Barcode PWC 2012, Bjørn Erik Pedersen , CC BY 3.0

PwC CFO COVID-19 Pulse Survey, the First in a Bi-Monthly Series That Shows How CFOs and Finance Leaders Plan to React to COVID-19 — and What Impacts They Expect to See

Originally published on PwC.com.

Newly released by PwC, COVID-19 CFO Pulse Survey: What finance leaders are focused on reveals how chief financial officers (CFOs) and finance executives in the US and Mexico plan to react to the COVID-19 outbreak and what business and economic impacts they anticipate in the coming weeks and months. Fifty finance leaders weighed in from the US and Mexico from March 9 – 11, 2020.

The potential for COVID-19 to lead to a global economic downturn is the top concern for finance leaders in the US and Mexico. However, 90% of finance leaders say their business would return to normal in less than 3 months if COVID-19 were to end immediately. Other key findings include:

  • All finance leaders say their business is experiencing some impact as a result of coronavirus
  • 54% of respondents say the outbreak has the potential for “significant” impact to business operations
  • 58% expect a decrease in their company’s revenue and/or profits this year
  • 34% say impact has been limited to specific regions, but that they are monitoring developments closely
  • Just 14% of finance leaders reported that their company is not considering any financial actions as a result of COVID-19
  • Only 30% are considering supply chain changes
  • 80% indicated that a potential global recession rated among their top-three concerns with respect to COVID-19
  • 48% of finance leaders expect to change disclosures

“Uncertainty, especially regarding both the length and severity of the COVID-19 pandemic, is a predominant concern for chief financial officers,” said Tim Ryan, PwC US Chair and Senior Partner. “However, with 90% of CFOs and finance leaders optimistic that they can return to normal business operations fairly quickly if the pandemic stops soon, this should signal a strong sense of urgency for business leaders to work closely with government and public health officials to help address the crisis.”

PwC has also created the COVID-19: Navigator — an online tool that helps companies assess the potential impact to their business and gauge readiness to respond to disruption created by the coronavirus pandemic.

“Most finance leaders surveyed seem to be optimistic about a resolution to the spread of the coronavirus and as a result are focused on near-term versus long-term solutions to managing costs,” said Amity Millhiser, PwC US Vice Chair and Chief Clients Officer. “However, if conditions continue to deteriorate we would expect to see a pullback in long-term investment spending as companies move to longer-term cost containment strategies.”

Of the 50 finance leaders surveyed, 80% are from Fortune 1000 companies, with others in healthcare non-profit associations or in privately held companies, and 44 respondents are from the US whereas 6 are from Mexico. The survey will repeat every two weeks to track changing sentiment and priorities.

You can view the findings and insights by visiting pwc.com/us/covid-19-survey.

Latest News

woke politics

Republicans Launch a War on ‘Woke’ Politics in Hopes of Big Legislative Wins in 2022

In 2020, former President Barack Obama warned that the phrase “Defund the Police” could become a dangerous rallying cry for the conservative right. But now, Republicans have apparently taken that warning one step further, declaring war on all things “woke.” Allan Smith and Sahil Kapur of NBC News wrote that…

women in politics

Women Remain Vastly Underrepresented in Local Government, Despite Conventional Wisdom Suggesting Otherwise

Vice President Kamala Harris and Speaker of the House Nancy Pelosi sat behind President Biden during his first speech to a joint session of Congress on April 28 — representing the first time two women held such important and high-ranking political offices. Even after such a historic moment, the reality…

voter restriction

Florida Follows Georgia’s Lead, Approves Racist Anti-Voter Restrictions Aimed Primarily at Democrats and People of Color

Not content with letting Georgia be the only state in the South demonized for its bigoted and racist attacks on voter rights, Florida has jumped into the fray in issuing its own series of new and highly controversial “Jim Crow-esque” anti-voting restrictions aimed specifically at disenfranchising Democrats and voters of…

Kentucky Derby

Inspired by Protests Over Breonna Taylor’s Death, Humana and Kentucky Derby Festival Launch Diversity and Inclusion Initiative in Louisville

Ahead of the 147th Kentucky Derby on Saturday, May 1, Kentucky Derby officials and Humana (No. 25 on The DiversityInc Top 50 Companies for Diversity list in 2020) have announced a new equity initiative meant to make the race more accessible and welcoming to everyone, regardless of race, gender, age…

crimes against human ity

‘Crime Against Humanity’; Global Report Says the US Should Be Prosecuted in International Criminal Court for Ongoing Police Murders of Black Americans

In what has been described as a “devastating” report, human rights experts and lawyers have investigated and released a 188-page analysis of the ongoing police brutality and killing of Black Americans in the U.S. Their verdict: the country is guilty of “crimes against humanity” and should be prosecuted for its…

Tokyo, Olympics

Tokyo Olympics to Encourage Significant Increase in Gender Equality Among Event’s Corporate Sponsors

Besides simply being a showcase for some of the most talented and athletic men and women on the planet, the organizers of the Tokyo Olympics are hoping their event this summer can also help promote significant change in corporate culture, both in Japan and around the globe. Bloomberg’s Ayai Tomisawa…