If you don’t work in the finance function, you might think that this question isn’t relevant to you—but you’d be wrong.
This question should matter to you (and everyone who works in an organization) because what’s happening with your finance function’s talent today, will significantly impact the performance of your entire business in the near future.
Increasingly, the quality of finance talent isn’t just a finance function issue, it’s a business issue. Technology, data, and analytics are making it possible for finance to automate routine, repetitive work and in turn play a more strategic, advisory role within the business. This involves using analytics and business understanding to advise business leaders on topics such as optimizing financial resources, reducing operational costs, managing risks, growing the business, and maximizing profits. All of these considerations impact a business’ overall bottom line.
But, playing this strategic business partner role (and reaping the business benefits it can bring), requires major changes to the traditional finance skill set. We see this in the results of the recent Financial Management Priorities and Challenges survey from APQC. Among the more than 300 finance functions represented:
- 67% are piloting, rolling out, or have fully implemented process automation,
- 44% are piloting, rolling out, or have fully implemented artificial intelligence (AI),
- 42% are piloting, rolling out, or have fully implemented robotic process automation (RPA), and
- 75% currently leverage data analytics.
Not surprisingly, the top skills that finance functions are acquiring and developing include:
- Business process management
- Technology and automation
- Advanced analytics
So, it’s clear. Finance functions need talent with new skill sets. Yet, surprisingly, only 36% of finance functions represented in our survey have finance talent as a focus area for 2022.
It’s time for all finance functions to be focused on talent. If this isn’t a priority for your finance function, (and even if it is), a great next step would be to benchmark your organization’s finance talent practices and use the findings to make an informed finance talent management plan.
Research non-profit, APQC is currently conducting a finance talent survey to help you do just this. If you are responsible for talent in your organization’s finance function, take the survey. If not, you can still protect your interests in finance function success by forwarding the link to your finance or HR function colleagues. Survey takers will receive a copy of the survey report which can be used to find out if your organization is ahead of, or behind, the curve when it comes to having the finance talent it needs.
From the survey results, find out strategies that your finance talent competitors are using. Use this information to make informed decisions today that will increase the likelihood that your finance function will have the talent that it, and the business needs, tomorrow.
