When asked about their chief concerns in the regulatory arena, 62 percent of CFOs pointed to recently passed health care reforms, according to a new survey.
The survey, by staffing company Robert Half, is part of a new report, CFO Concerns: What Are the Top Challenges Facing Today's Financial Executives? The report highlights a number of issues affecting the CFO role, including managing health care insurance expenses, controlling spending and maintaining staff morale.
The report was developed by Robert Half Management Resources. The survey includes responses from 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.
Thirty-four percent of the CFOs surveyed said their companies are responding to rising health care insurance costs by increasing employees' contributions to their premiums; 28 percent noted their companies are assuming the higher costs, and 20 percent said they are reducing health care benefits.
Other concerns cited by the survey respondents included financial reform and convergence with International Financial Reporting Standards. Seven percent of respondents cited the possible conversion to IFRS as a concern, and 3 percent mentioned the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Another concern was staff retention. Twenty-nine percent of the CFO respondents said subsidized training and education are the perks they offer or plan to offer in 2011 to retain employees. Flexible work hours/telecommuting and mentoring programs followed, each cited by 24 percent of respondents.
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