As 2023 begins there are many focuses for CFOs, and Finance as a whole, sustainability, macroeconomic trends and technology,geopolitical conflicts and repeated interest rate raises as inflation is combated.

The factors all have different impacts on organisations and how they strategically plan and prioritise. The CFO and Finance functions will be challenged in all of these areas, how they manage them will vary across every sector. Many CFO’s will have their CEO leaning on them even more than ever as they navigate through the challenges.

So what will CFOs and their teams be doing differently this year?

For many it will be a continuation and building strategy on what was achieved in 2022….

The trend continues this year for employees to work remotely and in hybrid environments, this trend isn’t going anywhere. It is a competitive advantage, and is seen as beneficial to continue to offer this, whilst senior leadership and management teams continue to adapt.

Many companies are focusing on their Technology, CFOs are working much more strategically with their companies to navigate through the next 12 months of what is looking to be another challenging year. With this in mind ‘Data’ is on the lips of many CFOs across the UK. The digital landscape continues to change so the CFO is instrumental in transformation across the business, this is helping the business drive efficiency and reduce costs. 

Did the CFO have a close relationship with the CIO in the past or even know who they were? This relationship has changed drastically over the last couple of years very simply because they now understand that they need each other! The CIO and CEO relationship works closely as the digital transformation landscapes continue to develop in 2023.

Growth is going to be something many CFOs look at very closely in 2023, the budgets will be tighter across all areas and scrutinised by the key leadership teams with a much more strategic eye, the balance between launching new products, any M&A, future systems upgrades, will all be at the front of their minds.

As recruitment requirements continue to change in the finance industry, CFOs will be looking to reskill and upskill their teams. While the climate continues to be competitive in the candidate market, some realised that the ‘knee jerk’ reaction of scaling back had tougher implications than they expected, when they tried to rehire into their teams. As well as new hiring, many CFOs want to ensure that they hold onto their existing teams and they are doing this through offering better work life balance, career development plans and more competitive benefits packages.

Savant Recruitment Experts has a dedicated team of Finance specialists, backed by market research, possessing extensive experience and expertise in talent solutions. If you are looking to build or expand, we can offer you our support with the best talent in the industry and market-leading onboarding advice and consultation. To know more about how we can assist you, please reach out to us at - finance@savantrecruitment.com