Today, iMultiply has published the results of a survey of 60 finance leaders operating in a variety of sectors across Scotland about the impact of COVID-19.

Conducted in April 2020, the survey covers priorities and team challenges, stress and wellbeing as well as what the future might hold for finance. Those surveyed came from a wide range of sectors including energy and utilities, construction, manufacturing, education, retail, technology, transport and the public and third sectors.

The results make for interesting reading as, when asked whether Government support initiatives were adequate, 57% agreed, 20% disagreed, and 23% unsure. This chimes with public polling which shows high levels of trust among the general public for Scottish Government approach to the crisis.

The survey also found that 88% of Scottish finance leaders are experiencing greater demands on their time with more than 80% identified feeling high levels for stress.

Finance leaders also said they were experiencing major challenges in terms of communication and collaboration within teams.

The results also indicated that cash management and forecasting are current top priorities for finance specialists. 

When asked about what changes they see in the future, unsurprisingly there was a greater acceptance for remote and flexible working sitting alongside a focus on more traditional disciplines such as cash management and aged debt control.

Other responses included: 

• A focus on navigating change
• An emphasis on more accurate forecasting 
• More data stored electronically 
• Upgrading risk management systems 
• More regular review of costs 

Kirsty MacKenzie, CEO of iMultiply, said: “It was important to reach out to those in financial leadership positions across Scotland. We are all finding the current situation difficult and it was vital for me to know how clients, colleagues and friends were managing to cope. Sharing our experiences is the first step towards changing things for the better. We need to collaborate and support each other as a community if we are to weather this storm.

“Our finance leaders provide an incredibly useful perspective into so many sectors and will be vital in providing insight into what our future could look like beyond COVID-19.

“It’s clear there are increased pressures that are impacting on people’s health and peace of mind, but there are opportunities to approach work in a new way, which benefits employees and employers alike. Planning must start now for the ‘new normal’ and it must be a race to the top, not the bottom, with people and their needs at its heart.”

• Read all of our articles relating to COVID-19 here.