A recent survey by Travelers paints a compelling portrait of how CFOs are navigating today’s uncertain economic climate. While anxieties about the broader economy prevail, a sense of optimism regarding their own companies’ performance shines through.
The survey, which included over 600 CFOs from various industries, reveals a dichotomy in their thinking. Economic uncertainty and market competition are the biggest worries, with a third of respondents citing them as concerns. Inflation, talent acquisition, and customer retention round out the top anxieties. These concerns reflect the current economic climate, where rising costs, a competitive job market, and unpredictable geopolitical situations are casting a shadow.
However, this economic anxiety doesn’t translate into pessimism about their own companies. In fact, CFOs exude confidence in their internal performance. The financial stability of their organizations is the top factor driving optimism, with 41% of respondents placing it at the forefront. Positive outlooks on corporate reputation, customer satisfaction, and the potential of AI technology follow closely behind. This suggests that CFOs believe their companies are well-positioned to weather external storms.
The survey also sheds light on the evolving skillset required for today’s CFO. The days of the CFO being solely focused on financial reports seem to be fading. The results underscore a significant shift towards a more strategic and leadership-oriented role. Strategic planning tops the list of the most valued skills, followed by the ability to manage stakeholder relationships and identify/mitigate business risks. The growing importance of soft skills like strong communication and charismatic leadership is also evident. These findings highlight the transformation of the CFO role, from number cruncher to strategic partner who can navigate complex business environments and inspire confidence.
