What really keeps CEOs and HR leadership awake at night? Changes in the legal or economic environment? A drop in revenue due to an alteration in customers’ needs and wants? A spiralling, out-of-control cost base? No one ever discounted the importance of keeping a watchful eye on the organisation’s financial information. However, recent research suggests that, although business leaders surely do have these three challenges high on their agenda lists, it is something totally different which is keeping them on the edge of their seats.
Where have all the good candidates gone?
Recruitment firm Robert Walters recently released its findings from the second installment of its annual Chief Financial Officer (CFO) survey series, in which 500 CFOs from small and large companies across various industries participated in the survey to explore the challenges which are causing them the most difficulty. The survey concluded that talent attraction and organisational cultural fit as well as driving revenue appeared to be the most pressing issues for these C-suite professionals.
What can we learn?
Generally, the survey findings showed that whilst most senior management remain highly focused on driving revenue and managing expenses; identifying and attracting talent with the best corporate culture fit has emerged as one of the top challenges in managing a business. In terms of recruitment, respondents indicated the following as their top three challenges:
- Finding the right talent with the appropriate organisational fit (32%)
- Securing the right talent (22%)
- Managing employees’ expectations (16%)
In terms of general challenges faced in in running their business, the CFOs reported the top three priorities:
- Driving the current revenue/profit base (28%)
- Recruiting and retaining the best finance talent (21%)
- Managing costs (20%)
Commenting on the results of the survey, Matthew Bennett, Managing Director, Robert Walters Greater China, expressed, “We are seeing a rise in demand for accounting and finance professionals across all levels of seniority. Apart from the pre-requisite technical skillsets, these individuals are required to be commercially astute in order to better collaborate with top management on business decisions.”
Although the survey focuses mainly on finance and accountancy professionals, it certainly helps highlight problems HR may be facing in other departments within the business.
How to grow and prosper
Angel Lam, Associate Director, Commerce Finance, Robert Walters Hong Kong, explained, “In the current economic situation, businesses are finding more challenges in sustaining growth and profitability. Hence, the role of a CFO and the overall finance function has evolved from the traditional transactional or ‘back-office’ function. These professionals are required to possess the ability to translate financial figures into business perspectives. This will enable them to drive the company’s profitability and function as a competent business partner to the CEO and other senior management.”
As a result of such shifts in the finance department, it is necessary to attract and retain the capable talent with requisite soft skills such as strong communication, presentation and business acumen. These skills will be critical in supporting the CFO as a strategic business partner, and developing the individual to take on future key finance management roles.
But how to we find these people?
HR needs to constantly find new, innovative ways to find good staff from outside organisations, but also to stop and think about really what is important in potential candidates. Instead of getting bogged down with trying to find accountants that ‘have used the right accounting systems’ or ‘familiar with XYZ process’ they need to focus on softer skills in candidates. If someone is going to join the organisation for a number of years as a permanent member of staff, HR needs to recognise that a good candidate will be able to learn new systems and processes very quickly and, in fact, the real value-add in the candidate is their ability to support the business to make strategic, complex decisions at difficult times.
With the growth of technological platforms such as LinkedIn and various social media websites, identifying candidates is now far easier than before. But what does someone’s online profile really tell you about their character, their soft skills and their strategic mindset?
Paul Arkwright
Publisher
