How Top Finance Talent Enhances Productivity and Efficiency

Initiatives to Attract and Retain Talent in your Office of Finance

Over the past year, the shift to a digital workforce, increasing demand for mid-career talent, and higher employee benefit standards have become the new normal. As a result, the Office of the CFO in today’s organizations must not only be on top of their financials to meet new workforce expectations, they also must be aware of new workforce trends and initiatives that will help them attract, retain, and support their finance talent.

Factors That Attract Top Finance Talent

#1: Embrace a Digital Workforce

Remote and hybrid schedules are becoming a benefit that prospective employees are looking for. A Gallup poll has shown that 90% of remote workers want to maintain remote work to some degree, and 45% of full-time employees are utilizing a remote or hybrid schedule. The popularity of these schedules is due to many benefits including:

  • Schedule flexibility
  • Decreased or eliminated commutes
  • Increased productivity and motivation

To sustain this shift in expectations, organizations need to lean into finance automation and technology solutions that streamline the complete Record to Report process to support work from home or hybrid schedules. The right technology solution enables automation to take over certain manual aspects of financial processes, allowing employees to focus on high-level strategic tasks from any location. Along with the rise of Zoom, Microsoft Teams, and other digital conferencing platforms, F&A teams are becoming more tech savvy as well, which allows them to adopt finance automation tools more effectively too.

Implementing a financial close automation solution also enhances visibility amongst teams – having dashboards to see tasks and schedules allows for the status of the financial close to be seen by all, even when teams are not working in the same location.

Automation allows for real-time communication globally for finance talent.

#2: Emphasize Finance Automation

Automation software is on the rise as organizations embrace technological advancements to increase efficiency. As the digital age progresses, prospective employees are looking for organizations that are modernizing their practices, and that holds true in the finance world too. The benefits from finance automation include:

  • Faster close timelines
  • Better work / life balance with less hours worked on nights and weekends
  • Increased transparency / visibility across the close process
  • Reduced costs and risk
  • Time to focus on higher value activities such as strategy developments

With automation, employees in the Office of Finance have more time to focus on the data and what it shows, rather than obtaining it, or even entering it manually. This allows for an increase in critical thought within daily happenings and unleashes new potential. Additionally, by decreasing the amount of time on repetitive low-value tasks, employees do not have to work late nights or longer weekends to meet tight deadlines. When organizations lean into automation, they are being proactive with their strategies, and allowing employees to work on additional projects that challenge and upskill their abilities.

Factors that Retain Top Finance Talent

#3: Automate the Widening Generational Gap

A generational gap has been created between employees in F&A teams, as mid-career finance talent continues to leave many organizations, and the workforce entirely in some cases, for other roles. This has been dubbed the Great Resignation.

As a result, the Office of the CFO across today’s organizations must focus on automating as much of the reconciliation and financial close process as possible to increase transparency and visibility, which enables younger and older talent to meet in the middle and work together. By automating the generational gap in finance talent, teams see:

  • Increase in collaboration and visibility
  • Time and cost savings
  • Decrease in stress and increase in efficiency

As the burden shifts to automated processes, F&A teams can dedicate their time to more strategic projects instead of worrying about deadlines on time-consuming manual activities. With the shift of mid-career talent moving around the workforce, financial close automation helps fill in the gaps by ensuring that the financial close can still be completed on time, and work can be transitioned smoothly and  accurately, without missing a beat, across new hires or existing talent, due to standardized and documented processes being in place.

#4: Invest in Better Benefits

Now more than ever, employees are cognizant of exactly what they want out of their job. As organizations have embraced a more digital workflow, employees are seeing that this transformation can be sustained, and it has allowed them to reassess what they want their work situation to look like. Taking the center stage of employee satisfaction and benefit criteria are:

  • Work from home or hybrid work opportunities
  • Work-life balance
  • Financial wellness
  • Professional development and training

The best thing CFOs can invest in is their employees, especially considering the workforce transformation. Currently, finance organizations are seeing employees who have their CPA licenses utilizing their accreditation to migrate to other jobs in different fields. To help mitigate this loss, when organizations invest in their employee’s professional development, they have seen higher rates of loyalty and job satisfaction. Additionally, investing in current employees saves money, because the cost of onboarding a new employee is greater than the cost of retaining existing talent.

Finance talent will go elsewhere if their meets are not met.

The bottom line: Top finance talent will go elsewhere if their needs are not met.

The shift to remote or hybrid work, increased benefits and advancements in automation are here to stay, and if organizations do not adapt, they will be left behind. To increase rate of retention, organizations need to invest in their talent and adapt to the digital landscape through automation and technological advancements.

Unlocking Human Capital for Change and Transformation in Finance

To learn more about investing in your finance team through automation and benefits, watch this webinar.

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Written by: Mikayla Jordan