As finance professionals know all too well, the business world is increasingly unpredictable and challenging. Organizations face competitors from across the globe, while disruptions, whether from natural or geopolitical events or new market entrants, show no signs of abating.

As a result, every department is expected to do more to help their organizations drive toward their goals. Along with crunching numbers and complying with relevant reporting regulations—functions which remain essential— finance professionals are being called upon to help their organizations improve decision-making, evaluate opportunities, operate more efficiently, and boost their bottom lines.

To that end, CFOs and their teams need to leverage their financial expertise to inform strategy. This might mean, for instance, showing how to launch a new product line with minimal negative impact on cash flow.

At the same time, the growing importance of capabilities like artificial intelligence (AI) to more quickly analyse data means Finance employees increasingly need to be skilled in both finance and technology. By 2027, digital financial talent will account for nearly half—46 percent—of most companies’ finance teams, Gartner reports.

Yet assembling team members who bring this mix of skills is challenging. More than four in five Chief Financial Officers in the UK and US indicated that their Accounting and Finance teams face significant talent shortages, according to research from Avalara, which offers tax automation software.

One reason is a dwindling pool of new finance and accounting talent. The Financial Reporting Council notes that the number of accountancy students in the UK and Republic of Ireland dropped from 164,352 in 2019 to 155,379 in 2023. Another contributor to the shrinking talent pool is employee burnout, as well as decisions by more experienced Accounting and Finance professionals to change careers, Avalara found. 

Attracting Finance Candidates

While the talent shortage is daunting, Finance chiefs can attract candidates that bring the skills required to help organisations move toward their goals and thrive well into the future.  

A first step is looking for potential candidates across different functions, both within and outside their organisations. An employee in operations might be an excellent candidate to oversee finance systems implementations. Similarly, a marketing analyst who evaluates the impact of promotions and price changes on customers’ behaviour might add value to a financial planning and analysis role. Both will gain skills and expand their knowledge of the company, so they can contribute to its success in new, valuable ways.

Forging New Partnerships with Human Resources

The changing nature of many finance roles will impact the finance department’s partnership with human resources. Finance leaders should connect regularly with their colleagues in HR to ensure HR understands the mix of financial, digital, and other skills required for finance to support the organisation. Finance also can work with HR to craft job descriptions that reflect these changes, and to consider candidates that might differ from traditional hires. For instance, a recent university graduate with a degree in data analysis may help Finance better leverage transaction data. To build the relationship between the two areas, Finance can identify an individual to act as liaison.

Finance heads can also work with their colleagues in HR (and training, if the organization has a training department) to offer ongoing development opportunities. This is key to attracting ambitious candidates and employees who are looking to advance in their careers and move into leadership. Training will be critical to their ability to do so. A commitment to training and development also shows that Finance recognises the increasing complexity of many digital finance roles.

Because most training budgets are limited, Finance can leverage lower-cost options, like online webinars and classes, and brown-bag lunches facilitated by experts from within the organisation. Mentoring initiatives and programs in which employees rotate between different departments shouldn’t require a huge investment, yet they can help workers gain skills and exposure to other areas of the organisation. They’ll be able to provide more informed insight as they help the organisation pursue its objectives.

These opportunities can complement outside conferences or certification courses, which tend to take a bigger bite of training budgets.

Finding New Ways of Reaching, Attracting, and Promoting Candidates

Many organisations have approached talent planning as a series of discrete projects. By shifting to an approach in which recruiting is an ongoing discipline, organisations are more apt to gain exposure to candidates who are a strong fit, but who aren’t actively looking for new positions. This approach also helps identify candidates whose schedules don’t align with one-off recruiting initiatives, such as college recruiting fairs.

As more candidates spend greater amounts of time connected online, organisations need to reach them through digital platforms and social media, such as sites like LinkedIn, and tools like virtual career fairs. To attract candidates suited for the changing world of digital finance, postings should emphasise not just degrees or other credentials, but other essential skills, such as experience with machine learning.

Technology can also help organisations tackle talent shortages. To start, automating frees workers’ time so they can focus on more strategic work. Their jobs become less mundane, which can boost retention. And because technology has become so entrenched in almost everyone’s lives, some candidates may avoid organisations they view as being behind the technology curve.

To succeed in the evolving business world, many employees will need a broader range of skills. Along with subject matter expertise, digital finance professionals will need to hone their knowledge of the business, as well as their skills in communication, leadership, and creativity.

This is making traditional, linear career paths less relevant. Many employees will need to move between departments to gain a wider range of skills and contribute to their organizations. Similarly, some employees may shift between tech-oriented roles and more functional areas, like supply chain. Among other benefits, they’ll gain a deeper understanding of ways to bring various disciplines together to support the organisation

Leveraging A Mix of Workers

Many Finance departments of the future will blend different types of workers, including full- and part-time employees, independent contractors, and employees from other areas rotating into the function. Outside firms, like SystemsAccountants, a leading provider of finance technology talent, can help organisations tap into a larger universe of candidates than many companies could access on their own. SystemsAccountants can also help Finance organisations boost flexibility by identifying candidates who can fill roles for special projects or to cover for employees out on leave.

As the business world changes, finance, not surprisingly, needs to change as well. Increasingly, strong candidates will bring a blend of financial, technical, and interpersonal skills. Organisations that can attract and retain these individuals will gain a competitive edge and boost their ability to achieve their goals.