Decisive Action - Survey: CFOs Say Greatest Lesson From Recession is Decisive
Cost Cuts

TORONTO, March 30 /CNW/ - The biggest takeaway from the recession for companies could be to move fast with necessary changes, according to a recent survey of chief financial officers (CFOs). When executives were asked to name the greatest lesson learned during the recent downturn, the top response was to take decisive measures to avoid multiple rounds of cost-cutting, cited by nearly three in 10 (29 per cent) respondents.

The survey was developed by Robert Half Management Resources, the world's premier provider of senior-level accounting and finance professionals on a project and interim basis. It was conducted by an independent research firm and includes responses from 270 CFOs from a stratified random sample of Canadian companies with 20 or more employees.

CFOs were asked, "Which one of the following is the greatest lesson you have learned from the recession?" Their responses:

    
    Take decisive measures more quickly to avoid multiple
     rounds of cost cutting.......................................... 29%
    Make sure you have enough staff to maintain productivity......... 16%
    Place greater focus on maintaining employee morale............... 16%
    Implement more detailed succession plans for company............. 14%
    Other............................................................  8%
    No lessons learned............................................... 16%
    Don't know/no answer.............................................  2%

    Survey does not add to 100 per cent due to rounding.
    

"Cost cutting measures, including staff reductions, may cause stress and uncertainty in an organization, often leading to decreased morale and productivity," said Rod Miller, a vice president with Robert Half Management Resources' Canadian operations. "By taking prompt action and not drawing out difficult decisions, companies can better manage employee concern."

About the Survey

The Canadian study was developed by Robert Half Management Resources. It was conducted by an independent research firm and is based on more than 270 telephone interviews with CFOs from a random sample of Canadian companies with 20 or more employees.

About Robert Half Management Resources

Robert Half Management Resources is the premier provider of senior-level accounting and finance professionals to supplement companies' project and interim staffing needs. The company has more than 145 locations worldwide and offers online job search services at www.roberthalfmr.com. Follow Robert Half Management Resources at twitter.com/roberthalfmr for workplace news.

For further information: Robert Half Management Resources, Kristie Perrotte, Suite 840, 181 Bay Street, Toronto, ON, M5J 2T3, [phone], [email protected]