Singaporean CFOs reveal their top priorities for 2017 Majority will focus on new technologies, updating financial policies and company growth

Singaporean CFOs reveal their top priorities for 2017

Majority will focus on new
technologies, updating financial policies and company growth

45% of Singaporean CFOs say implementing new technologies is their top
priority for 2017, continuing for 46% of CFOs in 2020.
45% will be prioritising updating their internal financial policies this
year, followed by 43% who will focus on driving overall company growth.
47% say talent management will top their agenda in 2020.

Singapore, 7
February 2017 – The 2017 key focus areas for Singaporean companies have
been revealed in a new study. According to independent research commissioned by
specialised recruitment company Robert
Half, the majority of Singapore’s CFOs will
be focusing on implementing new technologies and updating internal financial
policies this year.

Almost half (45%) of CFOs respectively say applying
new technologies and updating their company’s internal financial policies and
procedures will be their top priorities for the year ahead. The increased focus
on implementing new technologies highlights the progressively important role
technology is playing in the finance function of Singaporean businesses, as 46%
say it will top their agenda in 2020.

Matthieu
Imbert-Bouchard, Managing Director at Robert Half Singapore said:
“As companies endeavour to explore new
ways to increase innovation and streamline business practices, Singaporean
businesses are adapting their finance function to harness new technologies and
continuously updating internal procedures. These processes allow companies to
remain competitive in an increasingly uncertain market – those quickest to
adapt will inevitably be able to maximise their company’s future growth and
market share.”

“The growing
influence of technology and digitisation is seeing the finance function undergo
significant change, and finance companies will need to recruit highly skilled
professionals who are able to keep up with these dramatic developments. In
order to utilise new technologies and streamline processes, businesses need
finance teams made up of professionals with the right experience, technical and
business acumen as well as adequate soft skills to take full advantage of new
opportunities.”

Almost half (47%) of the city-state’s CFOs will
make talent management their key focus area in 2020. The focus on staff
acquisition, retention and development bodes well for future jobseekers and
employees eager to embrace professional development opportunities.

“Looking
ahead, a company’s success depends mostly on the performance of its staff, highlighting
the critical nature of talent management for Singaporean businesses. Confronted
with skills shortages in many functional areas, companies will not only need to
source highly skilled professionals, but also focus on further staff training and
development which will in turn positively impact their staff retention programs,”
concluded Matthieu Imbert-Bouchard.

Singaporean CFOs were asked: “What are your key focus areas in 2017 and 2020?”

	2017	2020
Implementing new technologies	45%	46%
Updating internal financial policies and procedures	45%	31%
Driving overall company growth	43%	39%
Talent management (staff acquisition, professional development, staff retention)	42%	47%
Increasing profitability	39%	41%
Adding new skillsets to better perform the finance function	22%	16%
Addressing macroeconomic impacts on the business	19%	22%
Addressing areas of internal risk within the organisation	15%	17%
Addressing areas of external risk within the organisation	7%	10%
Adhering to reporting or compliance standards	7%	8%
Adhering to audit standards	6%	13%