2024 is a great time to be employed for anyone who can create and read a balance sheet.
Or manage an audit. Or close the books. You get the idea!
The most successful companies in nearly every industry sector are searching for finance talent. Which shouldn’t be a surprise to CFOs and controllers who read Resourceful Finance Pro. We’ve covered the topic ad nauseum over the past three years.
In fact, now may be the perfect time to review salary levels, benefits packages, growth opportunities and any other perks that can be offered to keep talent on board. Competing companies are looking to poach the best and the brightest from wherever they can find. Employers are frequently caught off-guard when numbers-crunchers leave for what they consider greener pastures.
Who’s Really Desperate for Finance Talent?
A new report from Business Talent Group (BTG), “2024 Skills Index: The Year’s Most In-Demand and Fastest Rising Independent Talent Skills,” collates data from thousands of companies that are listing job openings. “The 15 most in-demand skills for 2024 based on the total number of requests for each skill between July 2023 and June 2024″ are:
- Financial Controls, Accounting and Audit
- Project Management
- Financial Planning, Analysis and Modeling
- Technology and Systems Implementation
- Organizational Design and Workforce Planning
- Process Optimization and Transformation
- Program Management Office
- Strategic Planning
- Market Landscape and Research
- Growth Strategy
- Corporate and Business Unit Strategy
- Post-Merger Integration
- Market Access and Value
- AI and Machine Learning
- Operational Excellence
Seven of the nine industry sectors that BTG studied are most in need of finance talent. Finance Controls, Accounting and Audit abilities ranked #1 for businesses in Financial Services, Healthcare, Industrial/Manufacturing, Services and Private Equity. Financial Planning, Analysis and Modeling skills are top of the list for the Tech and Consumer Markets sectors. The two exceptions to the rule: the Life Sciences and Nonprofit and Government sectors.
Keeping the financial house in order “remains a critical focus as businesses hold tight on an economic rollercoaster,” says BTG. “Amid ongoing market volatility, organizations are prioritizing financial controls, accounting, and audit [skills] to ensure compliance, governance and risk management [while] requests for experts in financial planning, analysis and modeling underscore the need for detailed financial insights and robust modeling capabilities to adapt to uncertainties.”
Side note: The demand for skilled professionals in mergers & acquisitions (M&As) spiked by 175% and 317% over the past six months. This follows an increase in companies seeking to merge or initiating an M&A.
Risk Management Frequently on CFOs’ Radar
The traditional CFO didn’t have to worry too much about risk management. Business growth strategy and the inherent financial risks rested on the plate of the owners and CEOs of companies for the most part. Those days are gone.
Risk management is now a top two skill needed in the CFO’s seat, according to a Travelers survey. Fifty-two percent of the more than 600 CFOs surveyed say “identifying and mitigating various business risks” is one of the most valuable abilities needed to do their jobs. “Strategic planning for future company success and resiliency” came in first (voted on by 62% of CFOs) and “ability to manage a complex network of internal and external stakeholder relationships” tied (52%) risk management.
“Among the companies we surveyed, CFOs mentioned that almost two-thirds of their risk management activities are proactive in nature,” notes Traverlers. “That means over a third of their risk management is reactive in that they don’t implement a new process until after an incident has occurred.”
In this economy, one too many reactive moves to a business hurdle can easily cost a CFO their job. Travelers found that “CFOs are partnering with risk managers, insurance brokers and carriers, [chief information and technology officers] and human resources to help them manage risk – with themselves at the center of the decision-making process.”
Outsourcing, AI to Help Lighten the Load
In the coming months and years, the search for finance talent could get tricky. For example, college graduates in math, business and finance programs are turning away from the accounting track. Many aren’t willing to take the 150 required hours of coursework to sit for the CPA exam, especially if employers won’t pay for their schooling.
Starting accountant salaries trail most finance positions. Accounting may be one of the safest occupations in recessionary times — businesses are always on the lookout for good accountants. But students either don’t care or they’re not aware. So expect a growing number of companies to look outside the U.S. for critical finance talent.
AI is sure to fill more and more gaps too. Example: Robotic Process Automation uses AI and software to create bots that can handle repetitive tasks like data entry and processing, document management, regular financial transactions and accounting. Bots can log into apps, enter and copy data, and complete programmed tasks.
The top areas many financial directors want to implement AI in are:
- financial planning and analysis
- cybersecurity and privacy
- administrative tasks, and
- financial reporting.
