Digital transformation is bringing sweeping change. The future of finance and accounting will be less about processing transactions, and more about interpreting data to create meaningful, insightful information to support the business.
This transformation is already underway, and hiring managers need to be prepared for the impact of automation.
A shift in skills
Over 80% of CFOs in both Australia and New Zealand agree that workplace automation does not imply a reduction in finance employees. Rather, it is underpinning a shift in the necessary skills.
As mundane, repetitive tasks are gradually automated, competition will intensify for finance professionals with the new set of must-have skills – notably financial analysis, management skills and the commercial acumen to drive business agendas forward. Already, retaining talent with these skills is fast becoming a top priority for employers.
As digital transformation sets the benchmark for future skillsets, employer expectations are changing. Formal qualifications alone are no longer sufficient. Nor is it sufficient to look for candidates with well-honed IT-based skills.
Hiring managers need to be able to identify professionals who possess skills and characteristics that can add real value to their teams, including:
The ability to influence ideas
Openness to change, and
Openness to new ideas.
Attracting and holding top talent
High quality candidates who have these in-demand skills will have more leveraging power when it comes to salary negotiations. Even today, in a climate of slow wage growth, many companies are realising that attributing a pay increase to their top performers is an efficient retention measure.
However, companies will need to diversify their remuneration offerings to focus on more than just salary. Tailored talent management programs and flexibility will be among the prime motivators that can attract and hold quality talent to an employer.
For a more in-depth look at how your company can secure high calibre candidates, download the 2018 Robert Half Salary Guide.