Businesses shift back to office, balancing hybrid work
A new survey of chief financial officers (CFOs) across New Zealand revealed a shift toward more office-based work compared to last year, as companies adjust to the “new normal” of hybrid working, Infometrics reported.
Brad Olsen (pictured above), CEO and principal economist at Infometrics, said that “one-in-five businesses have adopted stricter return-to-work policies in the last year,” reflecting a broader shift back to office environments.
However, hybrid work remains significant, with 41% of businesses reporting an increase in office presence over the last year, while 43% have maintained similar hybrid working patterns.
The challenge of balancing flexibility and talent retention
Hunter Campbell managing partner Lee Marshall acknowledged the growing office trend, especially in larger companies, but stressed the ongoing value of flexible working arrangements.
“Finding the right balance will be important to ensuring businesses can attract and retain the best talent,” Marshall said.
While the return to office is increasing, flexible options like remote work continue to offer competitive advantages for both businesses and employees.
AI Adoption on the Rise
The Hunter Campbell “Mood of the CFO” survey also delved into the increasing use of AI in business operations.
According to the survey, 44% of businesses already incorporate AI into their workflows, with an additional 31% exploring its potential.
“Tasks that CFOs are using AI for vary, with the three most reported tasks being language and spelling, task automation, and meeting transcription,” Tax Traders co-founder Nicola Taylor said.
AI: A tool for efficiency and innovation
AI is helping CFOs streamline routine tasks, with over half of surveyed businesses using it for language correction and automation. However, the potential for more innovative applications remains largely untapped.
“There’s obvious room for more innovative and more detailed AI uses as businesses get to grips with what new technology offers,” Taylor said, indicating the future growth in AI-driven business processes.
Survey provides insights from finance leaders
The “Mood of the CFO Survey”, conducted by Hunter Campbell in collaboration with Tax Traders and Infometrics, gathered responses from 173 senior finance professionals between June and July 2024.
The survey shed light on CFOs’ strategic considerations, especially regarding hybrid work and AI adoption. With 600 verbatim responses, it provides a comprehensive view of how CFOs are navigating the evolving business landscape.
Hybrid work and AI shaping the future
As businesses continue to adapt, the survey shows that hybrid work is still a critical component of workplace culture, even as more employees return to offices.
At the same time, the growing use of AI is driving operational efficiency, signaling that technology will play an increasingly vital role in shaping the future of business operations in New Zealand.
Read the Infometrics media release. The Hunter Campbell ”Mood of the CFO” report can be accessed here.
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