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‘Second COVID-19 wave’ worries businesses – poll

by Stefon Jordan
4 min read
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A new survey has found that as Barbados joins the rest of the world in easing COVID-19 restrictions and reopening for business, most firms across the region worry about a new wave of the deadly viral infection.

The latest PricewaterhouseCoopers (PwC) COVID-19 CFO Pulse Survey published on Thursday, also showed that over half of the businesses polled around the world (59 per cent) believed the current situation has resulted in better resiliency and agility and resulted in new ways to serve customers.

The survey was conducted among almost 1,000 chief financial officers (CFOs) in 23 countries. Of the 40 CFOs surveyed in the Caribbean, about one in three is based in Barbados. The other countries in the region surveyed were Bermuda, the Bahamas, Jamaica and Trinidad and Tobago.

The study, which was carried out between June 1 and 11, is the sixth in a series that began in early March.

It showed that 64 per cent of those polled were greatly concerned about a second wave of the virus, which has infected more than 8.7 million people and killed over 459,000 to date worldwide.

This concern was closely followed by the impact of a global economic downturn at 61 per cent.

PwC said it was clear from its pulse survey that firms were “focusing on regaining their footing, rebuilding revenue and reshaping their businesses”.

It pointed out that the majority of CFOs surveyed in the Caribbean expect COVID-19 to decrease revenue and profits by between ten per cent and 66 per cent.

Eleven per cent of them said while they expected a decrease, the range was unknown.

Two per cent of those surveyed said the impact was too difficult to assess at this point.

Most regional CFOs –  70 per cent compared to 63 per cent globally – said offering new or enhanced products or services was most important to rebuilding or enhancing their revenue streams. None of them was considering making cuts to digital transformation or cybersecurity.

Mike Bynoe, PwC East Caribbean Territory Leader, said finance leaders were shifting their focus to how they could create sustainable business models that can adapt to the new realities of working and doing business in a challenging world of uncertainty.

“In many cases, this will mean innovating new products and services that will work for consumers amid continued social distancing and other health and safety measures. Companies will also need to implement the right measures to keep their employees safe and look at new ways of working to survive and thrive moving forward,” said Bynoe.

He said: “navigating the ongoing effects of COVID-19 will be a long road but we’ve already seen here in Barbados and across the Eastern Caribbean that businesses, in general, are adapting successfully. This is particularly evident in those that have embraced a digital mindset”.

“With growing importance on rebuilding revenue, they need to also listen to their customers, innovate products and services and offer a new experience rooted in technology,” he said.

According to the survey, 77 per cent of CFOs were considering implementing cost-containment measures and 50 per cent were considering deferring or cancelling planned investments as a result of the pandemic.

In relation to the impact on the workforce, only 32 per cent of respondents said they were expecting a reduction in productivity in the next month due to “lack of remote work capabilities”, while 34 per cent said they expected temporary layoffs in the next month due to low or slow demand.

When it comes to meeting customers’ safety expectations, 77 per cent of respondents said they were very confident, while 73 per cent said they were very confident they could provide a safe working environment.

Eighty-two per cent said they were very confident they could provide clear responses and shut-down protocols if COVID-19 cases in their area rose significantly or if there was a second wave of infections.

A majority of the CFOs, 77 per cent, said the current work flexibility such as hours and location would make their company better in the long run, while 70 per cent said technology investment from the current situation would make their company better over time.
marlonmadden@barbadostoday.bb

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