CFO salaries increased, with a 4% median rise noted for 2024, contrasting with steady CEO pay. A study reveals that CFO turnover is significantly driven by workload, especially regarding accounting tasks, requiring CFOs to certify financial statements. Companies that delegate accounting responsibilities to a Chief Accounting Officer see an 18% reduction in CFO turnover, enabling CFOs to focus on strategic priorities. This trend supports the rise of the Chief Accounting Officer role as increasingly strategic in nature, with organizations recognizing the importance of alleviating CFO workloads for retention.
Companies that allow CFOs to delegate accounting responsibilities to a chief accounting officer experience at least an 18% reduction in CFO departures, highlighting the impact of burnout and workload.
The emerging trend indicates that the role of chief accounting officer is becoming elevated to a strategic leadership position, emphasizing a shift in how companies view accounting responsibilities.
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