Thanks for checking out this installment of “Being Planful,” our series recapping the latest news for the Office of the CFO. We’ve scanned the headlines for trending topics relevant to CFOs, Finance, Accounting, and FP&A team. Here’s what we found:
The Office of the CFO continues to be critical to guiding long-term planning, especially as economic uncertainty reigns. A global CFO survey by WNS Limited found that the continued transformation of finance and accounting is where CFOs must focus: “CFOs’ top priorities, including driving agility and resilience, and creating a future-ready finance function, are now becoming an imminent reality.”
The Bottom Line: “The future role of the CFO will continue to evolve into a highly strategic position with responsibility for transforming not only traditional finance responsibilities, but also all other functions of the business.”
Everything seems to be working against HR chiefs as labor markets remain tight, the economy appears to be shifting, and workers, feeling the pinch of inflation, demand larger salary increases.
The Bottom Line: The cost of unhappy workers, or, rather, the value of happy workers, continues to skyrocket. “Quiet quitters,” which Gallup says describes half of all U.S. workers, costs companies half-a-trillion dollars in lost productivity.
CFOs are seeing big bumps in compensation this year. A recent study found that total CFO compensation rose by 17% in 2021, the highest annual increase in a decade. That’s great news, but only serves to ramp up pressure on everyone in the Office of the CFO. Here are a few tips CFOs and other finance and accounting leaders can use to keep up with rising demands:
The Bottom Line: Expect finance and accounting recruitment to remain a challenge in spite of a slowing economy: “high-skilled professionals in specialized finance and accounting positions will always be in demand by companies in all industries, no matter the economic context,” says Dominic Levesque, President, Tatum and Randstad Office Professionals.