The evolving role of CFOs: key insights from new report
At a glance
The Hays CFO Viewpoint report provides in-depth insights into the evolving landscape of finance leadership, offering valuable perspectives from senior finance leaders across key industries in Australia and New Zealand. Caroline Edwards, Hays business director, senior finance recruitment New South Wales, shares key takeaways from the report.
CFO role evolution
“The report explores the evolving role of the CFO into a more strategic, what we’ve phrased ‘Chief Value Officer’ role, which is a phrase we’re seeing more and more. This emphasises the shift from traditional finance management to driving broader organisational value.
I think that this is particularly significant as CFOs navigate challenges like cyber risk, inflation and data management, while embracing transformative opportunities through AI and sustainability as well.
“These findings are critical as they highlight how CFOs must adapt to remain competitive and resilient in today’s volatile landscape.”
Strategic priorities for CFOs
“[Some strategic priorities for CFOs are] enhancing the quality and governance of organisational data to support innovation and informed decision-making. This obviously has a huge impact on how a business might use AI in finance as well.
Also cost management — mitigating those inflationary pressures through technological efficiency and process improvements so finance teams can focus on cross-functional collaboration, investing in training programs and leveraging digital tools to streamline operations.”
Sustainability and ESG
“[Sustainability and ESG is] now a financial imperative, and regulatory requirements like mandatory climate reporting in Australia starting this year are driving CFOs to embed ESG into their strategies.
CFOs are tasked with aligning financial performance with sustainability goals, creating robust frameworks for climate risk management and communicating ESG impact to stakeholders. Many finance leaders see ESG as a driver of long-term value and a critical factor in raising capital and investor engagement.”
Prepared for success
“The three core areas that we found from the report were firstly upskilling and leadership development. 82 per cent of the CFOs that we spoke to are pursuing formal learning to adapt to their expanded roles.
“Leveraging AI and digital tools to enhance efficiency and decision making — both for themselves and for their teams as well. Many of the CFOs that I spoke to are conscious to improve the skills that their team has around technology.
“Then the third — and very important when you’re in a role like [CFO] — is succession planning. So ensuring that there are robust frameworks in place to develop future leaders within finance teams.”
