The pandemic has presented challenges for finance directors and CFOs over the last couple of years.
Now, even though the human health risks seem to be levelling out, there remains a need for high-performing finance professionals to focus on their top priorities for 2022 in order to ensure the financial health of their organisations.
These priorities lie in the areas of risk preparedness, employee wellness, and digital transformation. Delving deeper provides an insight into why these factors are such vital areas for consideration for finance leaders in 2022 and beyond.
Forward forecasting and risk preparedness to improve agility
The pandemic proved that organisations must be agile if they are to survive in times of adversity. The finance function has an essential role to play in ensuring this is the case. Their work is central to ensuring financial and operational flexibility.
Top finance professionals understand the need to accurately determine the current and future landscape including the situation regarding potential supply chain and macroeconomic challenges. Establishing this information, evaluating risk levels, and developing associated scenarios, helps organisations to adapt, survive, and flourish.
Managing stress levels and alleviating burnout
Employee retention is at the core of enabling the success of organisations right now given ongoing talent shortages. Top finance leaders recognise this fact and know that managing stress within finance teams, and alleviating burnout, is a vital factor in retaining the services of individuals.
Unsurprisingly, burnout is at high levels across the finance sector, as it is in many professions, as a result of the pandemic. Remote working, and restrictions including lockdown, have caused stress levels to rise in individuals resulting in burnout over time.
Experienced finance leaders are adopting an empathetic approach and integrating flexible working approaches and well-being initiatives in order to retain high performing professionals who may otherwise fall foul of burnout.
Investing in digital transformation
Investment in digital transformation is not a new concern for 2022 but it’s still a vital one for finance leaders. This is especially the case now that organisations are moving from the “fire fighting” approach that was adopted by many during the pandemic to a more strategic long-term way of thinking.
This includes investing in technologies that improve productivity and enable businesses towards a more automated and efficiency focussed approach.
This focus on digitalisation and automation makes it easier for finance professionals to fulfil the more strategic role that is required of them in today’s business environment. For example, automation enables the analysis of large data sets in order to establish the ongoing market situation and make accurate forecasts in order to inform strategic decisions.
These considerations are all high on the list of priorities for finance leaders in 2022. As organisations progress through the coming months, their finance executives will play a pivotal role in ensuring agility, retaining the services of valuable finance professionals, and investing in digital transformation, in order to take the organisation forward into a more certain and successful future.