In the dynamic world of business in which technology is rapidly evolving, the proficiency and adaptability of your finance team becomes crucial. A finance team that is both skilled and agile can navigate these shifting landscapes more easily, ensuring they are equipped to succeed in an increasingly competitive market.
This is why having well-rounded employees is very important. They are the backbone of any organisation, providing strategic direction, managing risk, optimising resources, and driving growth. Their expertise ensures the organisation remains financially healthy while being capable of seizing opportunities and weathering economic storms.
Investing in the development of your finance team translates to investment in the future of your company. It's about fostering a culture of continuous learning and encouraging the acquisition of diverse skills. From financial analysis to strategic planning, from technological savviness to effective communication, these skills future-proof both the business and the employee.
The importance of having a future-forward finance team
A forward-facing finance team is about innovation, problem-solving, and decision-making, in a business world now dominated by data. They should have a deep understanding of financial performance data, along with the industry and the overall economic environment.
Such employees can provide valuable insights, identify opportunities and risks, and have a bigger impact on the overall business strategy. They can ensure financial stability and compliance while driving efficiency too. Employing individuals who can anticipate and adapt to future challenges can be a key asset today.
Technology is improving, you need the right team
The finance function is undergoing a radical transformation driven by technological advancements. Automation is streamlining routine tasks, freeing up time for strategic activities. Artificial intelligence and machine learning are providing predictive insights, enhancing decision-making. Data analytics is enabling a deeper understanding of business performance and customer behaviour.
However, to leverage these technologies for growth, you need the right team. You need people who are competent and willing to embrace change and learn new skills when necessary. You need people who can think critically, solve complex problems, and make informed decisions. In other words, you need a future-forward finance team.
How to attract top future finance talent
Attracting top finance talent requires a strategic and proactive approach. The following methods can prove to be effective:
1. Competitive compensation
Offering competitive salaries and benefits is essential. Today's finance talent is looking for more than just monetary rewards. They value work-life balance, flexibility, and well-being initiatives. Therefore, your compensation package should offer what the market demands as well as fair compensation for the value they deliver.
One such example of this is Google, known for its competitive salaries, Google also offers perks such as free meals, gym memberships, and tuition reimbursement. In addition to this, they also provide comprehensive health care coverage, generous parental leave, retirement savings plans, and stock options.
2. Strong employer brand
Your brand is your reputation as an employer. It will influence what people think it's like to work for your company. A strong employer brand can attract top finance talent. It should reflect your company values, culture, and career opportunities. It should also communicate your commitment to employee development, diversity and inclusion, and ESG responsibilities.
Netflix's unique culture, which emphasises freedom and responsibility, sets it apart as an employee. This helps them attract independent thinkers and creative problem-solvers, driving their growth and success in the competitive entertainment industry.
3. Continuous learning opportunities
Continuous learning is crucial for staying current in a swiftly evolving world. Providing chances for professional growth and education can draw in ambitious finance experts who are enthusiastic about advancing their abilities and understanding. This could include internal training programmes, online courses, workshops, conferences, or tuition reimbursement for further education.
PwC offers a program called "Digital Fitness App" which is designed to upskill its workforce with digital and technology-related skills. The app provides personalised learning paths and content to help employees improve their digital acumen.
4. Technologically advanced environment
A technologically sound work environment can be a huge attraction for new tech-savvy finance professionals. They want to work with cutting-edge tools and technology that can help them do their job to a higher standard. They’ll also want to be part of a company that is innovative and moving in the right direction. Most of the companies today offer latest technology to their workforce.
Retaining and developing existing finance talent
Retaining top finance talent can be even more challenging than attracting them. It requires ongoing efforts to keep them engaged while also ensuring measures are being taken to prevent them from experiencing burnout. The proficiency and adaptability of your finance team can greatly influence your organisation’s ability to navigate key challenges like market fluctuations and opportunities for growth.
By understanding the nuances of professional development, employee engagement, and internal mobility, companies can secure their financial future. Here are some strategies they can specifically use to achieve this:
1. Career development opportunities
Top finance talent is often ambitious. They want to grow, take on new challenges, and advance in their careers. Providing clear career paths and development opportunities can motivate them to stay with your company. Regular performance reviews, constructive feedback, and recognition of achievements can also contribute to their career satisfaction and progression.
Barclays is known for its commitment to career development. They provide a clear career path through their Dynamic Working initiative, which allows employees to manage their work and personal commitments effectively. The bank also offers various learning and development opportunities, including e-learning courses, workshops, mentoring schemes, and leadership programmes
2. Recognition and rewards
Recognition and rewards can have a significant impact on employee engagement and retention. Recognizing employees' efforts and achievements, both big and small, can boost their morale and motivation. Rewards can be monetary, such as bonuses or salary increases, or non-monetary, such as extra holiday days, flexible working hours, or public acknowledgment.
Lloyds Banking Group offers a comprehensive recognition programme, called 'Shine', where colleagues can recognise each other's contributions through e-cards, thank you messages, and nominations for both individual and team awards.
3. Mentorship programmes
Mentorship programmes can be a powerful tool for developing and retaining finance talent. It provides employees with a platform for knowledge sharing, skill development, and career guidance. This helps them to feel valued and supported, which increases their loyalty and commitment to the company in the long run.
EY runs one such global mentoring programme that pairs less experienced employees with senior leaders who provide guidance, support, and career advice. It's an integral part of their people-oriented culture
Advanced Financials helps your financial talent
The world of finance is growing increasingly complex and unpredictable. The ability of finance teams to adapt and innovate is more crucial than ever. Cloud-based tools empower these teams to excel in their roles while also giving them the ability to access key insights and contribute to strategy.
Cloud technology streamlines financial processes, enhances visibility, and delivers actionable data. With real-time access to financial performance from any location, employees can quickly assess financial outcomes and pivot accordingly. .
Our Advanced Financials accounting software helps with all these elements as well as cost savings too (which is crucial during testing economic times). The scalability and integration capabilities of this system ensures organisations can achieve cohesion across their departments while also expanding/retracting seamlessly depending on their unique needs at any given time.