About seven in every 10 (72%) CFOs around the world are concerned about wages rising to stay competitive, according to research findings from employment platform Globalization Partners (G-P).
Other top challenges for worldwide CFOs include supply chain disruption (29%), talent shortages (23%), and global affairs (18%).
This is from the fourth annual CFO survey that G-P and CFO Dive conducted between March and April of 2022.
A total of 260 CFOs and other senior financial and corporate executives participated in the research – all of whom work for organisations with more than $100 million in revenue.
Survey results show that, even though there are concerns, CFOs remain surprisingly bullish on growth. In the Asia-Pacific region, more than three in every four (77%) CFOs feel their long-term plans will stem around expansion into new countries.
“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, CFO at G-P. “Expanding into new markets to find both talent and opportunity provides a path forward for continued growth at reduced cost and risk.”
In terms of global expansion plans in the next 12-18 months, APAC CFOs said their top expansion territories are APAC (64%), the United Kingdom (16%), European Union (5%), The Middle East and Africa (5%) and North American region (3%).
In APAC, 82% of CFOs say holding on to talent is a top concern. CFOs in APAC are navigating the uncertainty by offering more flexibility, such as remote-first and hybrid work.
Also, more than half (56%) of APAC CFOs say that their retention strategy over the next 12-18 months will be expanding benefits, including flexible working arrangements.
More than nine in every 10 (92%) APAC CFOs 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.
About half (49%) of APAC CFOs say their companies’ talent strategy is based on a hybrid workplace
“The opportunity for global expansion is more interesting now than ever,” said 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.”