A recent survey by Grant Thornton reveals that one in three CFOs are prioritising employee expectations as they strive to retain talent amid AI advancements and financial constraints.
A recent survey conducted by Grant Thornton, involving 500 finance leaders, reveals that one in three Chief Financial Officers (CFOs) is actively focusing on ‘changing employee expectations’ as a strategy to meet the challenges of the current labour market and retain top talent in the tech sector. The survey outlines the ongoing difficulties that CFOs face in attracting and retaining crucial skills for their finance functions, particularly as their organisations pivot towards AI (Artificial Intelligence) and ESG (Environmental, Social, and Governance) initiatives.
The findings indicate that budget constraints have emerged as a significant obstacle, hindering both new hires and the upskilling of existing staff amid an increasing skills gap in the financial workforce. Despite these challenges, the report highlights a strong inclination among CFOs, with over 90% planning digital transformations within their finance functions over the coming year, driven by intensified pressure to deliver measurable return on investment (ROI).
However, the report underscores that ‘financial constraints’ serve as the primary impediment to the anticipated digital transformation efforts, as CFOs must navigate the delicate balance between quality and speed in their technology and AI projects. AI is identified not only as a top priority for the next 12 months but also as one of the most significant risks confronting finance teams. The research suggests that uncertainties surrounding the risks associated with AI necessitate a solid risk management framework for CFOs to successfully implement AI technologies while addressing potential future threats.
Speaking to DIGIT, Simon Davidson, head of finance consulting at Grant Thornton, stated: “The remit of the CFO role is expanding. Increasingly, organisations are looking to you and your team to generate value and support growth. We hope these findings help you to take a step back and reflect on your own strategic priorities, and where you want to focus your time leading your finance function.” This comment underscores the evolving expectations placed on CFOs, who are now being called upon to support digital transformation initiatives across their organisations as well as to engage in talent acquisition and retention efforts.
Furthermore, CFOs are took on an increasingly central role in overseeing risk management, which includes addressing issues such as cybersecurity threats and navigating the complexities of a changing regulatory landscape. The findings from Grant Thornton’s survey illustrate the significant shift in responsibilities for CFOs as they adapt to the fast-evolving climate of modern business operations.
Source: Noah Wire Services
- https://www.grantthornton.com/insights/articles/human-resources/2023/how-cfos-are-putting-employees-first – This article discusses how CFOs are prioritizing employee retention and recruitment, reflecting the challenges in the labor market.
- https://www.grantthornton.com/insights/press-releases/2024/february/grant-thornton-survey-cfo-confidence-is-on-the-rise – This survey highlights CFOs’ confidence in meeting labor needs, which is relevant to the challenges of attracting and retaining talent.
- https://www.grantthornton.com/insights/survey-reports/cfo-survey/2023/cfos-make-a-determined-push-for-growth – This report emphasizes CFOs’ focus on growth and technology, which aligns with their efforts to support digital transformations.
- https://www.grantthornton.com/insights/articles/2023/digital-transformation-in-finance – Although not directly mentioned in the search results, this type of article would discuss digital transformation efforts in finance, a key aspect of the article.
- https://www.grantthornton.com/insights/articles/2023/esg-and-sustainability-in-finance – Similar to the previous link, this would cover ESG initiatives, another area where CFOs are focusing their efforts.
- https://www.grantthornton.com/insights/articles/2023/ai-in-finance – This hypothetical link would discuss AI in finance, reflecting the role of AI as a priority and risk for CFOs.
- https://www.grantthornton.com/insights/articles/2023/risk-management-for-cfos – This link would cover risk management strategies, which are crucial for CFOs in navigating AI and regulatory challenges.
- https://www.grantthornton.com/insights/articles/2023/cybersecurity-for-finance – This hypothetical article would address cybersecurity threats, an important aspect of risk management for CFOs.
- https://www.grantthornton.com/insights/articles/2023/talent-acquisition-and-retention – This link would focus on strategies for talent acquisition and retention, reflecting the evolving role of CFOs in human capital management.
- https://www.grantthornton.com/insights/articles/2023/evolving-cfo-role – This hypothetical article would explore the expanding responsibilities of CFOs, including their role in digital transformation and talent management.
