A new report from ACCA (the Association of Chartered Certified Accountants) suggests that current talent management practices are falling short.
The new report launches ACCA’s global campaign examining talent management practices in today’s finance function. ‘Talent Equation: First Insights’ reveals the current state of play of finance talent globally.
This is the first of five reports to be published by ACCA that will form a comprehensive research programme of finance talent management practices. Over the next 18 months, the programme will assess and address the critical talent challenges that organisations and their finance leaders face.
Capturing the views of nearly 600 finance professionals across the globe, the report provides a baseline understanding of the major issues. The initial findings suggest that attracting, developing, engaging and retaining finance professionals is becoming increasingly challenging. A career spent in the finance function may no longer be the prime aspiration of newer entrants to the profession (and those that follow), changing business model and operating footprints may be opening up new ways for the enterprise to tap into ‘finance’ talent.
OmidTissier, ACCA’s senior manager said, “The initial data collected suggests there is a growing maturity of finance shared services and outsourcing. 55 percent of organisations have had shared services and outsourcing models in place longer than 6 years. Yet as finance continues to evolve its delivery model, new challenges in developing talent are emerging.
“Retained finance roles are still valued higher than shared service roles in developing tomorrow’s global finance leaders. The aspirations of the younger generation in today’s finance function may be changing too. 70% agree that young finance professionals want a career that ultimately extends out of finance.”
Jamie Lyon, ACCA head of corporate sector, commented: “When shared services were initially set up around 15 to 20 years ago the key driver was for efficiency and cost savings. But as these operations have continued to move up the value chain, we have seen a huge pool of talent develop which is of value right across the finance organisation. Equally, time served in shared services can help develop the broader business and management skills needed by todays’ corporate leaders, so it is imperative that this talent is tapped into both in finance and across the wider enterprise”.
To watch an animation and download the full report, please go to www.accaglobal.com/talent.