Covid-19 pandemic became a catalyst for changing the role of CFO. The virus stalled return to work, turning remote and hybrid workforce management a reality.
CFOs like Gary McGaghey, who got the position at Williams Lea Tag just months before the pandemic, had to create new pathways that involved innovation in creating better, faster, and more sustained outcomes. The purpose was to set a stage for future growth amid global issues affecting business after the pandemic.
The role of a CFO has evolved to become a problem solver for broader business beyond finances and a strategic influencer.
2022 Outlook for Today’s CFOs
The issues that are likely to be high in 2022 CFO agendas according to surveys and conversation with several of them are:
- The future of work
- Enabling growth
- Accelerating transformation
- Building trust and purpose
- Taxes, risk, and regulation
The agendas might be simple, but implementing them in a volatile business environment is challenging. It takes a CFO with solid leadership. Gary McGaghey is a superb example as he has a track record of increasing shareholder value through leadership competencies. He has helped Williams Lea Tag and other companies in restructuring and M&A to achieve growth in markets on different continents.
The realities of changing workforce expectations in employees’ viewpoint, new working models, and realities of a tighter labor market demanded the attention of the CFOs in 2021. In collaboration with CHROs, the finance leaders showed workers that they matter and, in the process, stopped potential productivity losses. Versatile CFOs faced the ‘Great Resignation’ by turning to drivers of culture, purpose and still monitored the growth agenda. Get in touch with Gary McGaghey at https://www.f6s.com/gary-mcgaghey
The future of CFO’s work
The new era compels CFOs to focus more on people and be optimistic about growth. To achieve growth, CFOs need to understand the needs of the employees and create a unique experience for them. A CFO collaborating with a CHRO is one of the emerging hybrid models of merging workforce and business strategy.
A CFO like Gary McGaghey fits well to the new approach as he has led multiple companies through changes. He also served in other positions, including COO, and collaborating with a CHRO or other executives will be simpler than for first-time CFOs.