WANTED: 2020 FINANCE HEROES!THE FUTURE OF THE FINANCE FUNCTION: KEY SKILLS IN DEMAND

Digitisation is evolving business strategy, organisational structures and even day-to-day activities in companies.

The finance function is challenged to get their team ready to tackle this new reality. Employees need to evolve their technical and soft skills in order to keep pace.

FINANCE IS EVOLVING

FINANCE LEADING THE DIGITAL REVOLUTION

It is primarily a matter of knowing which skills will be needed in the future and which are expected to close gaps.

Of course it will be hardly possible for CFOs to foresee all future developments. But they can do all they can to be best prepared for the future. For that, CFOs must hire financial professionals with the skills required in future while training and encouraging existing staff to use it better.

Phil Sheridan Senior Managing Director,

Robert Half UK, South America and the Middle East

FINANCE HEROES ARE SOFTWARE-SAVVY

The three main catalysts for the future of finance:

Source: Survey of 200 CFOs in the UK.

Companies will need employees that keep pace with changing technology and develop their technical skills in finance software.

RISKMANAGEMENT

DATAANALYTICS

BIG DATA

FINANCE HEROES HAVE A HOLISTIC VIEW

Finance heroes have a holistic view across the business. They:

• Bring a deep understanding of business models and corporate structuring

• Have a strong understanding of their industry and market

• Identify commercial opportunities

• Are visionaries who participate in evolving business strategy

Source: Survey of 200 CFOs in the UK.

IMPORTANT SKILLS TO DEVELOP IN THE NEXT 5 YEARS

33%Leadership

25%Communication

21%Commercial

acumen

15%Flexibility/openness

to change

SOFT SKILLS

45%Financial software packages

30%Accounting and

financial reporting standards

16%Regulation/

risk management/compliance

10%Analytical

skills

TECHNICAL SKILLS

Source: Survey of 200 CFOs in the UK. Responses do not total 100 per cent due to rounding.

Six steps to shaping a world-class 2020 team:

FINANCE HEROES CAN’T DO IT ALONE

1

2

3

4

5

6

Create a competency framework

Perform a gap analysis

Create a talent pipeline and offer trainings

Identify areas for automation

Adapt a flexible recruitment strategy

Establish attraction and retention strategies

Read our detailed six-step guide, along with new research findings about the digitisation challenges facing CFOs in our free Finance 2020 Report.

Closer than you think Planning for the future of the finance function

The finance function faces what is possibly the biggest era of transformation in its history. Process automation, the corporate digitisation agenda and the ongoing need to protect assets while managing costs are conspiring to bring real pressure on finance professionals. It’s time for chief financial officers (CFOs) heading up the engine rooms of organisations across the world to consider how they should plan for the future of the finance function.

Many CEOs and boards already expect the CFO to expand their role to that of strategic adviser on growing the organisation, as well as serving as the steward of the bottom line. ‘Come 2020, as that expectation increases, CFOs may need to bring a much more multidisciplinary skill set to the job …’ according to Frank Friedman in CFO.com.1

That means CFOs considering not just how the value that finance delivers to the business will change, but what impact this change will have on day-to-day operational finance, strategic business and financial analysis, innovation, information and systems – and not least their people.

ContentsFinance function taking a more active role 2

objectives today 3

Is automation the only consideration? 5

Case study: Digitisation planning requires stages 6

Expectations from the business 7

Talent management 9

Six core steps to prepare for 2020 11

Are you ready for the battle ahead? 12

CFO Insights

roberthalf.co.uk

FINANCE 2020

1 Frank Friedman is CFO and COO of Deloitte LLP and Global COO of Deloitte Touche Tohmatsu Limited.

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