Earlier this year, a survey of 500 CFOs, C-suite executives, and managers from a variety of industries demonstrated that almost all business leaders still face hiring challenges, although most hope investments in technology will mitigate workforce needs. Still, most executives predict their organizations will meet or exceed their goals, with 84% of CFOs expecting revenue to grow this year.
Other key findings:
• Cost cutting is still a core theme in 2023, as companies prioritize ef ciency. However, spending is expected to increase in all areas of business, including: production, sales, marketing and technology.
• Although most executives look to invest in technology, and artificial intelligence (AI) usage is expected to expand, opinions diverge with respect to evaluating such investments. There is wider agreement on the importance of factors such as compatibility with existing systems and ease of implementation.
• Business leaders feel pressure from investors and the wider community to prioritize best environmental, social, and governance (ESG) practices.
According to survey respondents, most CFOs, C-suite executives and managers appeared confident heading into the second half of 2023, despite signals at the time pointing to a potential recession later this year. Fifty-three percent of executives still anticipate that the economy will ultimately expand this year, and only a small 8% minority anticipate the recession will be significant.
The survey set out to gauge respondents’ reaction to critical hiring needs. Many anticipate that investments in technology may be part of the solution. More than four in five respondents say reducing human resources needs is an intention of such efforts. Only a smattering of executives strongly disagree that technology investments are meant to gradually reduce headcount.
“CFOs continue to push their companies forward, even amid economic headwinds,” said Andy Burt, managing director of CFO.com. “While the economy works to stabilize and recover, finance leaders are using this opportunity to balance workforce needs with the commensurate amount of technology, as well as get their arms around the next wave of AI.”
Artificial intelligence (AI) and the rise of ChatGPT made headlines in the first half of 2023, which mirrors many respondents’ keen interest in AI application. More than two thirds of executives believe their companies’ AI usage will increase this year. Other data points agree that executives expect generative AI to have a substantial impact on business.
However, CFOs must continue to be aligned with their teams to not stifle innovation. The survey found that a solid majority of managers — more than three in five — believe executive leadership is hindering their innovative instincts. A third of managers strongly agree with this sentiment. This ultimately may have an impact on management retention. According to the survey, 50% of managers, despite being motivated in their roles, are looking to change jobs in 2023.
“CFOs know that the next big idea in growth and operational efficiency can come from anywhere,” said Burt. “But it is still incumbent on  nance chiefs to actively support and be open to innovation within their ranks, lest they miss the opportunity, and then lose their best talent.”
