MILWAUKEE, Nov. 13,
2024 /PRNewswire/ -- Jefferson Wells, a
leading professional services firm specializing in Finance &
Accounting, Internal Audit, Risk & Compliance and Tax, and a
part of the ManpowerGroup (NYSE: MAN) family of brands, today
released its 2024 CFO Annual Survey Report.
The CFO Annual Survey Report highlights the evolving
priorities of CFOs as they seek to maintain profitability in the
face of economic uncertainty, inflationary pressures and rapid
technological advancements. The report outlines key findings that
reflect the shifting landscape of financial leadership and offers
insights to leaders looking to navigate these challenges,
highlights the evolving priorities of CFOs as they seek to
maintain profitability in the face of economic uncertainty,
inflationary pressures and rapid technological advancements. The
report outlines key findings that reflect the shifting landscape of
financial leadership and offers insights to leaders looking to
navigate these challenges.
Overview of Key Insights from the Report:
- Profitability is the top challenge for CFOs (36%),
followed by inflationary pressures and economic uncertainty
(32%)
- Top strategies CFOs are using to address their challenges:
investing in new technologies, increasing efficiencies and capital
investment
- Company Culture / Resistance to Change is the #1 hurdle in
achieving business transformation
- Cybersecurity remains a significant concern
among CFOs
Profitability Tops CFOs' Concerns Amid Economic
Uncertainty
According to the survey, 36% of CFOs cite profitability as their
top challenge for 2024, followed by inflationary pressures and
economic uncertainty (32%). Profitability concerns surged
dramatically this year, climbing four spots from the previous
survey, signaling an increased focus on financial performance and
growing pressure from boards and major investors to deliver strong
financial results.
"CFOs are clearly feeling the need to drive profitability, and
this continues to be one of their top priorities," said
Jack McGinnis, ManpowerGroup
Executive Vice President and Chief Financial Officer. "While
inflation and economic uncertainty remain concerns, the
overwhelming focus from boards and investors on profitability is
driving CFOs to place the highest prioritization on strategies and
investments that create efficiencies."
Investment in Process Automation, Generative AI and Analytics
Tools to Address Challenges
To meet these profitability demands, CFOs are increasingly
turning toward AI, automation and other emerging technologies.
Rather than focusing on wage increases or employee benefits as the
talent market stabilizes, they are now prioritizing investments in
technologies that promise to boost efficiency and cut costs. This
shift represents a growing belief among CFOs that technology
adoption is essential for long-term financial sustainability.
Cultural Resistance and the Integration of New
Technologies
Company culture and resistance to change remain significant
barriers to implementing transformation initiatives and new
technologies. Addressing these cultural challenges will be key for
CFOs as they seek to invest in new technology solutions and improve
operational efficiency.
"It has become clear that transformation and adoption of new,
rapidly changing technologies are no longer periodic events,"
Michelle Search, National Practice
Leader at Jefferson Wells, said. "The ability of organizations to
incorporate transformation and technology innovation into their
daily operation is a core capability. CFOs will need the skills and
vision to lead their teams in this environment of constant
change."
Cybersecurity Evolves, but CFOs Shift Focus
While cybersecurity continues to be a concern, it has dropped in
priority this year as CFOs shift their focus toward profitability
and technology integration. Interestingly, CFOs' roles in
cybersecurity have evolved, with many now becoming involved during
major incidents rather than focusing on detection and prevention
strategies. As finance departments prepare for growth, CFOs also
plan to increase headcount for the first time since 2022 with a
focus on specialized skills sets needed to bolster finance teams
and meet future demands.
Download the complete CFO Priorities Survey Report
at: www.jeffersonwells.com/en/2024-cfo-annual-survey-report
About Jefferson Wells
Jefferson Wells is a professional services firm that delivers
solutions in Finance & Accounting, Internal Audit, Risk &
Compliance and Tax. We provide consulting, thought leadership,
integrated resourcing and executive search. Jefferson Wells is part
of the ManpowerGroup's family of brands.
For more information,
visit www.jeffersonwells.com, or follow us
on LinkedIn.
About
ManpowerGroup
ManpowerGroup® (NYSE:
MAN), the leading global workforce solutions company, helps
organizations transform in a fast-changing world of work by
sourcing, assessing, developing and managing the talent that
enables them to win. We develop innovative solutions for hundreds
of thousands of organizations every year, providing them with
skilled talent while finding meaningful, sustainable employment for
millions of people across a wide range of industries and skills.
Our expert family of brands —Manpower, Experis
and Talent Solutions — creates substantially more
value for candidates and clients across more than 70 countries and
territories and has done so for more than 75 years. We are
recognized consistently for our diversity — as a best place to work
for Women, Inclusion, Equality — all confirming our position as the
brand of choice for in-demand talent.
For more information, visit www.manpowergroup.com,
or follow us
on LinkedIn, X, Facebook
and Instagram.
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SOURCE ManpowerGroup