The economic rebound has made the competition for skilled, technical professionals more challenging. A May 2021 report from Robert Half stated that 93% of companies are struggling to find skilled staff—meanwhile, current conditions for business growth and transformation can’t be missed.
In finance, talent shortages have been no small challenge for today’s CFO. Dynamic companies are seizing low-interest rates to pursue M&A growth. Finance teams are racing to embrace tax savings opportunities brought on by new legislation. At the same time, there are more pressing risks in the new operating environment as information security protocols catch up to the ever-increasing use of technology and management grapples with the ramifications of hybrid work models.
How to manage talent shortages requires a new plan of action. As finance teams work to become more dynamic, they have to focus more on the big picture than ever before, leading to another trend – supplementing teams through co-sourcing and outsourcing. IBISWorld published a sector report in April 2021 that states that outsourcing will grow to a mammoth $143.5 billion business by 2024. What’s driving that?
- Growing complexity with accounting standards
- Changes in tax codes, domestic reporting, and compliance requirements
- Needs to streamline and automate processes
- Changing requirements for management reporting from myriad systems to inform decision making
- The uptick in M&A and transaction activity
- Staffing shortages or lack of resources with specialized knowledge or expertise
- Need for financing to fuel growth
- Significant expansion of the hybrid work model
- Increasing phishing scams, ransomware, and cyber-attacks
- Reduction in internal audit budgets and staff
- The boom of companies going public
- The talent shortage in cybersecurity
Join other CFOs looking for alternate ways to maintain their core functions while finding time and resources with the knowledge to evolve processes and systems to stage the next chapter for their company. Download the full guide to assess what ideas and solutions will benefit your company.