More tech CFOs are prioritizing company culture this year

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As the war for skilled workers rages, more technology companies are prioritizing strong organizational culture, while simultaneously investing in AI and automation to replace workers, a new Grant Thornton survey found.

Talk about mixed signals.

According to the survey, a majority (58%) of tech finance leaders saw company culture as the biggest “human capital priority” in the coming 12 months, up from 45% in last year’s survey, when company culture placed third.

“In the tech industry, the mentality of growth at all costs has subsided,” Andrea Schulz, national managing partner for technology at Grant Thornton, said in a news release. “Companies can’t rely on money alone to retain their best talent. That's not what investors are expecting. That’s why culture is becoming a key focus—it represents a much-needed refresh.”

Following culture, other top priorities included attracting and retaining talent (50%) and managing a hybrid workforce (49%).

But also, robots.

AI takeover. Respondents indicated that AI and machine learning (58%), data analytics and business intelligence (44%), and cybersecurity (39%) are the top technologies they plan to invest in this year.

Advancements in AI technology leave “a growing amount” of work vulnerable to automation, according to the report.

“AI is even affecting people with important skills in the tech industry, like software engineers,” Alon Avdi, senior manager of growth advisory services at Grant Thornton, said in the report. “Their jobs were almost never at risk before but, with the advances in GenAI, roles like developers can become at-risk positions.”

When asked what their firms are doing to combat rising labor costs, nearly seven in 10 (69%) respondents selected “implement AI, automation, and other efficiency measures.” Following just behind it was increasing prices for products and services (68%), and outsourcing more work (41%).