Time management a growing challenge for executives

MENLO PARK, Calif., Oct. 24, 2006 — Despite technological advances designed to streamline workloads, chief financial officers (CFOs) still find balancing their schedules difficult, a new survey confirms.

Nearly half (46 percent) of CFOs polled said time management is the greatest challenge for financial executives today, up from 36 percent five years ago. Keeping pace with technology ranked second, with 22 percent of the response, versus 27 percent in 2001.

The survey was developed by Robert Half Management Resources, a 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 1,400 CFOs from a stratified random sample of U.S. companies with 20 or more employees.

CFOs were asked, “In your opinion, which one of the following is the greatest challenge for financial executives today?” Their responses:

Time management: 46 percent
Keeping up with technology: 22 percent
Staying current with accounting regulations: 17 percent
Achieving work / life balance: 13 percent
Other: 1 percent
Don't know / no answer: 1 percent

“In addition to managing core fiscal functions, many financial executives also have operational responsibilities, board activities and compliance-related duties that consume much of the day,” said Paul McDonald, executive director of Robert Half Management Resources. “These obligations make it challenging to prioritize competing demands.”

McDonald noted that while technological devices such as cell phones, laptops and wireless hand-helds are designed to streamline and simplify an executive’s life, they often end up doing just the opposite.

“These tools make it easier to communicate, but they also make it harder to disconnect from the job,” he said. “Periodic breaks from technology may allow executives to work free of interruption and have time to recharge.”