Almost no one thinks their company's falling behind because of COVID-19

The coronavirus pandemic has hit revenues at most companies around the world, but almost none of them feel that they're lagging behind their competitors.

A new report released Thursday by the Institute of Management Accountants, surveyed finance and accounting professionals internationally about the impact of the pandemic. The IMA polled 1,481 accounting and finance professionals located in five countries: China, India, Saudi Arabia, the United Arab Emirates and the United States.

The results showed an across-the-board decline in revenue, with very large companies (those with more than $10 billion in revenue) most likely to have experienced a considerable decline in revenue.

Despite the general decline in revenues, approximately one-third of the IMA’s survey respondents felt they were doing better than their competition, and less than 10 percent thought they were lagging behind their competitors. How many thought they were ahead of the competition varied by company size. Organizations with more than 1,000 employees were more likely (39 percent) to think they were ahead of their competition than smaller companies with fewer than 100 employees (29 percent).

“The COVID-19 pandemic continues to present businesses with unprecedented challenges and poses new demands on the finance function,” said IMA vice president of research and policy Raef Lawson in a statement. “Finance professionals are interested in upskilling now more than ever to support their companies during the pandemic and in the post-COVID-19 era.”

To be sure, some companies have been performing well despite the challenges, including videoconferencing companies like Zoom, e-commerce providers like Amazon, and streaming entertainment services like Netflix.

Nevertheless, the pandemic has severely affected employment across the globe. Approximately half the companies surveyed have laid off some of their staff. But companies’ responses to the pandemic varied significantly by region. Companies in the U.S. were the least likely to have downsized their staff, followed by China and India. In contrast, companies in the Middle Eastern countries of Saudi Arabia and the UAE were most likely to have reduced their staff size.

Many of the survey respondents were concerned about whether their current skills would still be relevant once the pandemic eventually subsides. They have been working to gain new skills, with 75 percent of the accounting and finance professionals polled saying they’re enhancing their job skills, including cost management, decision support and performance management. The majority of professionals polled are emphasizing business essentials, prioritizing risk management and cash forecasting,