CFOs feeling optimistic about the economy, survey finds

Are you feeling positive about the direction of the economy and your company’s future? Your peers certainly are.

About 70% of CFOs and other executives said they’re optimistic about economic prospects over the next year, according to the American Institute of Certified Public Accountants (AICPA)’s economic outlook survey for the second quarter of 2021. That’s up from 47% in the first quarter.

This change is mainly credited to the fact that companies expect things to open up more in the second half of 2021, said the AICPA.

And there’s more good news for CFOs. The latest survey found profits are projected to increase by 4% in the next year, and revenues are anticipated to rise 5%.

The people piece  

The economic outlook survey also covered companies’ employment and hiring plans.

With executives feeling optimistic about the economy, profits and revenues, it makes sense that many companies are looking to expand and fill positions that were modified, eliminated or furloughed due to the pandemic.

In fact, 47% of respondents admitted they currently have too few employees, and 33% are planning to hire soon.

But as you know, that’s not always easy. The survey revealed that the top concern companies are facing now is availability of skilled personnel.

To help your company find the right candidates in this and any future economy:

• Ensure job descriptions are accurate. You may end up with the wrong fit if the job details aren’t 100% correct. So, remind HR to skip vague descriptions. Communicate clear conditions, including any specific technical skills, certifications, etc. And if you’ve been using the same job postings for a while, chances are they could use a refresher. New technologies and tasks may mean a certain position requires a different type of employee now than it did five or 10 years ago.  
• Tap your current superstars for candidates. Have great employees who work hard and are trustworthy? Ask them to share possible candidates they know personally or professionally who could be a good fit for your company.