Amid Mounting Concerns Over Rising Wages, Talent, and Inflation, 83% Of CFOs Feel Long-Term Growth Plans Hinge on New Markets
DUBLIN and PARIS and SEOUL, South Korea, June 14, 2022 /PRNewswire/ -- Globalization Partners (G-P), the leading Global Employment Platform™ that makes it fast, simple, and compliant for companies to hire anyone, anywhere, today announced CFO research that reveals more than seven out of ten CFOs (72%) are concerned about wages rising to stay competitive. Other top challenges include supply chain disruption (29%), talent shortages (23%), and global affairs (18%).
The results, from Globalization Partners' fourth annual CFO survey, show that, even though there are concerns, CFOs remain surprisingly bullish on growth, and that (83%) feel their long-term plans will stem around expansion into new countries (up 2% from last year). "In challenging times, CFOs look to determine how they can do things differently and as a result, new ideas about future growth emerge," said Simone Nardi, Globalization Partners' Chief Financial Officer. "Expanding into new markets to find both talent and opportunity provides a path forward for continued growth at reduced cost and risk."
The place they want to focus their international expansion efforts: one out of three CFOs (33% in the next 12-18 months and 37% over the next five years) report that the focus of their company's international expansion is the United Kingdom. "This data corresponds with what we are seeing from our customers," continued Nardi. "In fact, we're finding that in addition to the UK being a top geographic area for expansion and to hire talent, we are also seeing that regions for companies to hire hard-to-find technology talent include India, Canada, and Brazil.
The research also found that 78% of CFOs across the globe say holding on to talent is a top concern, and as a result, are offering more flexibility to employees through remote-first and hybrid work approaches. The data uncovered that:
- More than half of CFOs (53%) say that their retention strategy over the next 12-18 months will be expanding benefits, including flexible working arrangements
- More than nine out of ten CFOs (91%) agree that allowing employees to work in locations of their choice rather than having to backfill a position is the preferred talent strategy for key stakeholders
- Almost half of CFOs (47%) say their companies' talent strategy is based on a hybrid workplace
"The opportunity for global expansion is more interesting now than ever," says Nardi. "And now is the time to think differently about how adversity in one market or region may mean opportunity in another and how this type of fresh perspective can help in building a stronger company in the future."
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