Finance Facts: Four Stats on Workforce Management for CFOs
If you’re a CFO or a similar executive in Finance, you’ll be interested in these four key stats from our 2019 State of Workforce Management Report. This report explored workforce management trends and priorities among Health and Human Services executives. While the overall results included responses from CEOs, HR, Operations, IT, and Finance, we pulled some of the responses just from our Finance respondents to provide you with some deeper insights into the initiatives most important to you.
1. CFOs are more concerned about labor cost allocations than any other executives.
As with other executives, CFOs identified employee engagement and recruiting and retention as their organization’s top two priorities for the year. However, where CFOs differed was in the importance they placed on managing labor cost allocations, which they indicated as one of the most important initiatives as well as one of the top initiatives they plan to prioritize this year. Considering that organizational costs in general are a primary responsibility for Finance, it’s not surprising to see that CFOs are highly conscious of this initiative.
2. CFOs identified measuring the financial efficiency of programs as their greatest obstacle to managing labor costs.
In Health and Human Services organizations especially, programs can be challenging to track effectively. With multiple funding sources, employees with various departmental allocations, and outcomes that require long-term and ongoing services, the financial efficiency of these programs can be very difficult to calculate. In many cases, Finance executives also struggle to get accurate information, as they may have to manually piece together information from multiple workforce management systems to get all of the data points they need. If these systems have conflicting information, it can be even more challenging for CFOs to know which data they can trust.
3. 73% of CFOs agree or strongly agree that their organization is using digital tools to help streamline and automate operations.
This is a strong statistic that shows CFOs in particular are adopting technology to improve operations. Furthermore, 55% of CFOs agreed or strongly agreed that their organization uses digital tools to increase collaboration and productivity. These results indicate that digital tools are worthwhile to invest in, which may explain our next stat…
4. Nearly three quarters of CFOs say they have seen an ROI on the digital tools they’ve implemented.
Investing in digital tools was the third highest priority among all executives in the 2019 State of Workforce Management Report, and fell within the top three priorities for CFOs as well (tied with managing labor allocations). With 73% of CFOs saying they’ve seen a return on investment in the digital tools implemented at their organizations, we are seeing that Health and Human Services organizations are increasingly embracing technology that can help the function more efficiently.
Overall, Finance executives are embracing digital tools and using them in innovative ways to manage labor costs and achieve their other workforce management initiatives. For more stats from Health and Human Services executives, check out the 2019 State of Workforce Management Report.