Slightly more than a decade after the Great Recession, COVID-19 has brought back the dreaded “R” word to haunt executives in the global economy. The practice of social distancing to slow the contagion has abruptly and sharply curtailed economic activity around the world. Moreover, it is becoming clear that a worldwide recession of significant depth emerged in the first quarter of 2020 and may continue for an uncertain period.
Downturns and recessions are challenging, but some businesses are not only able to come out intact, they are also able to seize opportunities to outdistance their competition and position themselves for future growth. Still, the speed at which the COVID-19 crisis is unfolding may likely require CFOs to use new tools — virtualization and scenario-based forecasting, for example — in addition to the traditional levers they have used to act swiftly and reasonably.
In this period of rapid economic deceleration and uncertainty, there are six distinct imperatives can help CFOs protect their companies and workforces:
- Prepare for talent disruption. COVID-19 requires a focus on the health and well-being…
