The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

A Bahamian accounting firm yesterday said its technology investments are “paying dividends” by upholding productivity throughout COVID-19 even though just ten percent of staff have currently returned to the office.

Prince Rahming, territory manger for PricewaterhouseCoopers (PwC) Bahamas, told Tribune Business “everybody was concerned” about maintaining output and servicing clients when the pandemic struck and forced most office-based staff to work remotely.

“I think front and foremost, what we saw going into COVID was there was an issue with productivity,” he explained. “But with everybody being released back into the workforce, measures were taken by chief financial officers across the globe to ensure that they can continue to provide, and productivity became less and less of a factor.

“Companies were then looking for new revenue streams, introducing new products and really adjusting to the new norm, including adjusting work flows; adjusting where people are working; going digital. Those were some of the things impacting chief financial officers.”

Revealing that just ten percent of PwC Bahamas staff have returned to the office as COVID-19 lockdown restrictions ease, Mr Rahming said employees can operate remotely because the firm has developed the electronic infrastructure for them to work remotely.

He added that PWC had implemented “digitisation into our work flow years ago”, and said: “We wanted to make sure our people stay safe until we adjust to the new work environment and safe distancing, and all of the protocols to ensure that safety remains paramount within our people. So, for the most part, all of our people are home and only ten percent were showing up yesterday.”

Mr Rahming spoke after PwC released findings from their survey of chief financial officers (CFOs) in The Bahamas and other Caribbean countries through its COVID-19 CFO Pulse Survey. “The whole purpose for the survey was to get some feeling as to how businesses are going into COVID-19, and what the various lockdowns and curfews are doing to the economy,” he added.

Undertaken between June 1 and June 11, the survey found 66 percent of CFOs interviewed expect COVID-19 to decrease revenue/profits by ten percent or more. A further 11 percent said that while they expected a decrease, the amount was unknown, while two percent said the pandemic’s impact was too difficult to assess at this point.

PwC said 70 percent of Caribbean CFOs, compared to 63 percent globally, cited offering new or enhanced products and services as the most important to rebuilding or enhancing their revenue streams. None are considering making cuts to digital transformation or cyber security.

“As Bahamians begin to return to the workplace, organisations need to consider how they will support employees to adapt to new working conditions and realities, which may range from adjusting to reconfigured office layouts to the adoption of new behaviours designed to promote safety,” Mr Rahming said.

“Only about a third of Caribbean regional CFOs say they are very confident about their company’s ability to manage their employees’ well-being and morale, yet these are factors that may significantly affect productivity and possibly the pace of future economic recovery.”

Kevin Cambridge, advisory partner for PwC Bahamas, added: “Given the current economic landscape, organisations are seeing the need now more than ever to implement an effective digital strategy to leverage the benefits of technology. Equally important is the need to ensure that robust human capital engagement remains aligned as the driving force to achieve desired corporate goals.”

The PwC survey received responses from CFOs in Barbados, Bermuda, Jamaica, St Lucia and Trinidad & Tobago, as well as The Bahamas. The companies they worked for ranged from technology and media, retail and non-profit organisations to industrial manufacturing, the public sector, energy and utilities, and financial services.

The survey found 77 percent of respondents are considering implementing cost containment measures to limit COVID-19’s financial impact, while another 50 percent are considering deferring or cancelling planned investments to preserve cash and liquidity.

However, none of the chief financial officers said they are considering cuts to digital transformation, cyber security and research & development functions.

With regard to the workforce impact, 32 percent said that in the next month they expect a productivity loss due to lack of remote work capabilities, while 34 percent expect a change in workforce numbers due to low/slow demand (temporary furloughs).

However, some 77 percent of chief financial officers said the increased work flexibility will make their company better in the long run. Nearly 60 percent added that the current situation has resulted in better corporate resiliency and agility.