The CFO role is continuing to expand, particularly to human resources and information technology, according to a recent survey.
The survey, from Robert Half Management Resources, found that 85 percent of CFOs have broadened their responsibilities outside of accounting and finance over the past three years, with HR and IT the most commonly cited areas.
The survey polled more than 2,100 CFOs from a random sample of companies in more than 20 of the largest U.S. markets.
CFOs were asked, "Which one of the following areas outside of traditional accounting and finance responsibilities, if any, has your role expanded into most over the past three years?"
In response, 21 percent cited human resources, 19 percent said information technology, 18 percent cited operations, 17 percent said marketing, and 10 percent said sales or business development.
However, 14 percent replied either none or their role hasn’t changed when asked which area outside of traditional accounting and finance responsibilities their role has expanded into most over the past three years. Another 1 percent responded they did not know.
"While tackling increased compliance and regulatory pressures, internal controls and tax issues, today's CFO also is a strategic and indispensable business adviser," said Paul McDonald, senior executive director for Robert Half, in a statement. "With technological advancements and the emphasis on data analytics and business transformation, companies are looking to their financial leaders to partner with departments throughout the organization, including HR and IT, to help enhance efficiencies, grow revenue and contain costs."
McDonald attributed CFOs' increased involvement in HR, in part, to the competitive hiring environment. "Financial executives are often collaborating with HR on benefits and other areas that not only affect a firm's bottom line, but also its ability to attract and retain leading employees," he said.
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