the future-ready finance function.

There is a shift happening within the area of finance. Some have called it a transformation, and others are still struggling to find out what it is. The use of digital technologies has transformed businesses in countless ways, and now these technologies will impact financial organisations. Great news, right? Well,  all CFO’s now need to have a team set up to operate faster, better, and at a lower cost. 

You need a strategic hiring plan to consider these changes that will affect your team’s performance, efficiency, and workplace culture. Why do you need to think about Financial skills? We’ll show you.

the transformation imperative

There is no question that Finance and Accounting will have massive job opportunities, but there are several factors that you as a business need to keep in mind for now and the future.

Suppose it hasn't happened already in your Financial organization—it's about to happen. There will be an acceleration of digital transformation within the Financial and Accounting sector, forcing businesses to look beyond the world as they know it. As a result, companies are beginning to change the field and transform their philosophies, models, and systems. In addition, digitalization will force organizations to face changes that will affect their company cultures and change how companies will look at flexibility for business growth. 

Flexibility does not mean the same to everyone, and to be on the leading edge, you need to be flexible with what potential employees desire. Many employers are struggling with handling a post-pandemic work structure. For example, 40% of employers who currently have their staff working from home say they intend to have all staff return to the office permanently. In comparison, 60% will institute a hybrid working model in the future—being flexible with where an employee feels most productive will lead your business to retain top talent, especially with the 'Great Resignation' in the job market.  

Job seekers are in the driver's seat. There is no question about that. Talent scarcity is happening in the job market, and it doesn't look like that will change anytime soon. The profile of the workforce has changed. Recruiting and developing young talent requires considering what people entering the workforce have to offer. How can you find and retain top talent during these trying times? It's all about understanding talent trends and shifting your focus to meet them. 

understanding talent trends

Many job seekers value meaningful and challenging work, and they tend to be more loyal to their profession than to their employers. They respect the work-life balance and are willing to take the lead in their careers. Businesses need to transform to meet the needs of these job seekers to retain top talent. 

Accountants are in the top 15 trending jobs for 2022. Despite the economic downturn, Financial and Accountant jobs are a hot commodity. So how can you as a company remain competitive when on the lookout for new talent? It’s all about knowing and understanding the talent trends. What are job seekers looking for in a company? 

“From a skill-set perspective, we are constantly looking to slowly shift the organization to automate manual processes. Analytics are key, so we are growing our base of skill and positions that do more analytics for our business partners than we are spending time processing invoices or even expense reports” 

Deborah Gibbins 

CFO, Mary Kay

-OR- 

“Technology is changing the way businesses are run. But if you look at most of the large companies, their internal financial systems are lagging the technology trend. It is important that internal financial processes adopt the latest technology like mobility, AI and digital experience, to ensure straight through processing, predictive controls and analytics for timely decision making…”  

Mavinakere Ranganath

CFO, Infosys

 

With soaring demand for tech-savvy talent, what can your company offer to attract new talent? These are the most valued perks and benefits that Finance and Accountants are looking for in a company:

• flexible work schedule 
• paid parental leave 
• health insurance 
• paid time off 
• dental insurance 
• retirement saving plan 

Who doesn’t want to feel proud of where they work? In today’s job market, candidates are prioritizing working for a company where they share the same ethics and values. When candidates choose a company to work for, they commit themselves to a sense of belonging and community, and work culture is essential to job seekers. In today’s fragmented world of remote work, having the same vision as your candidates will help to make your company feel like somewhere they can see themselves. 

With the new business norms that have taken place during the pandemic, there has been a sharp rise in recruiters looking for soft skills in their candidates. When looking for the right candidate, think about the soft skills you need at your company. Such as the ability to work independently, especially if they’re working remotely, their attention to detail, which is a must in Finance and Accounting. How comfortable are they with change? In this ever-changing climate, can they adapt quickly? These are just some of the soft skills you want to look for when choosing the right candidate. 

three dimensions of transformation

What does the finance function of the future look like? There are three dimensions of transformation that you need to be prepared for. The first transformation all CFOs need is looking into what processes they can streamline or automate, looking for efficiency opportunities. Second is Finance’s role in managing data and using technology to consolidate, simplify, or control the vast amount of information. Third is looking at your current structure and thinking about how you can help your team build new skills and capabilities. 

1. processes & activities  

Business leaders all across the globe have taken the pandemic era as an opportunity to rethink and redesign their business, which involved digitization. Many CFOs are now looking at all of their processes and activities, wondering if any low-value tasks can be automated or if specific processes can be streamlined. Now is the chance to look into technologies to help align your strategies and streamline your activities. 

2. technology & data 

The use of technology can help leaders, including the CFO, use financial data to offer strategic guidance. With the sharp rise of technologies since the beginning of the pandemic, now is the time to look at how technology can help you. With these advances in technology such as the cloud, analytics, artificial intelligence (AI), blockchain, and more, CFO’s can reimagine what the finance function can look like. In addition, many of these technologies make it easier to sift through data, giving you quick results reducing time and costs. 

3. people & skills

The use of technology means that you need to know what skill sets you need to transform your business. For example, do you have people that can project manage or work with new AI technologies? What are the talent gaps you are facing, and how do you plan to find new talent? The successful CFOs will depend on how quickly you shift and look beyond the traditional accounting skill set and look for new and much-needed skills in data science, automation, cloud-based systems, digital communication tools, business management, operations, and more. 

In this new era, Finance and Accounting Departments need talent who can draw actionable insights from financial data, analyze them, and apply them to a broader business context. As a result, demand for expertise in predictive modelling and scenario planning is incredibly high, and experience identifying and managing risk. 

To ensure they can still accomplish all of their goals, organizations are increasingly turning to flexible staffing, interim professionals, and BPO outsourcing. Learn how Randstad can help your company achieve its Financial function goals.