New Delhi, 15 February (IANS). Globally, about 61 percent of the Chief Financial Officers (CFOs) are planning to increase the average compensation of employees this year, while in 2024, 71 percent in 2024 and 86 percent in 2023 were planned by CFOs.
According to a report by Gartner, ‘CFOs’ are planning to increase technology budget, considering digital investment for development and efficiency.
While 77 percent of the participants have planned to increase the expenditure in technology categories, about half 47 percent of CFOs intend to increase 10 percent or more spending in 2025 compared to last year.
These results show the important role of technology in profitable growth and efficiency in industries.
Special Vice President of Research at Gartner Finance Practice Randeep Rathindran said that continuous attention on technology is associated with the development of traditional and generative AI, which promises to promote new offers, improve decision making and promote productivity.
According to the report, although cooling labor markets give more conversations on compensation, CFOs must be sensitive to potential risks as the prices of domestic needs remain constant high.
The report further states that most of the sectors are giving priority to technology expenses in 2025.
The cost of goods sold in the retail sector (COGS) and compensation can be seen as organizations aim to increase product quality and customer connectivity.
Meanwhile, in the banking sector, compensation and external services are also given priority to attract technical talent and outsource non-inner functions.
Rathindran said that investing in technology is no longer an option but a need for companies that aim to maintain competitive lead.
He said that the frequent increase in technology budget in different areas highlights the strategic changes towards digital changes as the driver of innovation and efficiency.
The report said that globally, the firm is maintaining this high speed to increase technology spending over time as 50 percent CFOs planned to increase the technology budget 10 percent or more last year and in 2023 43 percent of CFOs also planned to do so.
-IANS
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