Bridging the gap between the finance team you have—and the one you need
In this issue of CFO Insights, we will discuss why acquiring and developing skilled employees should be embedded in an overall business strategy and identify some key questions to help guide finance leaders as they build their workforces of the future.
Building the workforce of the future
Given current technology trends, it seems fair to say that CFOs will be overseeing vastly different finance departments in the not-so-distant future—both in terms of who will be doing the work and how that work will get done.
In fact, many finance leaders are already preparing for a future where finance “talent” comes in multiple forms. In the most recent CFO Signals™ survey, for example, 73 percent of respondents said they will implement technology to replace talent—up from 58 percent a year ago.1 And in the Q3 2018 report, CFOs said they foresee increased utilization of outsourced, contingent, or gig workers, and higher use of shared services or offshore personnel over the next three years.2
As finance moves through this technological transition, focusing on gaining higher levels of insight, CFOs should expect a very real gap between the workforce they currently employ and the one they will need. For as much as automation and algorithms may streamline processes, and outsourcing can improve cost efficiency, they will not abolish the need for skilled employees.
1 2018 Q4 CFO Signals, Tariff and gridlock expectations stoke recession fears, p.14.