Insights

Finance talent & career matters

Perspectives and analysis on finance talent and careers matters.

Talent 2020

The economic turbulence of the past few years has created a talent paradox: Amid stubbornly high unemployment, employers still face challenges filling technical and skilled jobs. Deloitte first uncovered this modern contradiction from the employer side inThe Talent Paradox: Critical Skills, Recession, and the Illusion of Plenitude.1 In this Talent 2020 report, we turn our focus to the employee perspective on the talent paradox.

Through the lens of the employee, this paradox produces some interesting findings. In Deloitte’s most recent global survey of employees, 80 percent indicated they planned to stay with their current employers in the next year—a significant 45-point swing compared to our 2011 survey. Yet, at the same time, nearly a-third (31percent) of surveyed employees reported they were not satisfied with their jobs.

These findings highlight the fundamental question in the employee talent paradox: Are employees truly satisfied? Or are they simply accepting their fate by “making do” with their current employers because of a difficult job market?

Companies seeking to thrive, given today’s competition for talent, cannot give way to complacency in the face of seemingly high retention numbers. Nor can they neglect their talent and retention strategies out of a false sense of security that employees have few options in a tight job market.

Instead of addressing broad concerns about turnover—as seen in previous surveys—employers now face a more targeted challenge. They need to adjust their talent management initiatives to focus on retaining employees with critical skills who are at a high risk of departure and capable leaders who can advance their companies despite continuing global economic turbulence.

To help employers gain a better understanding of the latest employee attitudes and emerging talent trends, Deloitte Consulting LLP teamed with Forbes Insights to conduct a survey of employees of large companies worldwide. The September 2012 report, the fourth in Deloitte’s Talent 2020 series, surveyed 560 employees across virtually every major industry and global region.

Talent 2020: Surveying the talent paradox from the employee perspective

Do you have a finance-talent strategy

Who knows what kind of talent finance needs better than the CFO and his or her leadership teams?  But as CFO, how do you identify the skill sets and leadership you need? In the Q1 2011 CFO Signals survey, we asked finance leaders about the biggest challenges for their companies and their industries. In each case, talent availability was a top four concern. CFOs need to identify the people and skills needed at the macro, micro, and individual levels, finding and securing finance-talent is then the first step in developing a finance-talent strategy.

It is essential that CFOs develop programs that foster talent retention and that they do not leave career development to chance. The talent experience may be the secret sauce to why a finance professional joins a company and chooses to stay, and it is the CFO’s role to ensure that the experience is positive.

Sometimes it is the CFO who initiates a finance-talent strategy. Why? In trying to move beyond their operator roles and become more strategic, CFOs tell us that they are often held back by their own staff’s capabilities.

 

 Developing talent within a finance department needs to be both functionally specific and individually focused to address native talents and needed abilities. The finance-talent strategy must take into account different scenarios in terms of retirement, scarce skills sets, the university entry market, and the increasing global competition for talent in the new entry job market. Keep in mind that it can be difficult as leaders change, markets change, customers change, staffs change, and competitive conditions change. But if you have the right talent strategy in place, it should be constantly adaptive and work effectively as a change management tool.

Who knows what kind of talent finance needs better than the CFO and his or her leadership teams?  But as CFO, how do you identify the skill sets and leadership you need? In the Q1 2011 CFO Signals survey, we asked finance leaders about the biggest challenges for their companies and their industries. In each case, talent availability was a top four concern. CFOs need to identify the people and skills needed at the macro, micro, and individual levels, finding and securing finance-talent is then the first step in developing a finance-talent strategy.

It is essential that CFOs develop programs that foster talent retention and that they do not leave career development to chance. The talent experience may be the secret sauce to why a finance professional joins a company and chooses to stay, and it is the CFO’s role to ensure that the experience is positive.

Sometimes it is the CFO who initiates a finance-talent strategy. Why? In trying to move beyond their operator roles and become more strategic, CFOs tell us that they are often held back by their own staff’s capabilities.

 

 Developing talent within a finance department needs to be both functionally specific and individually focused to address native talents and needed abilities. The finance-talent strategy must take into account different scenarios in terms of retirement, scarce skills sets, the university entry market, and the increasing global competition for talent in the new entry job market. Keep in mind that it can be difficult as leaders change, markets change, customers change, staffs change, and competitive conditions change. But if you have the right talent strategy in place, it should be constantly adaptive and work effectively as a change management tool.

Do you have a finance-talent strategy
Did you find this useful?