Public sector finance professionals positive about future

Released 14/03/2011

Survey finds public sector finance directors are keeping their chin up after the comprehensive spending review. Few think redundancies are the answer and think efficiency savings can be found by working ‘smarter'

Almost two-thirds of public sector finance professionals have a positive vision of their organisation's future four months after the government's comprehensive spending review (CSR), a survey has found.

The survey, by Version One, highlights that 62% of senior finance professionals are feeling ‘confident' about their organisation's future four months on from the review with a quarter of these stating that they are very confident.

In contrast, 26% of the 158 senior finance professionals that responded said they were ‘concerned' about what may lay ahead for their organisation with four per cent admitting that they were ‘very concerned'.

The remaining eight per cent of respondents said it was still ‘too early to comment' about their organisation's long-term prospects.

Julian Buck, Version One's MD, commented: "The results of this survey make surprising reading and indicate that despite having to make some major financial adjustments, public sector organisations are feeling optimistic about the future.

"By working smarter they can translate this positive outlook into making efficiency savings whilst still delivering a good level of service."

The survey also asked respondents what steps they believed were key to enabling them to cope more effectively with the budget cuts and 39% said a combination of smarter procurement, moving to shared services and investing in automation technology would be key.

Ten per cent stated that external outsourcing as a cost-effective alternative to in-house capability is the best way forward while just nine per cent said staff redundancies is the answer. The remaining 42% felt that a combination of these approaches would be effective.

Buck continued: "While, sadly, redundancies are almost inevitable in the public sector, the survey suggests that organisations are looking to do everything they possibly can to tighten their belts to make job losses the last resort."

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