The relentless war for talent in finance (and of course business at large) has been ferocious. The question for CFOs is how to cope with the instability and loss of controls associated with the talent movements. Really... how to stop the finance team from leaving is job number one.
While the heavy push on automation of back-office functions continues as a way to improve efficiency, and reduce the cost to serve customers, it further serves to reduce reliance on people. However, at the same time, the overall responsibilities for managers of financial operations are higher now than in the past. Notwithstanding the emphasis on automation for finance, throw into the mix the reality known as the excel spreadsheet rodeo that companies go through to close the books each month - losing key staffers to competitors or other industries creates risk and headaches. Our CFOs manage through the labor instability by placing greater emphasis on building a culture of trust, learning, and opportunity. It might be old school... but who said that was the wrong school of thought.
While pay hikes of 30% plus might be offered to attract talent, the best defense is to make the current workplace sticky and work with the CHRO / People Office team to instill better retention practices. This story is not new, it's the pace of change that is the new norm. The battle continues...
© Copyright 2022. The views expressed herein are those of the author(s) and not necessarily the views of Ankura Consulting Group, LLC., its management, its subsidiaries, its affiliates, or its other professionals. Ankura is not a law firm and cannot provide legal advice.
