CFOs Report on Inflation, Workforce Challenges, and Future Plans
A June 2022 survey of 180 CFOs and senior finance executives from a variety of industries shows that, despite inflation and workforce challenges, most senior finance executives say their businesses are now experiencing accelerated growth or are building business resiliency.
According to CFO.com senior executive readers, most expect their internal structural goals and expectations to come to fruition.
“It is clear from CFO.com’s findings that finance chiefs did their leg work over the past 18 months, setting their organizations on solid footing and putting the right plans in place, despite not knowing the eventual magnitude of today’s challenges,” said Andy Burt, Managing Director of CFO.com. “This preparation equips CFOs to be in the driver’s seat in the second half of 2022 and beyond. They will be prepared for the difficult decisions necessary to keep their organizations on a positive trajectory.”
CFO.com’s annual survey set out to gauge respondents’ reaction to rising costs in 2022 and beyond. Per the survey’s findings, finance executives’ top two tools are to reduce costs (60%) and increase the end prices on goods and services (56%). But inflation impacts a variety of business needs, and when it came to curtailing initiatives, the dominant response (17%) of CFOs indicated they would reduce or eliminate hiring. This response was registered despite finance executives’ continued concern over talent acquisition and retention. Indeed, 72% of respondents strongly or somewhat agree that their organizations face critical hiring needs in the second half of 2022.
Despite inflation challenges, most finance executives say their businesses are now experiencing accelerated growth or are building business resiliency.
“The next 12 months present both a challenge and opportunity for CFOs,” said Burt. “The lessons learned through the pandemic have elevated these leaders to step to the forefront. Rising costs, talent shortage, and competitive opportunities are all at odds in the current climate. But our survey indicates there is a confident calmness in driving future growth.”
The survey also found that as the importance of employee productivity has risen, so has the need for technology solutions. However, many CFOs report that their technology initiatives are lagging and that it is their responsibility to collaborate with IT to improve operational efficiencies.
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