Virus worsens worker productivity, survey saysBusiness | 14 Apr 2020 6:12 pm
Organizations large and small, in the public and private sectors, have expressed deep concerns about the impact of the coronavirus on their people, productivity and cash flow, with over half of companies seeing the most severe impact from employee productivity, according to ACCA’s new global research among 10,000 finance professionals, including 481 experts in Hong Kong SAR.
Forty six percent of respondents said customers have stopped or reduced purchases as they are from a region affected by the virus and 40 percent said they were experiencing cash flow problems hitting business viability.
Findings also showed 43 percent thought their organization’s business continuity plan allowed them to respond effectively to the virus-related disruptions. Yet, 33 percent thought the economic stimulus package was not relevant.
The research also reveals 76 percent of respondents have done a financial reforecast for 2020, compared to just 53 percent globally. Ninety percent of those having done a reforecast say the likely outcome will be negative revenue growth. For business leaders, the majority say that the uncertainty over the extent, duration and scale of the Covid- 19 outbreak impacts their ability to establish reasonable reforecasts.
ACCA said it is recommending that organizations follow the "three As" of crisis planning – act to respond in a sustainable manner and focus on employees and stakeholders; analyse the different information sources to secure your organization, and anticipate the business impact and future trends.