CFOs Are Burdened by Human Resource Challenges
The unique and evolving skill sets of CFOs will continue to position them as a valued, strategic resource to executive leadership and one that may be leveraged across departmental lines. In light of today’s evolved finance function, businesses are hard pressed to find, engage, and retain finance talent with the requisite mix of capabilities and skills required to drive financial insight.
AAFCPAs’ CFO Survey, conducted in collaboration with FEI-Boston, captured feedback from more than 250 senior financial executives from the Northeast region of the United States. 33% of CFOs surveyed report human resource limitations and team bandwidth as the primary challenge in meeting the expectations of their CEO. Additionally, the majority of respondents, 41%, reported internal challenges as the primary issue prohibiting their organization’s growth, including: talent acquisition/retention; leadership succession; healthcare costs; sustainability; cash flow & financial management; processes & systems; and improving operational effectiveness.
With limited resources, it is more important than ever to work smarter, more efficiently, and to automate as much as possible. Regular business process improvement analysis, coupled with strategic technology investments can contribute to cost savings, and free up valuable human resources by eliminating redundant or highly manual tasks.
AAFCPAs’ CFO Survey asked senior financial executives to provide their thoughts, opinions, and experiences in an effort to glean insight into how the role may be evolving, and why. Survey respondents included: Chief Financial Officers, Chief Accounting Officers, Controllers, Treasurers, Vice Presidents of Finance, Vice Presidents of Planning and Analysis, Vice Presidents of Tax, Vice Presidents of Pension Fund Investments, Vice Presidents of Risk Management, Directors of Finance, Taxes, Treasury, Accounting, and Audit Committee members.
To download the full report, visit https://www.aafcpa.com/cfo-survey-report/