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FEI/Baruch CFO Outlook Survey: 70% of CFOs Exploring Layoff Alternatives, Salary Freezes
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– Majority Calling on Boards to Act as Partners in Recession Survival –
– Remain Skeptical of Obama Administration and Policies,
But Some Predict Signs of 2010 Recovery –
While confidence in the United States economy and leadership remain low among chief financial officers of American companies, many are speaking out and taking action to protect their own businesses and workforce, according to the most recent quarterly survey conducted by Financial Executives International (FEI) and Baruch College's Zicklin School of Business.
CFOs responding to the 2009 first quarter "CFO Outlook Survey” overwhelmingly declared that they need more from their boards of directors, with four out of five expressing discontent with the current relationship. CFOs also conveyed skepticism over the effects President Barack Obama will have on the economy, with 58 percent reporting they are less confident since his inauguration, and only one-third expecting the stimulus package will help the economy. As CFOs are forced to make tough decisions on cost cutting, half are freezing salaries and using other unconventional measures to avoid layoffs..
The full press release is available in the FEI media room.
The study is available for download at the Financial Executives Research Foundation bookstore.
or additional information and past results, visit www.cfosurveys.com.
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