CFOs keeping an eye on costs while looking to grab market share
TORONTO – While cost control remains the primary focus for many financial executives, others also are looking toward taking business from competitors, new research finds. Eighty-five per cent of chief financial officers (CFOs) interviewed for a Robert Half Management Resources survey cited managing spending as a high priority in 2013, but close behind was capturing market share, which was reported as a main objective by 72 per cent of respondents.
The survey was developed by Robert Half Management Resources and conducted by an independent research firm. It is based on interviews with more than 270 CFOs across Canada.
"Many companies were forced to operate as lean as possible during the recession, and the finance function was required to closely manage resource allocations," said David King, Canadian president of Robert Half Management Resources. "CFOs don't want to be in a position where they have overspent and cannot respond to market changes, but they also are exploring ways to gain an edge over their competitors."
King added that more than six in ten ( 63 per cent) CFOs also noted recruitment/retention as a high priority. "Organisations are assessing their priorities in the face of often intensifying recruiting and retention challenges. CFOs can strengthen their teams and better leverage existing resources by bringing in interim or project staff, as needed, to assist with specific projects and manage workload peaks," he said.