Hiring and retaining staff is the most difficult task facing CFOs over the next 12 months, according to a survey from Gartner, Inc. The tight labor market is part of a trifecta of factors including persistent inflation and supply chain disruptions that are set to continue challenging corporate profitability through 2023.
Gartner 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 staff was the only task selected by a majority of respondents. 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 1).
“The data from CFOs align with what we are hearing from HR leaders, namely that competition for talent is expected to become fiercer over the medium term, and retaining that talent will become more challenging,” said Marko Horvat, vice president, research, in the Gartner Finance practice. “CFOs will need to deploy a variety of strategies to ensure critical roles remain filled while also protecting margins.”