We’ve prepared some general guidance on COVID-19: What US business leaders should know, covering the key areas of crisis management, supply chain, workforce, tax and trade, and financial reporting.

Most companies already have business continuity plans, but those may not fully address the fast-moving and unknown variables of an outbreak like COVID-19. Typical contingency plans are intended to ensure operational effectiveness following events like natural disasters, cyber incidents and power outages, among others. They don’t generally take into account the widespread quarantines, extended school closures and added travel restrictions that may occur in the case of a global health emergency. The crisis raises a number of unique challenges. In PwC’s inaugural COVID-19 CFO Pulse Survey, finance leaders in the United States and Mexico shared their top concerns.

What makes the technology industry different?

Here is our take on some additional issues that companies in your industry may face:

Crisis management and response

Issues that the technology industry might face:

Business continuity planning does not account for the uncertainty of an evolving pandemic.

Raft of industry event cancellations mean fewer business development opportunities.

Vastly diminished business travel results in fewer client interactions.


Steps to consider · Appoint a central, accountable leader, supported by a cross-functional team, to manage this continually evolving crisis.

• Create a framework for data analysis and decision-making.

• Run simulation exercises based on realistic scenarios in the short, medium and long term.

• Seek outside help as needed.

Workforce

Issues that the technology industry might face:

Staffing concerns ramp up for full-time employees, as well as gig workers, such as drivers, delivery workers and retail staff, who often work as contractors.

A slowdown in recruiting resulting from the crisis could affect a future pipeline of skilled workers.

Cybersecurity risks are likely to rise as a result of more people working remotely.

Steps to consider:

• Determine which critical functions must remain onsite and which can be remote.

• Communicate clearly, accurately and often about health and safety considerations.

• Showcase cybersafe platforms that support remote employees. Having fewer workers in the office makes it safer for those whose jobs require them to be there.

• Shore up workforce modeling.

• Rethink benefits for gig workers.