One in three CFOs is focused on ‘changing employee expectations’ to battle labour market challenges and retain top tech talent, according to a survey of 500 finance leaders by Grant Thornton.

The report found that CFOs are struggling to attract and retain the skills required in their finance function to deliver their business strategies, with AI and ESG at the top of the list. Budget constraints were found to be a significant barrier preventing new hires and upskilling, amid rising skills gaps.

Despite this, over 90% of CFOs are planning a digital transformation for their finance function over the next year as pressure to deliver return on investment (ROI) continues to rise.

‘Financial constraints’ were listed as the primary blocker to these digital transformation initiatives anticipated by CFOs as they balance quality and speed across their tech and AI projects.

Unsurprisingly, AI is among the top priorities for CFOs over the next 12 months, but it is also among their biggest risks. The research highlighted that finance teams remain uncertain of the risks that AI poses, and called for CFOs to ensure a robust risk management framework to manage implementation and future threats.

CFOs are now being asked to support digital transformation initiatives across the business, assist with talent acquisition and retention activities, and play a central role in risk management from cybersecurity to compliance with the evolving regulatory landscape.