Finance chiefs are stepping up in the hiring game, as CFOs are found to be increasingly involved in staffing their departments amid significant talent shortages according to a Deloitte report.
Key Points
- CFOs are reportedly acting as chief human resources officers by taking a hands-on approach to hiring within finance departments.
- Approximately 34% of finance leaders are taking a larger role in the hiring process.
- 35% are opting for hiring from other departments or external HR firms to locate suitable candidates.
- The need for new talent is driven by retiring accountants and a dwindling pool of younger professionals entering the field.
- A significant number of finance chiefs (79%) plan to utilise generative AI within the next two years to address skills gaps.
- Challenges such as resistance to new technology from staff (cited by 48% of CFOs) could hinder workforce enhancement efforts.
- CFOs express concern about increased workloads for current staff due to talent shortages.
Content Summary
The COVID-19 pandemic has exacerbated talent shortages in finance sectors, prompting CFOs to proactively engage in the hiring process. The Deloitte survey shows that many finance leaders are increasingly acting as chief HR officers to help mitigate challenges related to staffing. The need for combatting talent shortages is apparent as a notable percentage of CFOs report that they have taken steps to strengthen their teams through recruitment and the utilization of advanced technologies like AI. However, CFOs are also facing significant challenges, such as resistance from employees towards implementing these new technologies and the threat of increasing workloads for those who are already on board, which indicate the pressing need for a well-rounded solution to the ongoing hiring crisis.
Why should I read this?
If you’re in the finance sector or even interested in HR trends, this piece is a must-read. It highlights how CFOs are pivoting into new roles to tackle persistent hiring challenges, giving you insight into emerging leadership dynamics that could affect your industry. It’s a valuable snapshot of where finance leadership is today—informing you of the shifts in hiring strategies that could shape the future workplace.