The Impact of COVID-19 on the Finance Function

This report, based on a global survey of finance and accounting professionals, examines the impact of the pandemic on finance functions of organizations around the world. It describes the impact of the pandemic on companies’ revenues and staffing levels, finance function priorities, the areas in which finance professionals are looking to upskill, and issues related to reskilling.

Key findings include:

• An across-the-board decline in the revenue of companies, with very large ones (those with more than $10 billion in revenue) most likely to report a considerable decline.
• Companies in the U.S. were the least likely to have reduced the size of their staff, followed by China and India. Those in the Middle East were most likely to have a reduced staff size.
• Most survey respondents had a reduction in their compensation, either in salary, bonus, or both, although the impact of the pandemic on compensation varied significantly by country.
• There is significant concern as to whether current professional skills will still be relevant in the post-COVID-19 era. Most survey respondents are working on improving their skills, or planning to do so, across a wide range of domains.

Original story: https://www.imanet.org/insights-and-trends/the-future-of-management-accounting/the-impact-of-covid19-on-the-finance-function?ssopc=1