CFOs to Remain in the Workforce

A few CFOs may have their pay capped under Obama’s plan, but many others will be delaying or adjusting their retirement plans. Over half of working CFOs have made such changes. Of those 62% of them say they have to keep working due to the economy.

The Robert Half survey is based on interviews with more than 1,400 CFOs across the United States. When asked how their retirement plans had changed in the last five years, they responded as follows:

43% have not changed plans
27% plan to spend more time working than they did five years ago
25% are more more uncertain and cannot predict when they may retire
5% plan to spend fewer years working than they had intended five years ago

Paul McDonald, executive director of Robert Half Management Resources points to the silver lining in the CFOs’ cloud:

“Employers may reap unexpected benefits from experienced workers who delay retirement, as their deep knowledge and skills will remain available to the firm. Even in a weak economy, companies must be mindful of retaining tenured staff by offering benefits they value, such as greater scheduling flexibility or part-time employment.”

McDonald also noted that many CFOs who are not ready to retire completely may serve as consultants or project professionals to provide cost-effective talent and much needed high level skills.

Image Credit: paulgoyette, Flickr