When it comes to their own careers, CFOs are reevaluating their futures as well, with 18% of respondents saying they’re making a job move in 2023. Another 13% are considering consulting opportunities, while 5% say they’re changing careers altogether.
Asked about their biggest obstacles to achieving personal learning and development goals for 2023, a majority (63%) of CFOs said they’re “too busy with day-to-day responsibilities.” A lack of sufficient resources accounted for another 18%, followed by an inability to find “the right providers or resources” at 10% and “insufficient support from my leadership or enterprise” at 9%.
“As a result, more CFOs are burning out even in the face of good performance and a positive outlook,” the study found.
Redesigning the Finance Function for Growth
Managing costs alone isn’t enough. The CFO’s mandate increasingly includes value creation, which means taking steps to build better businesses in 2023.
Given the variety of challenges they face, finance leaders are taking action. “Most CFOs intend to realign priorities, reassess individual and team responsibilities, and refocus efforts on value creation,” the study finds.
Overall, more finance leaders appear to see their teams as a pace-setting part of the business. “It is clear that CFOs from emerging and midmarket enterprises from around the globe see finance functioning as a dynamic capability that enables their teams and enterprises to do more and to perform better,” the study said.
According to the study, finance leaders say they’re taking steps in 2023 to:
“Quickly redesign the work they and their finance teams do by applying technology to drive better outcomes and value.
“Better match critical skills to the work that needs to be done by them and their finance teams.
“Rigorously upskill the finance workforce and engage them in new ways of working.
“Proactively strengthen culture by meeting their finance team’s needs for collaboration, adapting physical and remote preferences, and contributing to a more consistent work environment.
“Dramatically transform their finance function into a more resilient and integrated function that better navigates the ongoing volatile and uncertain environment.”