There are three fundamental dimensions to business performance: financial, operational, and cultural.
These pillars can also be compared to pillars that have been around for many years. Management system Composition of people, processes, and tools.
But most importantly, rapid changes in the business environment are increasingly reshaping calculations about each, especially people and culture. While technology is advancing with the advent of digital solutions and innovations such as artificial intelligence, and operational processes are being re-engineered to account for new capabilities, the responsibility for identifying, implementing and leveraging new and existing benefits continues to grow. is the company's employee base. processes and tools.
Chief financial officers said,A day in the life of a CFO” series, the acquisition, retention and development of talent remains the backbone of successful companies.
Done correctly, talent management can be a strategic weapon that not only increases competitiveness but also significantly improves employee well-being, ultimately driving long-term growth and profitability. Personnel-related expenses tend to be one of the largest cost centers for most companies, so it's important to manage them properly.
On the other hand, failing to attract the right talent to support important goals can send your organization into a spiral and lead to decreased productivity across your existing teams.
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Take advantage of new employee count and growth calculations
PYMNTS is tracking the situation today. CFO Bringing traditional manual and time-consuming workflows across accounting, financial reporting, and financial management into the 21st century by being at the center of effective process modernization and integrating innovative digital solutions into the department's arsenal. To do.
Modern CFOs must take a similar approach when it comes to recruiting and resource management.
“people is a company's greatest asset. ” next roll CFO Sue Cho he told PYMNTS in June. “These can make or break the success of any company and help unlock business value.”
The right people, their retention and continuity development This is most important because people are the driving force behind innovation, adaptability and success. Cleo CFO Sameer Katiyal he told PYMNTS in October.
“Our greatest asset is team And their time.” Matthew MandelCFO and Chief Operating Officer Freetiohe told PYMNTS this month. “We strongly believe that people with different functional expertise need to come together to produce good results.”
Reflecting this sentiment, bloom reach CFO Ninos Sarkis He told PYMNTS in November: finance team It is more important today than historically. Growing is becoming more difficult and we are looking for efficiency in our businesses. So the team will naturally come back to finance and say, “Help me get there.'' what can i do? 'In times when there is less money available for investment, you rely more on your finance team. ”
The unpredictable macro environment, combined with the rapid pace of technological innovation that is continually reshaping the way companies operate, has completely changed the needs that modern businesses have in their employee base.
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Innovative businesses need innovative and agile employees
CFOs need flexible, adaptable, and innovative people who can embrace change, streamline processes, and drive continuous improvement initiatives within the finance function, especially given today's changing macro environment. is.
“If there's something good Staff retentionChanges can be managed more easily. ” store connect CFO matt james he told PYMNTS in December.
Liquid X CFO Abhishek Khandelwal He told PYMNTS last month that the macro environment during the pandemic has led to a surge in available capital and particularly intense competition for talent among companies. technology sector. Small businesses face resource constraints as demand for skilled professionals increases. This talent shortage has spurred innovation and investment in automation, making technology a strategic asset.
Looking ahead, Khandelwal said, “If you want to retain good talent in today's environment, you can't give them, for lack of a better word, boring work.”
That's why employees who are willing to learn new skills, use new technology, and challenge traditional practices help companies stay ahead of the curve and drive their organizations to long-term success.
“in retrospect, employment It used to be a very traditional job for senior accountants and accountants. ” procure CFO Amy Wang he told PYMNTS this month. …But now… there’s a lot of focus on, “How do we use the data?” Do you understand the flow from a finance perspective of how we report things and ultimately how we deliver that to the rest of the organization? So, not just within finance. How are you leveraging this tool across your organization?”
“We are still building for scale, but we are scaling with technology and leaning toward automation rather than scaling with employee count, which is what we have traditionally done as financial organizations,” Wang added. .