Comments
Chief Financial Officers (CFOs) in the Asia-Pacific region are well-paid and ambitious too. While 59 per cent of CFOs in the region are content with their current position, they are looking to broaden their role over the next two years, either with their current employer or a new one, according to a survey by recruitment consultant, Michael Page International.
What is more, another 14 per cent are eyeing a CEO or Managing Director’s role. Based on the survey responses, it appears that most Asia-Pacific CFOs (22 per cent) get an annual compensation package between $190,000 to $254,000, while 18 per cent earn in excess of a quarter of a million dollars every year and a similar percentage get less than $119,000 a year.
Economic conditions
Chief Financial Officers working in the Asia-Pacific region are more upbeat about economic conditions than their counterparts in other parts of the world. More than half (51 per cent) of Asia-Pacific CFOs that took part in the survey perceived the economic situation in their country as satisfactory, while 32 per cent felt the conditions were good.
In contrast, 39 per cent of the CFOs surveyed in other parts of the world rated the domestic situation as poor. The majority of the Asia-Pacific CFOs (88 per cent) also expressed their opinion that the Asia-Pacific is the most desirable region to do business in 2012, though globally, only 29 per cent agreed. Instead, 31 per cent of global CFO respondents to the survey said Europe is the most attractive economic region for business.
The rub-off of the better economic conditions has been that 44 per cent of CFOs in the Asia-Pacific region viewed their company’s performance as ‘satisfactory,’ while 32 per cent rated it as good, compared to 37 per cent and 38 per cent globally.
Nevertheless, recruitment activities are on the slow burner, with 52 per cent of Asia-Pacific CFOs and 57 per cent of their global peers indicating that headcounts are to remain at the same level. With respect to companies that are likely to be hiring, around one-third of the recruitment will be for permanent positions (36 per cent in the Asia-Pacific and 30 per cent globally).
CFOs across the globe have trained their sights on cost and process optimisation projects, besides cost reductions according to the survey. The finding indicates a focus on business efficiency in organisations around the world as they attempt to prop up margins and revenues amid global uncertainty.
Only 17% women
The survey of 4,400 CFOs worldwide also found that only 14 per cent globally and 17 per cent in the Asia-Pacific were female. Around 29 per cent of global CFOs were aged between 40 and 44 years, while 23 per cent fell in the 35-39 age bracket. More than 60 per cent of the survey respondents took on their first CFO role between 30 and 39 years of age.
And while 40 per cent of global respondents had more than 10 years’ experience, only 28 per cent in the Asia-Pacific had this distinction. Michael Page has attributed the phenomenon to the dynamic, growth-oriented environment in the region, where demand often exceeds supply.
> arvind.jayaram@thehindu.co.in
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.