Risk & Economy » Through the lens of a CFO: The future of work in 2023

Through the lens of a CFO: The future of work in 2023

Eliran Glazer, the CFO at monday.com, evaluates what we can expect in 2023 through the lens of a finance executive

Not a week goes by without some major development in the world of work. The landscape is ever-changing, and these changes can be analysed from many different perspectives. As it has been in recent years, the role of the CFO will continue to be crucial in spearheading key business initiatives, communicating with employees and other stakeholders, and ensuring cross-company alignment and progress.

CEO and CFO alignment

The CEO and CFO will work together more closely than ever to ensure company operation, efficiency, resiliency, and guidance throughout times of transition.

When the market is changing quickly, organisational agility is crucial. When the CEO and CFO are closely aligned, they bring their areas of expertise to the table to drive strong strategic decisions together so the organisation can adapt to a changing environment.

This is even more relevant in our current macroeconomic environment and geopolitical tension, when there is a significant financial weight to every business decision. With 70% of boards of directors looking to accelerate digital business initiatives and strategies, CFOs will have a critical role when it comes to company sustainability.

Investments in digital technology

Teams will take a more dynamic and digitised approach to collaboration to address remote work across time zones, between offices, and at home.

Among CFOs polled in July 2022, 66% said they planned to increase investment in digital technology in the next 12 months, and another 32% said they would maintain such spending – the highest percentage of any spend category.

In order to best serve hybrid workers, companies will need to improve not only the customer experience, but also the employee experience and satisfaction through dynamic and digital collaboration tools.

Eliran Glazer

Proactivity and transparency

During an unpredictable economic climate, proactivity and transparency from CFOs is key for making data-driven decisions and staying agile while also ensuring that employees are kept in the loop and regularly updated about the company’s range of projected scenarios for the upcoming months and any planning adjustments.

CFOs should always be proactive and transparent when communicating the business landscape. Set realistic expectations and break down concepts so that they are well understood and clear for anyone in the company. Educating employees about financial jargon and/or the state of the global economy will also help them find their footing in these challenging times.

In 2023, CFOs will have their plates full, but with great responsibility comes great opportunity to make a significant impact on the business. Identifying ways in which the CFO role can make an impact, support, and even lead other parts of the company will foster more collaboration, communication, and, ultimately, success.

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