Latest research shows CFOs remain confident about growth prospects with 89% making investments to manage change.
CFOs remain confident about growth prospects with 89% making investments to manage change
London, UK – 23 January 2018 - In the face of new regulatory requirements, research by leading recruitment specialist, Robert Half UK, has revealed that meeting compliance and regulation demands is the top priority for nearly half (48%) of Chief Finance Officers (CFOs) in 2018. In a year where MiFID II, the second Payment Systems Directive and the EU’s General Data Protection Regulation all come into effect, it is the first time in three years that the regulatory environment has risen back to the top of the CFO agenda.
In the list of top concerns, compliance and regulation was followed by preparing for the uncertainty surrounding Brexit (43%) as the exit negotiations continue. Retaining key talent, maintaining cash flow and managing the impact of automation and new digital technologies on the finance function were each identified by 39% of respondents.
Top three priorities for CFOs in 2018
1. Meeting compliance and regulatory demands (48%)
2. Preparing for uncertainty surrounding Brexit (43%)
3.= Retaining key talent (39%)
3.= Maintaining cash flow (39%)
3.= Managing the impact of automation (39%)
However, despite the challenges, the research shows that the majority of CFOs remain positive. Overall, 84% are confident about their company’s growth prospects with the majority (89%) making investments that allow them to better respond to these challenges.
“It’s reassuring to see that in the face of the various business challenges in the year ahead, CFOs are remaining optimistic and confident,” commented Matt Weston, Director, Robert Half UK. “Once again, we’re reminded of how the CFO role is evolving. To drive prosperity and growth in a changing business climate, CFOs are being called on to apply financial intelligence across the wider business.”
In particular, CFOs will need to consider whether they have the right people in the business to overcome the challenges and meet the new objectives that 2018 is likely to present. Many CFOs have already identified that this will mean either hiring additional contractors or temporary workers (35%) or permanent employees (28%). Nearly a third (32%) will also look for opportunities to upskill their existing employees.
“Valuable financial insights are being relied on to drive agility, inform decisions, broaden business objectives and challenge the status quo,” concluded Weston. “Successful CFOs are developing their finance functions to add-value to the business by using the financial insights to partner with the business and shape the overall business strategy.”
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Notes to editors
The annual study was developed by Robert Half UK and is conducted by an independent research firm. The study is based on more than 200 interviews with CFOs and finance directors from companies across the UK, with the results segmented by size, sector and geographic location.
About Robert Half
Robert Half is the world’s first and largest specialised recruitment consultancy and member of the S&P 500. We have once again been named to FORTUNE’s “World’s Most Admired Companies®” list and remains the top-ranked staffing firm (February 2020). Founded in 1948, the company has over 300 offices worldwide providing temporary, interim and permanent recruitment solutions for accounting and finance, financial services, technology, legal and administrative professionals. Robert Half offers workplace and jobseeker resources at roberthalf.co.uk and twitter.com/roberthalfuk.