Business partners needed
Results of Deloitte's 2013 global finance talent survey
After years of working to have a voice in setting the strategy for their organizations, finance leaders are finally being welcomed into the fold by their counterparts in the business. Many of these business leaders received a reality check by way of the global economic crisis, when the need for deeper financial insights became apparent. So today, business leaders are inviting finance leaders to the table for their strategic insights and ability to contribute to smarter decision making. Finance leaders who are focused on evolving their talent strategy along with the needs of the business are likely to find themselves–and their finance organizations–right where they need to be.
Our survey results suggest that the talent strategies in place today are insufficient, and finance leaders are finding them difficult to execute. This can be an unacceptable scenario for the finance function, which is facing a moment of significant opportunity: Business leaders are inviting the finance team to step into a more strategic role, but is finance ready to deliver? How can finance leaders innovate to develop the next generation of CFOs?
Finance talent landscape
Finance executives at large companies are increasingly concerned about their ability to recruit, retain and develop talent in their finance organizations, according to Deloitte's 2013 Global Finance Talent survey. Even as finance leaders are increasingly expected to partner with other parts of the business to help drive growth, they have found the necessary skills and development opportunities have become harder to acquire.
When it comes to the results of their talent strategies, particularly in the areas of talent acquisition and development, finance appears to be losing ground. Forty percent of survey respondents, for example, are not optimistic about their ability to meet talent demands in the future, despite expanding their recruiting and development strategies.
Plus, they're increasingly being asked to meet new needs from the business. Business leaders are looking to their peers in finance for a deeper, more hands-on approach to collaboration.
The pressures of globalization and increased regulation are reshaping the finance landscape, leading to new talent needs.