Hiring and retaining talent is the most difficult challenge facing CFOs over the next 12 months, according to a survey by Gartner. The challenging job market is part of a set of factors challenging CFOs through 2023. Other challenges are stubborn inflation and macroeconomic factors.
The Gartner survey polled 234 CFOs in July 2022 and asked them to indicate their top three most difficult tasks over the next 12 months.
Hiring and retaining talent is the top challenge facing CFOs in 2023.
Accurate Forecasting, selected by 36% of respondents and cutting the right costs, selected by 35% of respondents, made up the top three challenges facing CFOs (see figure below).
Achieving outcomes on digital investments is also a challenge for CFOs. With the continuous technology changes and disruption, achieving outcomes on digital investments is a challenge for 18% of CFOs.
“Competition for talent is expected to become fiercer over the medium term, and retaining that talent will become more challenging,” noted Gartner.
“CFOs need to identify the critical areas where investments should be accelerated, such as human capital and digital investments. Optimising costs against a backdrop of stubbornly high inflation is another challenge.
While raising compensation for top performers is inevitable, higher compensation alone will not solve the talent challenge and will ultimately pressure margins if deployed too broadly.
CFOs and HR Leaders have to refine Employee Value Proposition – critical to address the top challenge.
Organizations also need to refine their employee value proposition (EVP) to acknowledge a new reality of expectations for increased flexibility.
The Automation solution to CFO Challenges
A recent Gartner survey of 182 CFOs and senior finance leaders showed that CFOs will also seek efficiency gains through increased automation.
Conversational AI can automate all or part of a contact centre customer interaction through both voice and digital channels. This could be achieved through voice bots or chatbots.
Automation is expected to deliver transformational benefits to customer service and support organizations within two years.
