This year, more CFOs are setting their sights on the future.

At least, that’s according to McKinsey’s latest CFO pulse survey, which showed that far more CFOs are prioritizing long-term and strategic planning this year than in 2023. More than half (55%) of the 126 global CFOs polled said that long-term planning was top of mind for their finance functions, up from 30% last year. And 6 in 10 said strategic planning was a priority, versus 38% a year ago.

This year, CFOs are taking a more measured stance toward investment. Nearly half (46%) said their companies’ level of investment would remain “unchanged” over the next 12 months, twice the percentage (23%) who said so last year. Only 4 in 10 said they’d be investing more, versus 57% who did last year.

Supply chain issues have come to the fore as a key risk. Nearly half of the CFOs surveyed (49%) chose supply chain disruptions as a pressing risk, more than twice the percentage who did so last year (20%). Respondents also viewed economic volatility as an important risk.

AI’s still in its infancy: Only a fifth of respondents said they were using generative AI, and of that group, about half (49%) said their AI projects were in the pilot or experimental phase.

For more on how CFOs are thinking about the future, click here.—CV

CFOs are too busy to deal with manual errors and time-consuming approvals. That’s why you need a solid partner to help speed up the AP process.

Enter AvidXchange, a trusted provider of accounts payable automation software and payment solutions for middle market businesses. With 240 purpose-built integrations, you can automate your AP without changing your current accounting system.

Used by thousands of businesses, AvidXchange helps you receive, manage, and pay your bills more efficiently. Enjoy anywhere, anytime access to tackle AP tasks 24/7, increasing productivity and preventing delays.

Discover real results.

Imagine laying off thousands of employees, only to turn around and have to hire nearly as many back…

Well, Sasan Goodarzi, CEO of financial software company Intuit, announced performance-related layoffs affecting roughly 1,800 employees in a company-wide email last week—but plans to hire nearly the same number of employees, many for AI roles, Business Insider reported. Meanwhile, Tesla, just a few months after announcing layoffs affecting 10% of its staff, recently posted nearly 800 job listings, many also for AI jobs.

Intuit’s communications team responded to HR Brew’s request for comment by directing us to Goodarzi’s note to employees. Tesla did not respond to our request for comment by publication.

“There’s [an] AI talent arms race happening right now across big tech companies, and really outside of tech as well…and this sort of thing where you see organizations moving resources around is probably going to continue,” Joe Mull, keynote speaker and author of Employalty, told HR Brew.

Talent frenzy. Hiring on the heels of layoffs can create short-term recruitment issues, Mull said, because candidates may feel “spooked” and uneasy about working for an organization that just made cuts.

“Companies end up shooting themselves in the foot,” he said. “If you have a tarnished reputation, or…if it’s just a perception that, ‘Hey, this organization is quick to lay off people,’ then that organization may end up having to overpay to acquire talent.”

Click here to keep reading HR Brew’s story on how companies are searching for AI talent.—MC

Everyone you know is in Europe right now—and someone’s profiting from it, but it’s not budget airline Ryanair.

Ryanair, Europe’s largest airline group, reported Q1 profits after tax of 360 million euros, down dramatically from 663 million euros a year earlier. Those tumbling profits weren’t from lack of demand, though. Passenger traffic was up 10% YoY in the quarter, for a total of 55.5 million customers.

But that solid traffic growth was offset by “by weaker-than-expected airfares, some of which is impacted by the first half of Easter falling into the prior year Q4,” CEO Michael O’Leary said in the company’s earnings call.

And while traffic was strong, O’Leary noted that “it’s only strong at a price and we are having to repeatedly stimulate fares and bookings.” Average passenger fares fell 15% YoY in Q1, and O’Leary added that “pricing remains softer than we expected,;” and the company expects Q2 fares to come in “materially lower than last summer.” The carrier said its average fare was 41.93 euros in the quarter, down from 49.07 in Q1 2023.

Click here to continue reading.—NP

Maximize every company 💲. Does your finance team make every dollar count? Brex can help foster this by increasing your control, your automation, and—as a cherry on top—your earnings. Their controls ensure your dollars go where they’re intended while their automation eliminates hours of busywork. PS: Their cards can even offer rewards and discounts. Learn more.