Close
  • Latest News
  • Artificial Intelligence
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Logo
  • Latest News
  • Artificial Intelligence
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home Applications
    • Applications
    • IT Management
    • Networking

    Technology CFOs Sound Optimistic About Economy, Hiring

    By
    Don E. Sears
    -
    May 13, 2010
    Share
    Facebook
    Twitter
    Linkedin

      eWEEK content and product recommendations are editorially independent. We may make money when you click on links to our partners. Learn More.

      Accounting firm Grant Thornton recently surveyed 496 chief financial officers on a number of economic and business topics. Of the nearly 500 financial executives, 53 of them worked for technology companies. Tech CFOs were more positive across the board. The 53 in that group were feeling pretty decent about their budgets and hiring, but don’t expect much of a raise or bonus in 2010. Only 11 percent of respondents said they plan to give raises this year, with 32 percent actually decreasing them this year.
      In terms of hiring, 37 percent said they expect to increase headcount in the next six months, compared with 29 percent in all other industries. Only 2 percent of tech CFOs said they expect to lay off employees, compared with 9 percent in every other industry. Over 80 percent of tech CFOs are keeping headcounts flat. From the report:

      “Fifty percent thought that the U.S. economy would improve over the next six months (versus 44% for their counterparts in other industries), 60% thought their own company’s financial prospects would improve (versus 52%), and 37% thought the economy would come out of recession in 2010 (versus 28%). In terms of inflationary pressure, only 17% were planning to raise prices in the next six months, versus 24% for other industries.”

      Almost half of surveyed “national” CFOs said they believe the economy will not come out of the recession until 2011, and a quarter predicted that the recession will last longer than 2011. Only 15 percent of tech CFOs surveyed said they think the recession will be over after 2011. Forty-seven percent said they think it will end in 2011, one-quarter expect it to end in the second half of 2010 and about 10 percent said they think the recession is already over.
      One reason to listen to these CFO numbers closely is that most senior managers in technology are reporting in to CFOs these days. A recent eWEEK article on organizational hierarchy issues pointed out that most CIOs responsible for IT management report to CFOs, and if not, many CFOs want it that way.
      Why the CFO power grab? It appears the “one throat to choke” philosophy generally reserved for vendor management is in play with senior-level financial managers lately.
      “CFOs now spend more time on strategy and operating issues and less on budgeting and accounting,” wrote Chris Butler and Karen Quint, financial executive experts at Spencer Stuart, in an article on the increased responsibilities of the CFO. “CFOs help clarify business models, draw the maps of activities and provide a deeper sense of how a business actually works, its risks and opportunities … CFOs are now risk managers, not just risk controllers. Risk management has emerged in the past year as one of the critical board-level issues.”

      Don E. Sears

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      Get the Free Newsletter!

      Subscribe to Daily Tech Insider for top news, trends & analysis

      MOST POPULAR ARTICLES

      Artificial Intelligence

      10 Best AI 3D Generators 2023

      Aminu Abdullahi - November 17, 2023 0
      AI 3D Generators are powerful tools for creating 3D models and animations. Discover the 10 best AI 3D Generators for 2023 and explore their features.
      Read more
      Cloud

      RingCentral Expands Its Collaboration Platform

      Zeus Kerravala - November 22, 2023 0
      RingCentral adds AI-enabled contact center and hybrid event products to its suite of collaboration services.
      Read more
      Latest News

      Zeus Kerravala on Networking: Multicloud, 5G, and...

      James Maguire - December 16, 2022 0
      I spoke with Zeus Kerravala, industry analyst at ZK Research, about the rapid changes in enterprise networking, as tech advances and digital transformation prompt...
      Read more
      Applications

      Datadog President Amit Agarwal on Trends in...

      James Maguire - November 11, 2022 0
      I spoke with Amit Agarwal, President of Datadog, about infrastructure observability, from current trends to key challenges to the future of this rapidly growing...
      Read more
      Cloud

      IGEL CEO Jed Ayres on Edge and...

      James Maguire - June 14, 2022 0
      I spoke with Jed Ayres, CEO of IGEL, about the endpoint sector, and an open source OS for the cloud; we also spoke about...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2022 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

      ×