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You need finance talent with more than traditional skills but you must first attract it, then develop it. Here's how.
As the role of finance teams evolve, there’s an increased need for people with a new set of skills. Leading organizations are looking for problem solvers who know how to leverage data, understand the connections between various business lines and propose strategic solutions that help the company grow.
It’s a tall order, but fortunately, you don’t need to build a whole new team from scratch to meet these demands. Instead, leading finance organizations are finding increased success by cultivating their next generation of finance talent in house.
The insider’s edge
There are many reasons to develop the finance staff you already have. At the most basic, the cost of hiring new employees can exceed their initial compensation. An oft-cited study by the Society for Human Resource Management reveals that, on average, recruiting and training a new employee costs between six and nine months of the employees’ salary.
Professional development in finance and elsewhere can also boost your organization’s employee retention rates. Consider that 87 percent of millennials rate "professional or career growth and development opportunities" as important to them in a job, according to a recent Gallup survey.
Beyond these benefits, there’s an even more compelling reason that your current finance employees are the best bet for your organization’s future: They already intimately understand your business. The importance of this knowledge can’t be underestimated — in this digital era, finance teams are far more than number crunchers.
“By 2020, we will see finance teams much more as integrators of information, process owners and sophisticated managers of third-party relationships,” says David Fincher, a lead partner with consulting and accounting firm EY, in a recent whitepaper on the changing function of finance. In addition to their own roles, finance employees need to understand products, services and processes across the organization. For new hires that can be a steep learning curve; your current finance team already holds much of this knowledge.
Building your finance bench
Developing the next generation of finance talent won’t happen overnight. Instead it requires a cultural shift that prioritizes the employees you have and commits to helping them grow and shine. Here’s how to get started:
Develop the potential that already exists with your organization and you’ll ensure your company is prepared for the future.
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