Being surrounded by information is an inescapable reality for today’s business leaders, especially those in Finance departments. An astounding 2.5 quintillion bytes of data are created each day, which is enough to fill 10 million blu-ray discs. While CFOs have been working with numbers for decades, the current data revolution has changed the game by turning Finance leaders from reactive company auditors into proactive strategic decision makers. Specifically, here’s how big data impacts the CFO.
Good people are hard to find. It may be an old adage, but it accurately summarizes the dilemma of those hiring in Finance and Accounting. Making matters worse, when a great candidate is finally found after painstaking weeks or months of searching, a new challenge arises: Compensation.
The ongoing skills shortage is not only driving up salaries, but is also making it more difficult than ever to determine the appropriate offer to extend to a candidate. Offer an exorbitant amount to “play it safe” and tens of thousands of dollars could be spent unnecessarily. Reach out with an offer that is drastically low and the candidate may immediately move on, leaving you with no counter offer or second chance. In order to level the playing field, let’s take a look at the salaries of some of the highest paying Finance and Accounting jobs in 2017.
The Finance and Accounting industry has been embedded in the framework of the U.S. business landscape for many years, so why are workers for this sector so difficult to find? It’s an issue facing every size company, with even behemoth Johnson & Johnson taking six months to fill a junior-level Accountant role. Leaving a role open for that long lowers productivity, and ultimately, profits.
The answer to this question is multi-layered and goes deeper than an initial analysis of the low supply and high demand. The reason it is so hard to find great Finance and Accounting talent is because recent trends have driven a need for roles with complex and rare skill requirements.
You want your accounting department to run like a well-oiled machine, but how can you ensure you’re adding great people to the mix? A talented candidate may genuinely charm you in an interview, but can you trust everything they say?
Determining compensation in the Finance and Accounting sector is not as straightforward as it seems. With a low unemployment rate of 2.2% and hundreds of thousands of roles left unfilled nationwide, there is a distinct skills gap in the industry.
Ask a group of Chief Financial Officers what their biggest challenge is, and the answers will have a common theme: uncertainty. Whether it is an inability to hire the right people or the concern of ransomware holding financial data hostage, it is always the unknown that presents the tallest hurdle to success.
In order to alleviate future challenges and best clear the path forward, organizations in any industry must first be aware of the top CFO challenges expected in 2017.
It’s no secret that Finance and Accounting talent is difficult to locate and even harder to hire. At companies all over the country roles are going unfilled, CFOs are left shorthanded, and over time the shortage begins to effect every department in an organization. Despite the widespread acceptance that there is a problem, very few take the time to investigate the root of why the skills shortage in Finance and Accounting exists and, most importantly, how to solve it.