The responsibilities of modern-day CFOs are constantly changing, and so are their priorities. Today’s CFOs are spending less time in spreadsheets and more time thinking about strategy, people, and culture while simultaneously ensuring their organization’s financially sustainability.
Our recent 2017 Workforce Management Trends Survey received responses from Chief Financial Officers from various nonprofit organizations in the Health and Human Services industry regarding their priorities for this year.
Priority 1: Regulatory Compliance
Of CFOs surveyed, over 48% reported that regulatory compliance was a primary focus for their organization this year. With so many different regulations to comply with, it’s no surprise that CFOs are eager to get in control and ensure that their organization stays compliant, and for good reason. For organizations, especially those in the Health and Human Services industry, noncompliance with FLSA, ACA, and State Regulations can result in expensive penalties and hefty fines that can endanger the organization’s financial health.
The survey proceeded to dive deeper into the minds of CFOs and enquired about the types of regulations that were causing the most problems for their organization. An overwhelming 67% claimed that ‘State Regulations’ create the most amount of challenges for their organization, followed by FLSA and ACA. Understanding the origin of their compliance problems can help CFOs adjust their strategy to better handle the challenges in the future.
Priority 2: Drive Towards Digital
Another key priority for CFOs in 2017 is driving their workforce towards more digitized processes. From our survey, we concluded that CFOs are eager to implement cloud-based software and technologies into their organizations. According to our survey, an impressive 80% of CFOs reported that they were either “extremely likely” or “very likely” to invest in digital strategies this year.
Not only will this automate processes within their organization that are currently paper-based, but it will also increase efficiencies and decrease costs in the long run. With that said, only 53% of CFOs were confident that their workforce has the skills required to embed digital strategies across their organization. This exposes a gap in investment and capability. CFOs must ensure their organization is prepared for the transition to digital strategies before investing.