The first installment in Grant Thornton’s new quarterly CFO survey series, shows that finance leaders found unexpected upsides during the pandemic. More than 60% of CFOs pointed to improved flexible and remote work environments at their companies — and more than 40% reported improved collaboration. Similarly, 40% noted improved business processes and an ability to better focus on strategy.
Racial unrest across the country turned the spotlight on DE&I (diversity, equity and inclusion) — while ESG (environmental, social and governance) concerns continue to be a top focus for businesses. More than 75% of respondents reported DE&I and ESG as being “priorities” or being “important” within their organizations, with more than half planning to increase investment in these areas.
The pandemic has also pushed senior finance executives to reprioritize technology investment, with 53% percent of respondents prioritizing long-term foundational technology infrastructure investment, while 43% are focused on technology that addresses immediate business needs.
When Grant Thornton asked about the dramatic expansion of remote work arrangements over the past year, 61% of companies indicated that they expect to increase investment in cyber risk and cybersecurity in the next year to safeguard against breaches attributed to remote work. This investment was followed closely by digital transformation at 60%. When asked to name the three biggest challenges facing their companies, 46% indicated cybersecurity risks, 46% chose technology upgrades and 30% said remote workforce issues.
CFOs appeared to be keeping something of an open mind to policy changes under the Biden administration. They were even largely receptive to potential increases in environmental, labor and financial regulations: Almost half (44%) said the new administration’s plans for environmental regulations would positively impact their businesses. Forty percent were favorable toward the Biden administration’s labor regulations, and 39% thought financial regulations would impact their businesses positively. When asked about Biden’s trade and supply chain policies, 46% of senior finance executives felt they would help their organizations.
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