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Labor Management


7 THINGS YOUR FINANCE TEAM IS THINKING ABOUT IN Q3

Skills acquisition, the future of AI, and work-life balance are all on the minds
of finance team employees as the third quarter begins.
Adam ZakiJuly 7, 2023
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Photo: Getty Images


THE CFO BRIEFCASE

01


4 REGULATORY DEVELOPMENTS TO FOLLOW IN 2023

02


2023 OUTLOOK: 5 FINANCE RISKS TO MONITOR THIS YEAR

03


2023 OUTLOOK: 4 REALMS FOR DIGITAL ACCELERATION

04


2023 OUTLOOK: 4 CHARTS TO WATCH

As CFOs and their teams enter the height of summer, thoughts around the future
of finance and accounting continue to whirl. As finance teams have continued to
report struggles in recruiting and retaining top talent, employees, especially
the good ones, are aware of the job market’s demand for their work. This,
combined with workers’ demands for technology, autonomy, and a solid work-life
balance, has CFOs and their fellow leaders seeking new ways to satisfy and
motivate their finance teams.

For those leaders who aspire to be one step ahead, different tools yield
different results. From encouraging collaboration to even planting moles within
the organization, leadership with an idea of what its teams are thinking about
may have a competitive advantage in retaining top talent.

Below are seven things a CFO’s most important tool, his or her people, are
thinking about as the third quarter gets underway.

1. AI’S FUTURE ROLE

Employees within finance teams, just like the rest of us, are interested in
artificial intelligence’s impact on their work. As Gartner experts advised
companies to encourage employees to go from “doers to operators,” CFOs who know
how their organizations will embrace AI should keep their finance teams in the
loop wherever possible. Transparency in the process will not only boost morale
but create a learning environment that can sprout ideas for use cases in places
executive leadership is unaware of. 

2. UPSKILLING

At recent events and in conversations with CFOs, the topic of the desire for
many employees to acquire more skills was prevalent. Companies that provide
employees with ways to learn and practice new skills can significantly impact
how their employees view the company and its leadership.

A company that invests in or provides opportunities for employees to improve
their skills can earn more respect and loyalty from their staff than those that
do not. Those opportunities can help employees feel their employer sees a
long-term future with them. They can also allow organizations to teach effective
employees skills that will benefit the company.

3. WORK-LIFE BALANCE 

Employees, especially those with young families, should be encouraged to enjoy
the summer. Things like half days, long weekends, or the occasional early end to
the day can pay dividends in employee morale and well-being. This time of year,
the slackers will probably slack anyway, so it’s a good idea to give those
employees who may drain themselves an incentive to recharge.

4. WORKPLACE CULTURE

Investing in events and other employee initiatives should be done only if they
substantially impact workplace morale. Companies need to push for a positive
culture that prioritizes a productive work environment over all else.
Organizations that consider company culture to be free coffee, foosball tables,
and free snacks should reconsider their approach in the second half. 

5. TRAVEL

As the events and conferences are seemingly in full bounce-back, allowing
employees to travel may be the bolt of energy stagnant teams seek. Getting
together in a new city may be a significant expense for some companies, but can
stimulate collaboration and teamwork.

Encouraging finance team members to go to events in areas like AI, fintech, and
banking may allow them to meet new faces and have interesting conversations, and
come back with fresh ideas and perspectives about their work going into the back
half of the year. 

6. COMPLIANCE AND REGULATORY UPDATES

Finance teams, much like their CFOs, are aware of the possibility of the rapidly
changing regulatory landscape. Finance teams should be encouraged to track
regulations in areas like  ESG (environmental, social, and governance) and
possibly AI. It’s up to leadership to provide the environment and tools
necessary for awareness. It can be a great way to avoid headaches down the line
if new compliance requirements have to be met relatively quickly. 

7. APPROACH TO SPENDING AND CASH FLOW

Apart from the entire company, finance teams, in part, need to be aware of the
company’s short-term spending and cash-flow goals. If the desire by executive
management is to limit spending for the rest of the year or manage working
capital tightly, finance teams should be aware of that as soon as possible. 

That will not only help develop a game plan within finance; it will keep
employees feeling included in the decision-making process, something that
incentivizes top talent to stick around.



Accounting and Finance Labor, Accounting Labor, AI, CFO Management, CFO
Work-Life Balance, Finance Labor, Finance Team Management, Finance Team Plans,
Q3 Preview


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69% OF GLOBAL FINANCE LEADERS PLAN TO MAINTAIN OR INCREASE REMOTE WORK

As full-time office work has become a non-starter for potential candidates,
executives aren't making drastic changes to work environments.
By Adam Zaki | March 8, 2023
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67% OF HYBRID WORKERS WOULD TAKE A PAY CUT TO KEEP WORK ENVIRONMENT

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2022 OUTLOOK: 4 CHARTS TO WATCH

Inflation, consumer sentiment, and the job situation will be top of mind for
CFOs as they navigate the uncertain economic climate.
By Vincent Ryan | January 25, 2022
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