CFOs speak out on economy, health care, wages, and benefits

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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.
Tags 
Economy
CFO
Benefits
Survey
Health care
Human Resources

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