From geopolitical and regulatory volatility to digital disruption transforming the way entire industries operate, the world of business is rapidly changing. To survive, organizations are evolving their operating models to boost value creation—rather than mere value preservation.
Leading organizations are focusing individual business units outward, operating in a collaborative setting to drive value across the enterprise. These organizations are moving away from bureaucratic, functional silos and towards service-driven teams that can be deployed throughout the business as necessary.
Beyond these structural changes, the finance function will require new capabilities, skills, and roles to meet the growing pressure to deliver more value and serve as a true partner to the business. Ultimately, finance will need to alter its approach to attracting, retaining, and developing talent to step up to the challenge.
Digital disruption will inevitably spur organizational changes for the finance function. New centers of excellence will be developed to manage the implementation of disruptors, such as intelligent automation and data and analytics, and leverage the expertise of critical resources. Virtual service delivery will remove companies’ geographical boundaries, reducing the need for a local presence. Many people will be based remotely—either at home or in local offices—and will work in a virtual environment. The future will also likely see an increase in end-to-end process ownership, with finance collaborating with other parts of the business. This will ultimately give way to a less rigid hierarchical structure.
To address changing priorities, the CFO will need to lead a diverse finance team equipped with the right skills. The demand for a performance-centric and technology-enabled workforce will prompt finance to step outside of its traditional transaction processing and accounting role to focus on higher-value services.
With the need for new roles and retraining of those who will be affected by the fallout from increasing automation and other organizational changes, finance functions require an effective talent management strategy.
Read this whitepaper to explore four strategies for a holistic approach to managing finance talent.