We all have been through a rough patch during the pandemic. What may not have been apparent is the unique impact on finance officers and their teams. Turnover in finance organizations has been abnormally high, particularly in the CFO ranks. With a return to the office likely to occur within months, now more than ever, the strategic direction of finance is hitting a stressful pivot point.
Demand for transformation, a robust M&A market, and resulting capital markets requirements, compounded by a higher than normal churn in the finance organization has led to quite the tumult for CFOs. Getting out in front of the issues, many finance leaders are contemplating more (virtual) town hall events to communicate department goals and unity. Notwithstanding, 2021 will continue to see more churn in the ranks as investors demand greater efficiency and effectiveness from finance. Hold on to your hats, this roller-coaster can be bumpy!
For many CFOs, the pandemic added to an already high workload and long hours. Their roles have become more central in recent years, as finance chiefs, the right hand to their chief executives, often not only manage the books, but also their company’s strategy.