Three Top Issues Facing CFO's Today
Posted on Mon, Nov 28, 2011 @ 12:56 PM
A recent study by Robert Half, "What Are the Top Challenges Facing Today's Financial Executives" focuses on three issues occupying the mind space in the corporate executive suite today. A nice segue from our webinar discussion of CPO/CFO challenges. this white paper takes on exactly what the CFO must face in the workplace today. 
According to the study, the top issues facing the CFO today are:
- Health Benefit Cost Changes
- Control of spending and the impact on profitability
- Organization and staffing concerns
Not surprisingly, the cost of health benefits is a growing concern. Costs of these benefits have risen dramatically resulting in hard decisions. Passing costs on to employees, cutting employer contributions and even decreasing or eliminating health benefits are all options that are on the table. These are difficult decisions, and ones that must be looked at over the long course to determine the most cost effective decision. Dollars and employee loyalty, committment and benefits as job incentives are all critical factors in this decision.
Secondly, control of spend over the entire enterprise is a vital piece of the corporate equation. Best practice procurement strategies must be incorporated into the organization's business plan to ensure a competitive and profitable enterprise. The CFO that recognizes procurement and it's benefits is one step ahead.
Lastly, CFO's are recognizing the importance of loyal and motivated employees. Perks that benefit the company and the employee are needed to retain top performers. Benefits such as subsidized education/training, flexible work hours, and telecommuting help both the company and employee, as well as build retention rates.
Outsourcing of non-core business functions has become a common practice with some firms moving to also consider outsourcing core business functions where cost savings could be significant.
eProcurement service providers are in a unique position today to help the CFO assess these difficult issues. They see cost issues such as these on a daily basis and are able to apply a single, consistent approach across the enterprise encompassing all categories of administrative spending. A CFO could benefit with the help of a team diagnosis of company spend, conducted by experienced practitioners in each of the firm's major spend categories.