14%), financial services (20%), health industries (12%), industrial products (23%), and technology, media and telecommunications (20%). Fifty-seven respondents are from Fortune 1000 companies. The PwC COVID-19 CFO Pulse Survey is taking place biweekly to track changing sentiment and priorities. The inaugural Pulse Survey was conducted March 9 to 11, 2020, the second took place from March 25 to 27 and the third between April 6 to 8.

The New Normal

It's on everyone's mind, "When will we get back to work so things can get back to normal?" Unfortunately, business recovery at this magnitude is new ground for everyone. Stronger businesses with larger cash reserves will fare better than struggling ones and those that fail to plan and innovate are simply planning to fail.

Cash is king and the following graphs will illustrate how many business owners are planning to pivot, control spending, protect workers, and adapt. The realization that we may be in an extended recession is beginning to sink in for a majority of business owners nationally and globally. Since mid-March, jobless claims have soared past 26 million. 80% of those surveyed, expected a reduction in profits and revenues for 2020.

Health and safety are chief concerns. Almost half (49 percent) plan to make remote working and a decrease in real estate footprint part of their new normal. 77% plan to put new safety features in place like physical distancing, reconfiguring workspaces, and remote working.