Keeping talent a big risk on CFO’s minds, Deloitte survey finds

Difficulty finding and keeping talented workers remains one of the top risks on the minds of the nation’s finance managers, a study has found.
Three quarters of Australia’s chief financial officers felt optimistic about the financial prospects of their companies, down from 83 per cent at the end of 2021, according to global firm Deloitte.
In a climate of rising interest rates and inflation, 88 per cent rated uncertainty levels as being higher than normal.
This was seven points down from the 95 per cent recorded at the end of last year, according to Deloitte’s biannual CFO Sentiment survey.
And only a quarter thought now was a good time to be taking on risk, dropping from 58 per cent six months ago.
Almost all CFOs were still having difficulties in securing and retaining skilled employees, the survey found. “Difficulties in securing and retaining key talent was cited by 90 per cent of CFOs as one of the top risks on their minds this year, and for the second time in a row,” Deloitte partner Stephen Gustafson said.
“For some, it has beome business critical, while for others it is manifesting in higher costs and impacting growth plans.”
While reopening international borders had eased some pressure on labour supply in some sectors, net overseas migration to Australia was still well below pre-Covid levels. The economic challenges now facing business after two years of Covid had led to a dip in net optimism, an indicator which had been in positive territory over the previous three surveys, Mr Gustafson said.
“This time uncertainty is still high, but it’s driven by different factors, including an inflation surge and rising interest rates. The result is that fewer CFOs now think it is a good time to take on risk,” Mr Gustafson said.

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