The CFO’s Challenge (and How to Help)

See that puzzled look across the table. It’s your CFO trying to figure out how to respond to the seemingly contradictory directives to attract and retain staff while keeping costs down.

That’s the big conundrum for the coming months, CFOs told Gartner in a recent survey.

How can you help? Redefine the problem. It’s not jobs but shifts that need filling. Shifts are about particular duties that must be completed within a specific duration of time. Think stocking shelves or completing a safety audit or moving a product from point A to B.

The solution to this redefined problem could be tapping a flexible workforce. “Fractionalized labor” may be the answer. Check out Shiftsmart.

Here’s another way to redefine the problem: Must-do tasks do not necessarily equate to must-have people. Obviously, your organization needs people, but perhaps you need people doing other things than they do today. Many tasks can be automated — at substantial savings.

Paper processes can be digitized, for example. AI-powered chatbots can field simple customer questions. Conversational AI can point customers to self-service options that solve their problems.

Freed by automation, your team can focus on meaningful customer interactions that lead to growth and greater revenue.

See that smile? That’s your CFO when the problem is redefined and real solutions are put on the table.

“CFOs need to identify the few critical areas where investments should be accelerated, such as human capital and digital investments, while optimizing costs against a backdrop of stubbornly high inflation; this is no easy task,” says Marko Horvat, vice president, research, in the Gartner Finance practice.

CX Effect can help you help your CFO. Schedule an appointment with me to learn more.

Daniel Pryfogle integrates the disciplines of leadership and culture formation, organizational development, and marketing. He is the CMO of CX Effect.