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Jefferson Wells Releases Latest CFO Survey Report, Revealing Profitability and Technology Transformation as Top Focus Areas

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Jefferson Wells' 2024 CFO Annual Survey Report reveals shifting priorities among financial leaders. Profitability emerges as the top challenge (36%), followed by inflationary pressures and economic uncertainty (32%). To address these challenges, CFOs are prioritizing investments in new technologies, particularly AI and automation, over traditional approaches like wage increases.

The survey highlights that company culture and resistance to change are the primary obstacles to business transformation. While cybersecurity remains a concern, it has decreased in priority as CFOs focus more on profitability and technology integration. Notably, CFOs plan to increase headcount for the first time since 2022, focusing on specialized skill sets to strengthen finance teams.

Il Report dell'Annual Survey 2024 di Jefferson Wells per i CFO rivela un cambiamento nelle priorità tra i leader finanziari. La redditività emerge come la principale sfida (36%), seguita da pressioni inflazionistiche e incertezze economiche (32%). Per affrontare queste sfide, i CFO stanno dando priorità agli investimenti in nuove tecnologie, in particolare intelligenza artificiale e automazione, rispetto agli approcci tradizionali come gli aumenti salariali.

Il sondaggio mette in evidenza che la cultura aziendale e la resistenza al cambiamento sono gli ostacoli principali alla trasformazione aziendale. Sebbene la cybersecurity rimanga una preoccupazione, la sua priorità è diminuita poiché i CFO si concentrano maggiormente sulla redditività e sull'integrazione tecnologica. È interessante notare che i CFO prevedono di aumentare il personale per la prima volta dal 2022, puntando su competenze specializzate per rafforzare i team finanziari.

El Informe de la Encuesta Anual para CFOs 2024 de Jefferson Wells revela un cambio en las prioridades entre los líderes financieros. La rentabilidad surge como el principal desafío (36%), seguido de las presiones inflacionarias y la incertidumbre económica (32%). Para abordar estos desafíos, los CFOs están priorizando las inversiones en nuevas tecnologías, particularmente en inteligencia artificial y automatización, por encima de enfoques tradicionales como los aumentos salariales.

La encuesta destaca que la cultura empresarial y la resistencia al cambio son los principales obstáculos para la transformación empresarial. Si bien la ciberseguridad sigue siendo una preocupación, ha disminuido en prioridad a medida que los CFOs se centran más en la rentabilidad y la integración tecnológica. Es notable que los CFOs planean aumentar el personal por primera vez desde 2022, enfocándose en habilidades especializadas para fortalecer los equipos financieros.

Jefferson Wells의 2024 CFO 연례 조사 보고서는 재무 리더들 사이에서 우선 사항의 변화를 보여줍니다. 수익성이 가장 큰 도전 과제로 떠오르며 (36%), 그 뒤를 이어 인플레이션 압력과 경제적 불확실성 (32%)이 있습니다. 이러한 문제를 해결하기 위해 CFO들은 신기술, 특히 인공지능 및 자동화에 투자를 우선시하고 있습니다. 전통적인 접근 방식인 임금 인상보다.

조사 결과 기업 문화와 변화에 대한 저항이 비즈니스 전환의 주요 장애물이라는 점이 강조되었습니다. 사이버 보안 또한 우려사항으로 남아 있지만, CFO들이 수익성과 기술 통합에 더 집중함에 따라 우선 순위가 줄어들었습니다. 주목할 점은 CFO들이 2022년 이후 처음으로 인력을 늘릴 계획이며, 재무 팀을 강화하기 위해 전문 기술 세트에 집중하고 있다는 점입니다.

Le rapport d'enquête annuel 2024 de Jefferson Wells pour les CFO révèle une évolution des priorités parmi les dirigeants financiers. La rentabilité apparaît comme le principal défi (36 %), suivie des pressions inflationnistes et de l'incertitude économique (32 %). Pour relever ces défis, les CFO donnent la priorité aux investissements dans nouvelles technologies, en particulier l'IA et l'automatisation, plutôt qu'aux approches traditionnelles telles que les augmentations de salaire.

L'enquête souligne que la culture d'entreprise et la résistance au changement sont les principaux obstacles à la transformation des entreprises. Bien que la cybersécurité demeure une préoccupation, sa priorité a diminué alors que les CFO se concentrent davantage sur la rentabilité et l'intégration technologique. Notamment, les CFO prévoient d'augmenter le nombre d'employés pour la première fois depuis 2022, en mettant l'accent sur des compétences spécialisées pour renforcer les équipes financières.

Der CFO-Jahresbericht 2024 von Jefferson Wells zeigt einen Wandel der Prioritäten unter Finanzführern. Profitabilität stellt die größte Herausforderung dar (36 %), gefolgt von inflationsbedingten Druck und wirtschaftlicher Unsicherheit (32 %). Um diesen Herausforderungen zu begegnen, setzen CFOs die Investitionen in neue Technologien, insbesondere KI und Automatisierung, über traditionelle Ansätze wie Gehaltserhöhungen.

Die Umfrage hebt hervor, dass die Unternehmenskultur und der Widerstand gegen Veränderungen die Hauptschwierigkeiten bei der Unternehmensumwandlung sind. Während Cybersecurity weiterhin eine Sorge bleibt, hat sie an Priorität verloren, da CFOs sich mehr auf Profitabilität und Technologieintegration konzentrieren. Auffällig ist, dass CFOs planen, die Mitarbeiterzahl zum ersten Mal seit 2022 zu erhöhen, und sich auf spezialisierte Fähigkeiten konzentrieren, um die Finanzteams zu stärken.

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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:

  1. Profitability is the top challenge for CFOs (36%), followed by inflationary pressures and economic uncertainty (32%)
  2. Top strategies CFOs are using to address their challenges: investing in new technologies, increasing efficiencies and capital investment
  3. Company Culture / Resistance to Change is the #1 hurdle in achieving business transformation
  4. 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 —ManpowerExperis 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 LinkedInXFacebook and Instagram.

 

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SOURCE ManpowerGroup

FAQ

What are the top challenges for CFOs in 2024 according to Jefferson Wells' survey (MAN)?

According to the survey, profitability is the top challenge at 36%, followed by inflationary pressures and economic uncertainty at 32%.

How are CFOs planning to address profitability challenges in 2024 (MAN)?

CFOs are focusing on investing in new technologies, increasing efficiencies, and making capital investments to address profitability challenges.

What is the main barrier to business transformation according to the 2024 CFO survey (MAN)?

Company culture and resistance to change are identified as the #1 hurdle in achieving business transformation.

Are CFOs planning to increase hiring in 2024 according to Jefferson Wells (MAN)?

Yes, CFOs plan to increase headcount for the first time since 2022, focusing on specialized skill sets for finance teams.

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