As the world continues to grapple with the effects of the COVID-19 pandemic, some businesses have picked up their pieces and started the journey to recovery. The change of the role of CFOs is probably one of the greatest effects of the pandemic. Companies that thought they could resume in-person operations were forced to adapt to remote work. Managing both in-person and remote workers have become a reality for many organizations.
According to Gary McGaghey, the role of CFOs has evolved since the pandemic started. Issues such as regulatory policy, potential tax changes, cultural shifts, and workforce concerns have expanded the roles of CFOs. As their functions expand, financial leaders who have been in the industry long enough can help create much faster and sustainable business solutions.
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How does 2022 look like for the current crop of CFOs?
The future of work
The past two years have been a wake-up call for most business leaders across the world. The labor market has completely changed, thanks to the COVID-19 pandemic. Many organizations have had to change their perspectives about employees and come up with models that directly address the needs of their workforce.
Gary McGaghey believes holds the view that the current CFOs are not only optimistic but also focused on growth. As new hybrids continue to evolve, a collaboration between CHRO and CFOs is very important.
If there’s one thing that the pandemic has thought CFOs, it is the importance of digital technology. Most companies have decided to heavily invest in technology to enhance their operations.
Building trust and purpose
Trust has become a vital factor in the growth of many companies. A survey conducted recently revealed that 65 percent of business leaders view CFOs as either accountable or responsible for trust.
In general, CFOs like Gary McGaghey play a critical role in the growth and expansion of an organization.