Top tips for building a finance team fit for the future
Top tips for building a finance team fit for the future
At the heart of any successful business is a well-established and competent finance team guiding strategic decision making, providing governance to manage risk and helping maximise profits.
But with today’s market becoming characterised by shortages of qualified personnel across the full spectrum of finance functions, there’s an increasingly competitive battle for talent being waged across all sectors of industry
Against that backdrop, the importance of building an attractive employer brand to appeal to the best emerging talent (while retaining your best people) is rapidly becoming an imperative for businesses looking to build a winning finance team.
Why is this an issue now?
It’s true that building a strong employer brand has always been important for businesses looking to gain an edge over competitors in the recruitment market, but we’ve witnessed trends emerge across the last six months which bring this into sharp focus for clients.
So what are they, I hear you ask?
1.The rise of FP&A skills
Financial Planning and Analysis (FP&A) has become a cornerstone for many finance teams. The demand for professionals with FP&A skills is steadily increasing, as companies recognise the value of having a dedicated team to handle strategic, forward looking, value-adding roles. These professionals are strategic partners who provide insights that drive business decisions and growth, and they’re becoming more sought after than ever.
2.Power BI and automation: a business imperative
In today’s data-driven world, proficiency in tools like Power BI and automation technologies is no longer just a nice-to-have. The ability to analyse and visualise data efficiently allows finance teams to make informed decisions quickly, improving efficiency.
As a result, candidates with these skills are in demand, and firms are now investing in technology, training and development to not only keep their teams up-to-date with the latest developments but to demonstrate commitment to candidates and existing employees.
3.High demand for accounting skills
Despite these technological advancements, the demand for traditional accounting skills remains strong. Group Accounting, Financial Reporting, and Statutory Accounting are all critical areas where firms are experiencing a shortage of qualified candidates, particularly with newly qualified professionals. More than ever, companies must demonstrate commitment to their people by offering competitive salaries, flexibility and career development opportunities to attract ambitious talent.
4.Escalating demand for treasury and tax professionals
The demand for treasury professionals has seen a significant uptick, driven by the need for effective cash management and risk mitigation strategies. Similarly, tax professionals are in high demand across all levels, with a notable shortage at the junior and mid-levels. Companies are finding it challenging to fill these roles, making it essential to adopt proactive recruitment strategies.
5.The emerging battle for senior roles
The competition for senior finance roles such as Financial Controller (FC), Finance Director (FD), and Chief Financial Officer (CFO) remains intense. High-calibre professionals are often passively seeking their next career move, making it crucial for firms to engage in active talent management and headhunting efforts.
Top tips to attract the cream of the crop
1.Think short term delivery, not just long-term strategy
The rise in demand for interim accountancy professionals is a response to various business needs, including project requirements, system upgrades, and recruitment stop-gaps.
While many businesses are focused on long-term strategies it’s important not to overlook the potential to adopt a flexible approach by exploring options for interim resource can be a strategic solution for firms facing temporary constraints or undergoing periods of transition.
2.Be flexible
Practice firms are setting the benchmark in retaining talent by offering flexible and remote working arrangements, enhanced benefits, and early promotions. These strategies are proving effective in keeping employees engaged and reducing turnover.
While we’ve witnessed a push to bring employees back to the office full-time from some employers, this is often at odds with candidate preferences for flexible working arrangements. Firms need to strike a balance to avoid missing out on top talent, especially if they are located in less desirable areas.
In a competitive job market, flexibility is a key differentiator that can make or break a firm’s ability to attract top talent.
3.Be proactive
Candidates at all levels are becoming more passive in their job search, preferring networking and headhunting approaches over direct applications.
This shift necessitates a more proactive recruitment strategy – you can no longer rely on the candidates coming to you. Being more proactive and focusing on building relationships and maintaining a strong talent pipeline will pay dividends.
4.Create a culture people want to be part of
In a competitive market, firms must go beyond the role itself to attract the best candidates. This includes highlighting aspects such as company culture, flexibility, career development opportunities, study support, diversity, equity, and inclusion (DE&I) initiatives, and sustainability efforts. Creating a strong employer brand can be a powerful tool in attracting and retaining top talent.
By staying attuned to these trends and adapting recruitment strategies accordingly, firms can build strong, competent finance teams that are well-equipped to navigate the challenges and opportunities of 2024 and beyond.
Get in touch with Jane to discover how Hutcheon Mearns can support and develop your finance team.
This blog is one of a series of articles from our commercial partners. The views expressed are those of the author and not necessarily those of ICAS.
Are you a newly qualified accountant looking for a unique career advancement opportunity? Find out more about the Hutcheon Mearns Finance Career Development programme, where you can gain valuable experience across the spectrum of accounting and finance.
