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