We’ll skip the “unprecedented times” introduction because CFOs don’t need to be told that they face a slew of difficulties that didn’t exist three months, let alone three years ago.
CFOs, on the other hand, require a more comprehensive view of their peers’ experiences with and ambitions for the economy. As a result, NetSuite convened three CFOs from various businesses for a panel discussion.
They discussed some of their current main concerns:
- 1. Employee churn.
- 2. Hiring during a talent shortage when competitors offer exorbitant salaries that they cannot match.
- 3. The current economic situation.
- 4. The possibility of a worsening economy and the degree of uncertainty around that possibility.
- 5. Lack of financial flow, as well as how all of this affects workforce management.
We should highlight that the companies of these CFOs are performing well; the concerns mentioned above have not derailed them as they have so many other enterprises. However, like most leaders, the CFOs we spoke with overcame significant challenges in order to thrive. Read their experiences below and listen to NetSuite specialists outline new functionality that will ensure similar triumphs in the future.
When competitors are giving wage increases of 15% or less, the technique is most effective in reducing employee turnover. That complicates matters in the current context, where some competitors have hired their colleagues for up to 40% more than their current salary. Maintaining a mission-focused culture among close-knit teams can be a powerful strategy in the talent wars, despite the fact that some may consider it to be a “soft” tactic. “Automation” was the clever move that allowed them to finally overcome this problem. “If the company can accomplish more with less, then salaries will increase on track with that,” one of the CFOs noted.
Another challenge these CFOs are tackling is Increasing Cash Flow and Planning for Potential Shortages. In one of its divisions, one of them began providing shorter payment terms with a discount incentive. In response to employee concerns about the company’s strategy for dealing with economic problems like inflation, another approach was taken with insurance carriers. They have been meeting with other departments to identify “areas in which, if things got bad, we could save costs before we got to people.” Because cutting our workforce is the last thing we want to do.
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