A majority of chief financial officers, 72%, are concerned about wages rising to stay competitive, and 88% agree that the Great Resignation and retaining current employees is a chief concern for their organizations’ key stakeholders. This is according to the “2022 Globalization Trends Survey” released by Globalization Partners, a global employer-of-record provider.
The survey included 260 CFOs from organizations with revenue of more than $100 million.
Expanding benefits is the primary strategy CFOs are using over the next 12 to 18 months to increase retention. It is being used by 52% of CFOs. Other strategies included:
- Offering additional learning and development opportunities (31%)
- Providing employees with more feedback and recognition (30%)
- Adjusting employee compensation (25%)
Globalization Partners also noted CFOs will need to look at more than just benefits when it comes to retention. They will also need to look at culture.
“To retain talent in today’s world, it’s important for every manager and CFO to ensure people understand they are part of something bigger that benefits from their input, contribution, work and ideas,” said Simone Nardi, CFO of Globalization Partners.
The report also found that 88% of CFOs were concerned about the prospect of a recession this year, and 29% say inflationary pressure is impeding global expansion plans.
Still, 45% of CFOs said their companies are in an accelerated growth mode compared to 40% who said the same thing in a similar survey last year.