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Deloitte: Flexible working will be the 'big winner' from Covid crisis

May 06
Tags: Deloitte
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Deloitte: Flexible working will be the 'big winner' from Covid...

As companies and economies around the world continue to struggle under the strain of the coronavirus pandemic, Deloitte has said flexible working is likely to be the "big winner" coming out of the crisis.

The professional services firm commented on the current picture for businesses as it released its latest survey of chief financial officers, which showed the largest quarterly fall in corporate confidence on record.

Conducted between April 8th and 22nd - after the UK was placed into lockdown - the study showed that CFOs expect revenues to drop by 22% in 2020, compared to estimates made before the Covid-19 outbreak.

While revenues are generally expected to pick up gradually in the second half of the year, respondents did not anticipate a quick return to business as usual.

Richard Houston, senior partner and chief executive of Deloitte for north and south Europe, noted that finance leaders are facing the "toughest challenges in decades", but most remain confident that demand will begin to return before the end of 2020.

"Leaders are already thinking beyond the downturn and how to adapt and prosper in a changed world," he added.

"Almost all finance leaders believe that flexible working will gain ground in the wake of this crisis. We have an opportunity to rethink the future of work in a way that boosts opportunity and innovation."

Other findings from the survey showed that 84% of CFOs were less optimistic about their company's prospects than they were three months earlier.

Nearly nine out of ten respondents (89%) said their firm is now facing a high or very high level of uncertainty, up from 34% in the previous quarter.

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