Employment Services
CFO time management
Where does the day go?
Smart Business Cleveland | February 2007
Interviewed by Marcia Passos Duffy
Despite the plethora of technological
advances designed to streamline
workloads, chief financial officers (CFOs) still struggle to balance their
schedules, according to a recent survey.
Nearly half (46 percent) of CFOs say
time management is the greatest challenge for financial executives today, up
from 36 percent five years ago. Keeping
pace with technology ranked second,
with 22 percent of the response, versus
27 percent in 2001.
The survey, developed by Robert Half
Management Resources, was conducted
by an independent research firm and
included responses from 1,400 CFOs
from a random sample of U.S. companies with 20 or more employees.
It is not just technology overload that
is creating a time crunch for CFOs, says
Alan Reisinger, branch manager for
Robert Half Management Resources in
Cleveland. “They are being pulled in
many different directions because of the
increased job responsibilities beyond
their core financial function.”
Smart Business spoke with Reisinger
about the challenges that financial executives face in today’s business world and
what CFOs can do to help relieve some
of the stress.
What does this survey tell us about executives and time management?
The results of the survey confirm that
financial executives are pulled in many
directions. Interestingly enough, the
advent of advanced technologies
(BlackBerry devices, PDAs, cell phones,
e-mail, etc.) may be detrimental to time
management with the distractions they
can create.
Why has it become more difficult for CFOs
to manage their time?
The current business landscape has
expanded the role of most CFOs well
beyond the core financial function.
Regulatory compliance in the wake of
prior corporate scandal has had a ripple
effect on publicly-held companies often
spreading these executives too thin; new
government regulations (such as
Sarbanes-Oxley and FIN 48) that did not
exist five years ago have added many
new responsibilities to the CFO.
Aside from the compliance workloads,
financial executives are not only handling their core responsibilities but are
also sitting on company boards, playing
an active role in their company’s corporate governance committees, and may
even be involved with the technology
needs of the company — in particular
when implementing system upgrades —
plus any acquisition or divestitures. The
modern CFO is typically heavily involved in business development and
investor relations.
Are technological advances that are supposed to save time helping or making time
management more of a challenge?
Although these advancements were designed to streamline communication,
instant access to knowledge can be a
distraction. Immediate knowledge of
financial issues large and small creates a
daunting task for CFOs who attempt to
manage and prioritize their time.
Do you think the line between work and off-duty has blurred because of these time-saving technology tools?
The concept of a true vacation for
financial executives seems to be disappearing. Although the challenge of work-life balance over the last five years has
dissipated according to this survey, concerns over the subject could skyrocket
in the near future.
What advice do you have for executives
who feel strapped for time? What can they
do to manage their time better?
Organization and prioritization of an
executive’s time should be the focus in
addressing time management. Only
emergency situations should pull you
from accomplishing your daily goals.
An organized mind is a peaceful mind.
For example, avoiding the temptation
to check e-mails and voicemails during
off time is a good way to re-energize
yourself.
It’s also important to delegate certain
projects to team members to help manage workloads and develop staff. For
example, a growing number of CFOs are
delegating more of their day-to-day
responsibilities to the controller level.
ALAN REISINGER is the branch manager for Accountemps,
Robert Half Management Resources, and Robert Half Finance &
Accounting. Contact him at Alan.Reisinger@accountemps.com
or (216) 781-8367.
