May 19, 2020
CFO Survey: Always Keep Them Smiling
A survey developed by Robert Half Management Resources asked 1,400 CFOs what was the biggest thing they have taken away from the recession. There was a multitude of sensible answers including avoid cost cutting, maintain productivity and make decisive measures.
However, one answer stood above the rest. The majority, 27 percent, said the greatest lesson they have learned from the recession was to maintain employee morale. The answer shouldn’t be surprising.
In a recession it’s easy to get down with worries about losing your job. It also is easy for employees to get overworked and lose motivation. Not keeping employees happy is a mistake according to the majority of 1400 CFOs from US companies with an employee base of more than 20.
"Without a motivated workforce and adequate staffing levels, companies can be ill-equipped to take advantage of improving market trends. They may also risk losing top employees as the job market strengthens,” said Paul McDonald, executive director of Robert Half Management Resources.
The following is the complete results from the survey:
Which one of the following is the greatest lesson you’ve learned from the recession?
Maintaining Employee Morale 27%
Take decisive measures more quickly to avoid multiple rounds of cost cutting 22%
Make sure you have enough staff to maintain productivity 22%
Implement more detailed succession plans for company 15%
No lessons learned 11%
Don't know/no answer 2%