Optimistic CFOs looking for personnel
October 24, 2017
In the third quarter too, European CFOs remain positive about the economy. Optimism is even back at the same level as before the crisis. However, recruiting and holding onto qualified personnel continues to be an issue for concern. That is shown by the CFO Survey Europe.
Sixty three percent of European CFOs are optimistic about the economic prospects. That means an increase for the fourth successive quarter. Four out of ten CFOs are confident in the financial future of the company. Eighty percent of the financial directors expect an average rise in turnover of 7% in the coming twelve months and 68% expect an average growth in profits of 6%.
Qualified personnel critical issue
Attracting and holding onto qualified personnel is now the biggest concern for financial directors. 'For one in three companies, a shortage of time and expertise with the management has resulted in them being unable to carry out all potentially profitable projects,' says Kees Koedijk, Director and Dean of TIAS School for Business and Society. 'One in five enterprises say that they will miss future cash flows and yields due to a shortage of non-managerial personnel. Compared with three years ago, the number of overdue projects has also risen according to 18% of the CFOs.'
No quick solution for this problem is in sight. Forty percent of the companies say that it is difficult to get new managers productive and fully participating in the business process in the short term. Neither can the recruitment of non-managerial personnel be taken for granted. More than half of the European companies points to the shortage on the labor market of candidates with the required knowledge and competences. Almost half of the CFOs indicate that the lack of technologically trained people has a significant negative impact on the organization. Critical business departments, such as innovation and product development, operations support, and the general effectiveness of the IT function within the company are the most under pressure in this respect.
For more results, read the CFO Survey Europe report.
The CFO Survey Europe is globally the longest running quarterly survey among CFOs, carried out by TIAS School for Business and Society (Tilburg) and Duke University (North Carolina, US).