The CFO’s role has undergone a significant evolution, shifting from a primary focus on financial management and reporting to a more strategic responsibility in shaping a company’s culture and strategy. This transformation reflects a change in the CFO’s function. Today’s CFOs are expected to be more than just number crunchers; they are expected to be advocates for employees and drive employee development, diversity, and inclusion initiatives as well as to shape the company culture and strategy.
The Importance of Employee Development for Business Growth
In 2023, CFOs are recognizing the significance of prioritizing employee development. They understand that investing in the growth of employees can not only foster personal and professional advancement but also enhance the overall performance of the business. Through the provision of training and development opportunities, employees have the chance to enhance their skills and knowledge, leading to improved job performance and increased engagement.
Furthermore, CFOs understand investing in employee development serves as a valuable strategy to attract and retain top talent. By offering avenues for employees to learn and grow, companies can cultivate a workforce that is both skilled and highly engaged. This, in turn, can result in higher job satisfaction and lower turnover rates, ultimately leading to cost savings for the company.
As a result, CFOs are prioritizing employee development as a key approach to building a skilled and engaged workforce. They understand that by investing in their employees, they can drive better business performance, creating a win-win situation for both the company and its employees.
A concrete example of a company that has successfully embraced employee development is Accenture. This organization offers personalized learning experiences to its employees through its digital learning platform. As a result, they have observed a remarkable 22% increase in employee productivity and an impressive 21% reduction in attrition rates. This shows the positive impact that investing in employee development can have on both individual growth and overall company success.
Embracing Diversity and Inclusion in the Workplace
In 2023, CFOs are placing increased emphasis on diversity and inclusion.
Gartner’s research indicates that 75% of CFOs view diversity and inclusion as essential to their company’s success.
Additionally, a study published in the Harvard Business Review suggests that diverse organizations have achieved a 19% increase in revenue from innovation. Consequently, CFOs are proactively fostering diverse and inclusive workplaces, aiming to create an environment where everyone feels appreciated and treated with respect.
Companies that have successfully embraced diversity and inclusion have seen a positive impact on their bottom line. For instance, Microsoft has reported a 20% increase in employee satisfaction and a 27% increase in innovation after implementing its diversity and inclusion initiatives.
CFOs are prioritizing diversity and inclusion because they know that a diverse and inclusive workforce can lead to better decision-making, increased creativity, and innovation. Moreover, it can help companies attract and retain top talent, which is critical for business success.
Prioritizing Employee Engagement
Employee engagement is also a key focus for CFOs in 2023. Employee engagement is essential for maintaining a positive and productive work environment. CFOs are prioritizing fostering a culture of inclusion, collaboration, and recognition to promote employee engagement.
CFOs understand that employee engagement is critical because engaged employees are more productive, more likely to stay with the company, and more likely to provide excellent customer service. Companies that have successfully prioritized employee engagement have seen significant benefits. For example, Cisco’s “People Deal” program has increased employee engagement by 10% and has resulted in a 2% increase in customer satisfaction.
Advocating for Employees
As CFOs increasingly focus on promoting employee well-being, development, and inclusion in the workplace, they are emerging as strong advocates for their employees. They recognize that prioritizing employees’ well-being is a critical component of achieving success as a company. By investing in their employees’ well-being, development, and inclusion, they are driving business success.
A Gartner survey reveals that 80% of CFOs consider employee well-being to be a crucial factor in their company’s success.
Additionally, Forbes reports that 89% of CFOs believe that their company’s culture and values play a vital role in driving financial performance.
CFOs advocate for their employees because they know that happy, healthy, and engaged employees are more productive and provide better customer service. Companies that prioritize employee well-being and engagement tend to experience higher employee retention rates, lower turnover costs, and improved financial performance. As a result, CFOs are taking an active role in creating a workplace that fosters employee well-being, development, and inclusion.
How EDLIGO Can Help
EDLIGO is a comprehensive Talent Analytics platform that enables CFOs to focus on key employee priorities, such as employee development, diversity, inclusion, and engagement.
Using the platform, organization leaders can gain valuable insights into their employees’ skills, competencies, and potential, enabling them to make informed decisions about career growth and development opportunities.
Additionally, EDLIGO‘s Talent Analytics capabilities can help identify and address any potential biases in their promotion processes. With EDLIGO, CFOs can foster a culture of continuous learning and growth, leading to a more diverse and inclusive workplace. The platform offers training and development programs that focus on diversity, equity, and inclusion, empowering employees to contribute to a more inclusive and diverse work environment.