Business Partners Needed
Results of Deloitte's 2013 Global Finance Talent Survey
Finance executives at large companies are increasingly concerned about their ability to recruit, retain and develop talent in their finance organizations, according to Deloitte's 2013 Global Finance Talent survey. Even as finance leaders are increasingly expected to partner with other parts of the business to help drive growth, they have found the necessary skills and development opportunities have become harder to acquire.
When it comes to the results of their talent strategies, particularly in the areas of talent acquisition and development, finance appears to be losing ground. Forty percent of survey respondents, for example, are not optimistic about their ability to meet talent demands in the future, despite expanding their recruiting and development strategies.
Plus, they're increasingly being asked to meet new needs from the business. Business leaders are looking to their peers in finance for a deeper, more hands-on approach to collaboration. While CFOs and other finance leaders understand the importance of partnering with other parts of the business, many of them lead finance organizations that simply weren't built for that purpose.
They didn't hire for partnering skills, aren't outfitted to provide in-depth partnering experiences, and haven't developed the infrastructure to deliver partnering relationships to the business. Likewise, the pressures of globalization and increased regulation are reshaping the finance landscape, leading to new talent needs.
Our survey results suggest that the talent strategies in place today are insufficient, and finance leaders are finding them difficult to execute. This can be an unacceptable scenario for the finance function, which is facing a moment of significant opportunity: Business leaders are inviting the finance team to step into a more strategic role, but is finance ready to deliver? How can finance leaders innovate to develop the next generation of CFOs?
Read the report to learn more.
About the survey
This survey revisits many of the same questions explored in Deloitte's 2007 finance talent survey report, entitled "The finance talent challenge: How CFOs are taking charge." This year's survey was conducted by Deloitte Consulting LLP in the first quarter of 2013. The survey included 312 respondents from across most industries and three geographic regions: North America; Europe, the Middle East and Africa (EMEA); and Asia Pacific (one-third of respondents came from each region). All of the respondents were from companies with revenues of at least $800 million.
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