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| CFOs Cite Greater Focus on Strategic Planning In Last Five Years |
July 24, 2008 |
TORONTO, July 23 /CNW/ - Finance executives are acting as a key business partner and advisor to the chief executive officer, a new survey suggests. Close to one-third (30 per cent) of chief financial officers (CFOs) surveyed said the most significant change in their roles over the past five years has been an increase in strategic planning. Eighteen per cent of respondents indicated they have taken on an expanded leadership or management role within the company.
The survey was developed by Robert Half Management Resources, the premier provider of senior-level accounting and finance professionals on a project and interim basis, and conducted by an independent research firm. It was based on telephone interviews with more than 270 CFOs across Canada.
CFOs were asked, "In which one of the following areas has the role of CFO changed most significantly over the last five years?" Their responses:
| More strategic planning |
30% |
| Expanded leadership or management role |
18% |
| Focus on increasing profitability |
14% |
| Increased focus on corporate governance initiatives |
11% |
| Increased interaction with other departments |
8% |
| None/don't know |
16% |
| Other/refused |
3% |
|
100% |
"The accounting and finance functions play a prominent role in business," said David King, executive vice-president of Robert Half Management Resources. "The CFO is in a unique position to guide strategic planning and risk management decisions affecting diverse and wide-ranging areas of the company."
King also noted the increased level of responsibility for financial executives. "The CFO has been specifically identified as one of two executive officers who must certify their company's compliance with corporate governance and financial reporting rules and regulations; and, many are directly involved with managing and reporting directly to their firm's board of directors."
About the Survey
The national study was developed by Robert Half Management Resources. It was conducted by an independent research firm and is based on more than 270 telephone interviews with CFOs from a random sample of Canadian companies with 20 or more employees. For the study to be statistically representative and ensure that companies from all segments are represented, the sample was stratified by industry and employee size. The results were then weighted to reflect the proper proportions of employee size within each industry.
About Robert Half Management Resources
Robert Half Management Resources has more than 140 locations worldwide and offers online job search services at www.roberthalfmr.com.
(c) 2005 CNW Group Ltd, all rights reserved
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