Gartner surveyed 234 CFOs in July 2022, where the respondents said hiring and retaining staff was among the most difficult tasks. About 54% of the respondents ranked the “people” problem as number one. The fight to secure the most talented employees has been ongoing, especially in the post-pandemic global economy. We live in a world that is being taken over by digitalization and automation at a rapid pace. While there is a debate on whether AI will replace human functions, it is far from the truth. AI is meant to make lives better and humans need to learn to use it to their benefit.
In a field like accounting, the need for the human touch, attention to detail, and ability to understand critical business problems continues to be irreplaceable. That is what makes the need for the right “People” fiercer in this sector. To find and retain global talent in the market, CFOs should actively be involved in talent management. Gone are the days when CFOs only had to focus on finance management. The roles have evolved.
Today, CFOs need to approach the challenge around accounting talent acquisition and retention in a different way:
– CFOs need to utilize their knowledge and influence to involve personally in recruiting and training the most talented resources
– As CFOs take on the responsibility of managing the global talent pool for their organizations, they need to grow as a leader or a strategic thinker as well.
– They also need to make sure that employees who have been associated with the organizations for quite some time, develop enough technical skills.
In this article, Finsmart Accounting – globally trusted for outsourced bookkeeping solutions – will share everything to help CFOs hire and retain global accounting talent. Let’s start!
What can CFOs do to Hire and Retain a Strong Global Talent Pool?
1. Add the new-age touch to the work and workforce: Accounting and finance businesses have changed the way they operate. Changing business needs, service models, and employee demographics have led the firms to rethink the nature of work, workforce, and workplace.
Modern CFOs and businesses need to rethink the work that the organization does, especially the ones that involve humans. Understanding which of the tasks can be automated and what needs the human element is of utmost importance. While artificial intelligence should play a role in completing repetitive tasks, the strategic and value-addition needs humans.
When an organization rethinks work, rethinking the workforce also becomes inevitable. Understand the division of labor at all levels. Overseeing AI-generated errors needs human intervention and so do other strategic operations. While automation does free up a lot of time, relying solely on these tools can prove detrimental to the business. Upskilling the workforce is another key element in generating the results you are looking for.
Rethinking the workplace is yet another important need. Post-pandemic, people are looking for better flexibility in terms of work. Remote working has gained significant popularity. Video conferencing and new communication platforms need to be integrated seamlessly. As technology advances, it is important to bring changes in the concept of the workplace and let the evolution happen.
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2. Enhance Employee Engagement: The boomer accountants have either retired or are on their way out. There is a need for the CFOs to evolve in their pursuit of dealing with the millennial and Gen-Z workforce. It is simple. They do not treat the workplace like a separate entity where they complete the designated work hours and leave. The lines between the personal and professional have been blurred. And they are inclined to make their workspace more personalized. They want to converse and coordinate with their colleagues, build bonds, feel motivated, and stay positive about their employers.
For the CFOs, it is important to take a step ahead in this direction. Planning employee engagement to make them feel valued and included is important. Engagement is also important in driving ownership towards individual tasks and ensuring productivity. Being employee-focused isn’t limited to just engagement activities. It is also essential to build policies that are inclusive of the changing lifestyles and prioritize the mental and physical well-being of the employees. The more employee-focused a firm is, the chances of an employee sticking around is better.
3. Increase in diversity and inclusion: Before agreeing to sign an offer letter, an accounting professional no longer merely looks at the client portfolio. The needs of the employees in a workplace are based on their ethics and principles. In recent times, diversity and inclusion have been at the center of the workplace conversation. Bullying, sexism, racism, and bias are some of the things that the modern workforce steers away from. They are much more aware today and want their employers to be mindful in their practice.
CFOs need to understand that being diverse and inclusive gives a competitive advantage. Employers that have people from different backgrounds, socio-economic strata, and gender diversity are the places that the new-age workforce tends to incline towards. CFOs need to analyze if their workplaces are diverse and inclusive. If the answer is no, you might need to consider your workplace practices, learn to be respectful of differences, spread awareness, and grant everyone equal opportunities.
4. Nurture the next-gen leaders: It is the responsibility of a good leader to build great leaders. While some say leaders are born, that might not be necessarily true. Leaders need motivation, grooming, and a mentor that can help them on their growth path. Today’s accounting professionals do not want to just be confined to tasks like bookkeeping, and taxation, and remain stagnant; they want opportunities to learn and grow. They want to take up strategic and advisory roles. For CFOs, it is important to look ahead, set an agenda, and help the employees in particular and the organization as a whole to navigate from the present to the future. It is also essential to develop programs that train leaders with different personalities. As we continue to grow as an industry, CFOs and business leaders need to think and act out of the box to lure a global talent pool.
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Where to Find the Right Accounting Talent?
1. Within the Organization
More often than not, the resources that we look for are already within our organization. The problem is we agree to spend more on hiring new talent than to retain the ones we already have. As CFOs, you need to understand that there is a significant shift in the mindset of the workforce. Gone are the days when they would settle for anything. Employees want more – more opportunity, better flexibility, harmony, work-life balance, and pay that is as per market standards. It is important to prioritize, listen to, and understand the side of the employees. They stick by firms that have an employee-centric approach. The right methods and policies can go a long way in ensuring you do not lose out on the talent of global standards.
2. Through outsourcing
The accounting and finance industry has been facing an acute shortage of talent for a long time now. Hiring and retaining talent comes at a cost that small accounting firms might not be equipped to deal with. Outsourcing is a great way to not just access a global talent pool, but also give the firms access to expertise at a reasonable cost. By outsourcing your accounting tasks, you do not have to be worried about the seasonal surge of work. An outsourcing partner has a team of experts who can take up additional workloads and help firms work on multiple clients and projects at the same time.
Recommended reading: Learn about the accounting outsourcing services pricing in India!
Hire Outsourced Bookkeepers in India
Today, CFOs are equipped to understand talent gaps across the teams and their decisions can go a long way in ensuring that accounting firms can secure high-quality global talent. Today, soft skills have become particularly important. While technical skills can be acquired, it is the soft skills that you should be looking for. CFOs need to build business models that encourage leadership internally. In the race to find the best talent, we often undermine what we have at our disposal. Having a clear vision and workflow is key to retaining talent. A CFO must be prepared at all levels to adapt and profit from the rapidly changing economic climate.
If you want to reap benefits and ensure stability in this volatile market, you might want to consider outsourcing. To outsource with the industry’s best, write to us at connect@finsmartaccounting.com.
Also, don’t forget to check out:
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Director Growth Strategy & Alliance
Maanoj Shah is a finance and outsourcing expert with strong Business Strategy and Scaling-up experience. Over the last 20 years, he has incubated multiple businesses and helped build global enterprises in verticals as diversified as hospitality, technology, and healthcare.
