The Hybrid Work Challenges Keeping CFOs Up at Night
This blog is provided by our partners at 8×8.
Boosting revenue isn’t the only thing top of mind for Chief Financial Officers (CFOs) as we head into 2022. According to a recent PwC Pulse Survey, it’s also the loss of people amid continued remote/hybrid/back-and-forth uncertainty.
Eight out of nine finance executives say their organization is experiencing higher than normal turnover right now, and 81 percent are concerned that this and accompanying labor shortages will put a significant dent in their bottom line.
The Great Resignation is not only real; it is prolonged. In April 2021, the number of U.S. workers who quit their jobs set an all-time record of four million in one month. In July and August, that record was broken again and again. There may be no end in sight as burnt-out employees leave for better work/life balance, better pay, better culture, better technology, better you name it — taking with them years of experience, knowledge, and employee and customer relationships.
The Great Resignation is closely associated with more people issues that worry CFOs when it comes to revenue impact. Respondents to PwC’s survey of finance leaders cited these as just a few:
- The possibility of having to return everyone to 100 percent remote work if needed
- Concerns that managers will treat on-site and remote workers differently
- Not having effective cybersecurity measures in place
- Not having the right technology tools to support hybrid work
According to the 2021 Adobe Workfront State of Work report, 32 percent of workers quit their jobs over the past year because their employers made it hard for them to work remotely. Of those left, half (49 percent) say they’re likely to leave if they’re frustrated with workplace tech.
CFOs also said they also see a problem around loss of corporate culture in this new era of work. Nearly half (48 percent) of respondents in the PwC survey cite this as a concern, and so technology will be a big investment, especially since more than 60 percent of CFOs say their company plans to emphasize leadership, culture, and company purpose and values to differentiate themselves from competitors in the talent wars. Sixty-eight percent of finance leaders say they will ramp up spending around digital transformation and related cloud technologies and analytics to reimagine culture, improve the employee experience, facilitate new ways of working, and make their companies more agile.
Whereas just a few years ago CFOs were reading business case after business case for CX tools to attract and retain customers, now they’re focusing on those that solve for EX (employee experience) instead. How are IT leaders looking at the technology to keep people connected and engaged so that CFOs can sleep a little better at night? Read their point of view in 8×8’s 2021 State of Business Communications Report.