The finance and accounting landscape is evolving at a rapid pace, but the supply of qualified professionals has struggled to keep up. According to the Controllers Council 2024 Corporate Finance & Accounting Talent Study, 69% of respondents find it difficult or very difficult to hire and retain finance and accounting (F&A) staff.
This challenge, largely driven by a shortage of qualified talent, has left finance leaders searching for effective solutions to recruit and retain the best professionals. By enhancing corporate culture, offering competitive benefits, and leveraging technology, CFOs and controllers can address these talent challenges head-on.
Here’s a look at how the talent shortage may present hurdles for your organization and how you can overcome them.
The Talent Shortage: A Pressing Challenge for Finance Leaders
The scarcity of F&A talent can leave your business ill-equipped to meet its changing financial needs. The shortage could present challenges even if your business has no intentions of expanding its F&A team. For example, you may struggle to find viable replacements for employees who are retiring, changing roles, or leaving the company to explore other opportunities. The shortage may also undermine your succession plans.
The natural response to any talent shortage is to offer pay raises. That strategy can be effective if your competitors currently offer much better earning opportunities. However, it can’t be the only step you take. You should also:
Strengthen Corporate Culture
Is your company a place where people want to work? If it’s not, you should consider what aspects of the organizational culture may be lacking and how you can create an inclusive and inviting environment. Building a positive workplace culture can foster loyalty and create a sense of purpose. For finance departments, which often face high-pressure situations, fostering a supportive, collaborative culture is vital.
Consider what changes would help your team members feel more supported and valued. Create an inclusive, team-oriented atmosphere that encourages people to stay with your company for the long haul. Regular engagement surveys and feedback sessions can help your finance leaders identify and address potential issues before they lead to attrition.
Keep in mind that making major cultural changes takes time. While you work toward meaningful changes, keep your employees in the loop about your efforts and show that you care about their sentiments about the workplace. Get them involved early and often to demonstrate that you are committed to creating a better place to work.
Offer Competitive Benefit Packages
As the competition for finance talent intensifies, attractive compensation and benefits packages are becoming essential. Today’s F&A professionals seek more than just competitive pay and basics like health insurance. They expect the companies they work for to provide perks that enhance their professional and personal lives.
Consider what your company can do to differentiate itself from other organizations. A few examples include:
- Flexible work options
- Retirement plans
- Home office equipment stipends
- Programs that support mental well-being
For example, flexible scheduling or remote work options can be particularly appealing to finance pros who often manage heavy workloads and face tight deadlines. Offering this flexibility shows that you care about work-life balance and can make the company more appealing to prospective employees.
Leverage Technology to Support Retention
Investing in technology can have a profound impact on employee retention by improving workflow efficiencies and reducing stress. Tools that automate routine tasks allow your finance team to focus on higher-level, strategic work. These tasks can help promote better engagement among your team members.
Automation solutions can reduce how much time your team members spend on repetitive tasks. This change enables them to engage in activities that make a bigger impact on the business and break up the monotony of day-to-day work.
However, it’s important to prioritize strategic technology investments. You shouldn’t feel the need to implement the latest and greatest accounting platform just because your existing software is a few years old. Identify areas of need by consulting with employees and department leaders. Invest in technology that will deliver a strong return on investment (ROI) and condensed time to value.
If your technology suite has become antiquated, consider a phased upgrade plan. Replace the most cumbersome tools first to maximize your ROI, and then pursue additional upgrades as you unlock savings and gain momentum.
Moving Forward in the Talent Drought
There aren’t any quick fixes in the midst of the current talent shortage. You’ll need to implement a multi-faceted approach that considers both the immediate needs and long-term goals of F&A professionals. By focusing on corporate culture and attractive benefits, you can connect with and retain skilled team members. Empower them to thrive in their roles by investing in robust technologies and promoting autonomy.
Cumulatively, these changes will equip your business to navigate today’s talent shortage while ensuring you can meet future finance and accounting needs.
