Finance professionals least impacted business function by Covid-19

Interviewing the interviewer

The finance function was the least negatively hit throughout the pandemic – with just seven percent of professionals across the globe reporting having to work reduced hours or take a voluntary salary reduction, according to new research by Robert Walters.



Robert Walters surveyed over 5,500 professionals and 2,200 global companies across 31 countries worldwide.

In contrast to finance professionals, 50% of arts professionals, 36% in marketing & advertising, 28% in hospitality & leisure, and around a quarter in construction, manufacturing & engineering, and education, were submitted to either reduced hours and/or reduced pay this past year as a result of the pandemic.

Just a tenth of companies (13%) across the globe terminated temporary or fixed term contracts with finance professionals during the peak of the pandemic – compared to the global average of 20% for all other fixed-term terminations. The picture was much bleaker for arts, hospitality & leisure – where over half cancelled temporary contracts.

One in three finance professionals has worked longer hours

The survey also shows that during Covid-19 the finance function acted like a support system and lending hand to many departments – with a third of finance professionals stating that they worked most closely with operations, followed by IT (26%), HR & legal (26%), and marketing & sales (21%).

Such was the demand on accounting & finance professionals that 45% reported a significant increase in their productivity during lockdown, however this came at a detriment to work-life balance – with 32% of employees reportedly working longer hours in the past year.

Headcount freezes

Perhaps the biggest, and most expected impact to the finance function this year was the initial pause on headcount – with 40% of companies around the globe temporarily freezing hiring within the finance space. Not surprisingly, the hospitality & leisure and sports industry had the sharpest uptake on headcount freezes within the finance function – with up to 90% of companies not actively hiring finance professionals throughout the pandemic.

Industries that have taken the least amount of action on their finance function to counter any impact from Covid-19 have been banking & financial services, technology, legal, insurance, and the larger accounting firms.

More information?

For more survey results and information please download ‘The future of the Finance Function’ report. 
»

Related content

  • Five essential skills for future proof HR leaders

    • Hiring Advice
    • Hiring Advice
    1142615301 For years, HR has advocated for, but not been granted, a seat at the table. In many organisations the department is seen more as a back-office role that concentrates mainly on employee policies, contracts, and benefits. Covid-19 forced companies to extend more influence to HR for the sake of keeping their business afloat.

  • The four E’s of wellness during COVID-19

    • Hiring Advice
    • Hiring Advice
    With the uncertainty of COVID-19, the disruption to usual routines, the need to work from home or self-isolating can have significant impacts on wellbeing and mental health.

  • How to ‘avoid the awkward’ when conducting an interview on Skype

    • Hiring Advice
    • Hiring Advice
    Creating a comfortable environment for both the candidate and the hiring manager is key to a productive interview, regardless of whether it’s taking place face to face or via Skype. But with a few different factors in the mix (poor internet connectivity to name but a few), how can you ‘avoid the awkward’ when conducting an interview on Skype?

  • Interviewing the interviewer: how to give candidates the right impression

    • Hiring Advice
    • Hiring Advice
    Candidates today come to interviews with a wealth of information and a new set of expectations. Interviewers are now increasingly finding themselves being ‘interviewed’ by candidates. How can hiring managers make sure they’re prepared?

  • What keeps HR leaders busy in the next phase of the corona pandemic

    • Hiring Advice
    • Hiring Advice
    The weeks in which HR’s main role was focused on crisis communication and the transition to a remote workforce are long behind us, but the impact of the corona pandemic on the HR department is still very apparent. We discuss some of the challenges that HR departments face, now that companies realise that COVID-19 will have a long-lasting effect on the way we work.
graph-indices

Networking your way to success 

»

Sign up for
job alerts 

»

Find out what
you're worth 

»

Career Advice 

»