In the face of significant workforce challenges, especially in finance and accounting, CFOs are stepping up to play a more direct role in talent acquisition. According to a recent Deloitte article, nearly a third of finance leaders are now more involved in the hiring process of their teams. This shift is part of a broader strategy to strengthen their workforce amidst talent shortages.
This hands-on approach by CFOs signifies a shift towards a more integrated role in human resources, acting as the chief human resources officer for finance. By understanding the intricacies of their departments, CFOs are better positioned to ensure the right candidates are placed in critical roles, as emphasized by Deloitte.
To combat the talent shortage, many finance departments are employing various strategies. Here are some key approaches:
– Cross-Departmental Hiring : About 35% of finance leaders are hiring employees from other departments to fill gaps.
– External Recruitment : Turning to human resource firms has become a popular method for identifying potential candidates.
– Leveraging Technology : With the rise of automation and AI, nearly 79% of finance executives plan to use generative AI within the next two years to address skill gaps.
However, the integration of new technology is not without its challenges. A significant 48% of CFOs have identified staff resistance to new technology as a primary hurdle. This reluctance could potentially impede meeting C-suite expectations.
Beyond recruitment, finance leaders are concerned about the ripple effects of the talent shortage on existing employees and overall company performance. A major worry is the increased workload on current employees, a concern shared by 44% of CFOs. Additionally, fears of losing credibility with investors (42%) and eroding board confidence (41%) are significant.
These challenges place CFOs in a precarious position, as highlighted by Deloitte, with only 15% of surveyed organizations not experiencing a shortage of finance talent.
Interestingly, Deloitte’s Q4 2024 report reflected a surge in executive optimism, with 72% of finance chiefs predicting an improved economy within a year, a significant increase from 19% in the previous quarter. However, the latest survey did not delve into broader economic outlooks due to changes in the economic environment post-survey.
As CFOs navigate these challenges, their increased involvement in hiring decisions underscores the evolving role of finance leaders in addressing workforce shortages. For more insights and updates, visit hrtechtrend.com.
Note: This article is inspired by content from https://www.cfodive.com/news/cfos-signal-bigger-hiring-role-tackle-talent-shortage-deloitte-finds/747413/. It has been rephrased for originality. Images are credited to the original source.
