Skip to main content

Finding and keeping talent is high on CFOs’ agendas

The lack of candidates with the required competencies is rated by Danish CFOs as one of the biggest risks. While some CFOs, primarily in the larger companies, find it hard to recruit, retain and develop the talent they need, this is not a problem for the majority. However, most CFOs are closely involved in the talent agenda, and some would like to be even more involved in the future.


Almost one-third of the Danish CFOs in our survey find it difficult to recruit, retain and develop people with the right skills. The problem appears to be greater for large companies, with annual revenue of over DKK1 billion (38 per cent of large company respondents) than for smaller companies (27 per cent).

Figure 10. Attract, retain and develop employees in the finance function
How easy or difficult do you find it for your company to attract, retain and develop employees with the right skills for the finance function?

Figure 11. Attract, retain and develop employees in the finance function – company size
How easy or difficult do you find it for your company to attract, retain and develop employees with the right skills for the finance function?

Note: Graphs that show a split in company size have the following base sizes: Below DKK 1 billion = 86 and above DKK 1 billion = 56

Overall, 78 per cent of the survey respondents believe that to some degree their company makes suitable efforts to attract, retain and develop talent. However, 14 per cent (16 per cent of respondents from large companies and 12 per cent from smaller companies) say that their efforts are ‘sufficient to a small degree’ or ‘not sufficient at all’.

When asked whether their efforts were sufficient, one in ten respondents from smaller companies answered ‘Do not know’ compared to only two per cent from the larger companies. This could indicate that smaller companies find it more difficult to evaluate their efforts to recruit and develop talent.


Figure 12. Efforts to attract, retain and develop employees in the finance function
To what extent do you feel that your company’s current efforts to attract, retain and develop employees are sufficient within the finance function?

Figure 13. Efforts to attract, retain and develop employees in the finance function – company size
To what extent do you feel that your company’s current efforts to attract, retain and develop employees are sufficient within the finance function?

Note: Graphs that show a split in company size have the following base sizes: Below DKK 1 billion = 86 and above DKK 1 billion = 56

CFOs are very involved in the talent agenda
 

When thinking about a CFO, their involvement in developing talent for their company is unlikely to be the first thing that comes to mind, but data from our CFO Survey shows a different story. Responses to our survey show that 73 per cent of Danish CFOs are involved to a ‘high’ or ‘very high’ extent in attracting, retaining and developing talent for their finance function.

CFOs from larger companies with annual revenue above DKK1 billion appear to be slightly more involved than CFOs from some of the smaller companies. However, 77 per cent of respondents in total would like to have the same level of involvement as today in terms of attracting, retaining and developing talent for the finance function.


Figure 14. CFO involvement in attracting, retaining and developing talent for the finance function
To what extent are you actively involved in attracting, retaining and developing talent for the finance function in your company?

Figure 15. Involvement in attracting, retaining and developing talent for the finance function – company size
To what extent are you actively involved in attracting, retaining and developing talent for the finance function in your company?

Note: Graphs that show a split in company size have the following base sizes: Below DKK 1 billion = 86 and above DKK 1 billion = 56

In comparison, 15 per cent of CFOs would like to be more involved than they are today in the talent agenda (21 per cent from larger companies with annual revenue above DKK1 billion, compared to 10 per cent in the smaller companies).

Figure 16. Future involvement in attracting, retaining and developing talent for the finance function
In the long term, do you want to be more or less actively involved in attracting, retaining and developing talent for the finance function than you are today?

The demand for capabilities in the finance function is expanding beyond traditional skills
 

According to our survey respondents, a range of skills are rated as important through the next five years. However larger companies, to a greater extent than smaller companies, are prioritising digital finance (automation, AI), finance business partnering and data science/predictive analytics.

This indicates a shift from ‘just’ financial reporting to prioritising new skills. For smaller companies, traditional financial skills such as business controlling, financial planning and analysis and finance controlling are still important.

This indicates that the finance function in larger companies will be in need of employees with a wider skill set in the not-too-distant future.


Figure 17. Future important skills in the finance function
Which of the following skills will be most important to have in a finance function through the next five years?
Skills within... (Choose up to three)

Figure 18. Future important skills in the finance function – company size
Which of the following skills will be most important to have in a finance function through the next five years?
Skills within... (Choose up to three)

Note: Graphs that show a split in company size have the following base sizes: Below DKK 1 billion = 86 and above DKK 1 billion = 56

Can the finance function meet the demands and expectations of its employees?
 

Danish CFOs are not in agreement about what they think are the main drivers of employee satisfaction in the finance function – many factors are at play. CFOs state that different factors such as standardised and automated work processes, involvement in business decisions, playing a key role in the organisation to drive performance, transformation etc. and having a strong focus on skill development are all important drivers of satisfaction.

Figure 19. Impact on employee satisfaction
Which of the factors below do you think has the greatest positive effect on employee satisfaction in finance functions in general? (Choose up to two)

As shown in Figure 20, many Danish CFOs believe that career progression and salaries are among the demands from employees that the finance function might struggle most to meet in future.

Figure 20. Demands from the future workforce
What demands from the workforce of the future do you expect your company’s finance function will find it hardest to meet? (Choose up to two)

Did you find this useful?

Thanks for your feedback