CFOs speak out on economy, health care, wages, and benefits
In a national biannual survey of U.S. Chief Financial Officers (CFOs) and senior comptrollers conducted by Grant Thornton LLP, 54% of respondents say the best way to reduce the U.S. federal deficit is to reduce spending. Thirty-five percent say that there should be roughly equal measures of reduced spending and increased taxes.
With regard to the newly enacted national health care law, 49% said it will increase the pricing of their goods, 40% said it will decrease their company's growth, and 37% said it will decrease their hiring.
The top three areas of concern in terms of pricing pressure are employee benefits (75%), raw materials (47%, up from 27% six months earlier), and energy (45%, up from 21% six months earlier).
Other survey statistics include:
- 51% would not support a VAT tax, even if it directly reduced personal income tax rates
- 58% said health care reform will have no impact on hiring
- 50% said health care reform will have no impact on company growth
- 49% said health care reform will increase pricing
- 30% anticipate giving salary increases, up from 22% six months ago
- 11% expect to increase the company 405(k) match, up from 5% six months ago
- 26% expect to decrease health care benefits, down from 30% six months ago
Grant Thornton conducted the biannual national random online survey from March 22 through April 6, 2011, with 318 U.S. CFOs and senior comptrollers participating.
Voice of the Editor
Results from a recent AICPA survey disclosed the two top priorities for CPA firms as they plan for the future: bringing in new business and finding talent. Our goal at Sift Media is to help our readers deal with the issues most important to them. One way in which we are doing this is through the launch of our new recruitment/placement service, Going Concern Jobs. Check it out today for your talent needs.
This Week on AccountingWEB
Russ Wilson of Moss Adams talks with us about the firm's collaboration with WWU in educating and developing talented accounting and business professionals.
Plante Moran CPAs Gordon Krater, Alicia Sturtevant, and Susan Perline spoke with AccountingWEB about the firm's Women in Leadership initiative.
Jeff Thomson, CMA, president and CEO of the IMA, talks with us about the 2013 jobs market for accounting professionals.
Todd Lisle of BKD LLP and Amy Welch of OSCPA share their stories of helping tornado victims in Moore, Oklahoma.