BALANCING THE BOTTOM LINE
Survey Reveals Companies More Cost-Conscious Amid Growth
MENLO PARK, CA -- "Spend wisely," the long-standing philosophy of corporate finance executives, still rings true in a thriving economy. In a survey of chief financial officers (CFOs), nearly one-third (31 percent) of respondents said that reducing expenses will be most critical to their business in the next two years. Expanding operations and recruiting and hiring followed, with 27 percent and 25 percent of the response, respectively.
The survey was developed by RHI Management Resources, North America's largest consulting services firm providing senior-level accounting and finance professionals on a project basis. It was conducted by an independent research firm and includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with more than 20 employees.
CFOs were asked, "Which of the following will be most critical to your business in the next two years?" Their responses:
|Recruiting and hiring||25%|
|Implementing e-commerce solutions||7%|
|Launching a new product or service||7%|
|Don't know/no response||2%|
"While finance executives play an integral role in helping to facilitate the company's growth plans, they also have a responsibility to keep expenses from escalating," said Paul McDonald, executive director of RHI Management Resources. "This is a common challenge for CFOs who have bottom-line accountability yet must also accommodate funding for major technology or expansion initiatives."
McDonald added that as businesses expand, staffing issues become a bigger concern. "In a competitive employment market, overcoming recruiting and hiring challenges can quickly shift to a higher priority in order to keep growth objectives on target."
RHI Management Resources has locations in major cities throughout the United States, Canada, Europe and Australia, and offers online job search services at www.rhimr.com.
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