Vacationers publicizes key findings from CFO survey

It is no secret that chief monetary officers (CFOs) wield important affect as monetary decision-makers. Inside the insurance coverage realm, these professionals bear the accountability of essential buying choices and expenditures associated to danger administration.

To delve deeper into the challenges confronting CFOs, Vacationers lately unveiled findings from its 2024 CFO report.

Concentrating on enterprises with over 500 workers, the agency carried out a complete survey encompassing 610 CFOs from numerous industries to gauge their insights on macroeconomic traits.

Joann Balous (pictured), vice chairman of gross sales and advertising for big accounts at Vacationers, mentioned additional survey insights with Insurance coverage Enterprise.

Macroeconomics: areas of concern and confidence

“At Vacationers, we all know that we should present merchandise, companies and capabilities to CFOs,” Balous mentioned. “Now we have to know what merchandise they need in order that we make certain to supply them.

“It was actually us understanding CFOs’ wants in terms of managing danger so we are able to then reply to these wants.”

Vacationers’ survey findings underscore the pivotal function of CFOs, with 67% holding sole accountability for buy choices regarding business property and casualty insurance coverage.

Among the many key areas of optimism for CFOs, 41% of these surveyed felt optimistic concerning the monetary stability of their firms. Different areas of confidence included company popularity and buyer satisfaction and retention.

Conversely, areas of concern encompassed financial uncertainty, market competitors, and expertise acquisition and retention.

Workforce issues

Vacationers’ survey revealed that 44% of CFO respondents expressed apprehension about expertise acquisition and retention, an element reshaping the panorama of their function.

“We all know post-pandemic there was the good retaliation. It’s very tough to rent workers and it’s very tough to maintain workers. That is one thing CFOs didn’t must cope with pre-pandemic, so it’s modified all the outlook of the CFO place,” mentioned Balous.

Summarizing the workforce issues of CFOs, Balous mentioned, “An vital a part of maintaining individuals is ensuring that you just’re offering coaching to them and assets so that you just’re advancing their profession. However one other concern of the CFOs is the rising value of expertise and paying employees.”

Amidst a tightening labour market with low unemployment, 33% of CFO respondents mentioned expertise scarcity was a problem, whereas one other 33% voiced concern about assembly worker expectations when it comes to advantages and paid time without work.

The altering function of CFOs

Whereas historically targeted on monetary reporting, survey outcomes additionally underscore the trendy CFO’s demand for a various array of interpersonal, organizational, and communication abilities to excel in right this moment’s dynamic panorama.

Accordingly, 62% of CFOs surveyed by Vacationers emphasised the importance of strategic planning for future firm success and resilience.

Fifty-two % underscored the significance of adeptly managing advanced networks and stakeholder relationships, whereas 48% highlighted the worth of charismatic management and strong communication abilities.

“CFOs must upskill to be extra communicative than they’ve up to now. Earlier than, the CFO would simply be speaking with the board of administrators, or the CEO. However now they will need to have an emotional intelligence to speak to not solely the danger supervisor, however the HR particular person and perhaps the protection supervisor,” Balous mentioned.

“CFOs are assembly with their danger supervisor or danger administration group, both on a every day or weekly foundation. That was one thing they didn’t do earlier than.”