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It's Time for CFOs to Retool Their Workforces

It's Time for CFOs to Retool Their Workforces

The declining unemployment rate and recent trends suggesting more companies are ramping up their hiring plans means finance

The declining unemployment rate and recent trends suggesting more companies are ramping up their hiring plans means finance chiefs should once again look toward investing in human capital in order to stay competitive.

According to CFO Magazine, though many executives have reservations about bringing on a number of new workers, it's becoming necessary in order to maintain a strong workforce.

During a recent webcast in which he addressed a number of financial executives, Bob Hostetler, national managing partner of Tatum's CFO Services, said that companies must be aware of the domino effect of hiring.

"Many of you are probably starting to see some of your best talent be recruited away, now that the storm is clearing," Hostetler said, according to CFO. "This is happening because your competitors are making the decision to invest or retool. Part of that is cautionary: it’s necessary in order to preserve the capital you still have."

The most recent report from the Bureau of Labor Statistics found that the unemployment rate fell to 8.2 percent and 15,000 finance sector jobs were added across the country in March.