Finance departments have become the latest victims of the UK’s skills crisis, it has been claimed.
A recent survey of senior financial executives by business advisory firm Deloitte found that over a third feel that their department is struggling to meet its demand for talented skilled professionals.
Despite this, the study found surprisingly that attracting, retaining and developing high performers was not one of their main priorities, and two out of three had no recruitment strategy whatsoever.
Marcus Boyle, head of finance consulting practice at Deloitte, commented that FDs are often too preoccupied with meeting their legal obligations to focus on plugging skills gaps.
He said: “The accounting troubles in 2002 marked the sector and resulting regulations upped if not doubled FDs' accountabilities, the impact of which is now playing out. Demand for high performers in finance is outstripping of supply and few companies are doing what it takes to lure top talent.”
For instance, although a lack of career prospects topped the list of reasons why people leave finance roles, just 43% of FDs say they have career development programmes in place to harness and progress the skills of the high performers.
Boyle added: “Economic factors such as the ageing workforce means talent management was once a ‘good to do,’ today it’s a ‘vital need’ and driving competitive advantage through people is key. FDs must lead the charge to re-brand the finance function as a career with great potential for growth and advancement.”
© Crimson Business Ltd. 2007
