WHAT’S keeping chief financial officers (CFOs) up at night? Finding and retaining the best finance talent is one. The role of the CFO has evolved from someone who keeps the books to a more visionary and advisory role.
Modern CFOs provide the insight and information needed to drive strategy around the boardroom table. This requires a new skill set—much different from the traditional accounting role. The best CFOs have learned to ask themselves the following questions:
- How is the role of finance officer changing?
- What sort of skills do finance professionals need today?
- How do I attract and retain the best talent?
- Do I have the right technology in place to keep my best and brightest engaged and intellectually challenged?
The Wall Street Journal recently issued a report that addressed some of the above questions and provides six recommendations on how finance leaders can improve bench strength within their own organizations.
- Recruit—and pay for—talent armed with a greater variety of skills.
- Fill talent gaps by grooming from within.
- Ask the right questions when analyzing data—you want answers that propel your business.
- Share data with your team or it has no value.
- Use technology and data insights to read your customers’ needs more accurately—making you a better business partner.
- Upgrade your technology to attract and retain the best and the brightest. If you don’t, you may lose gifted people to more modern rivals.
On the last recommendation, many finance offices are looking to the cloud to not only update their technology, but improve efficiency between finance and Human Resources.
A modern enterprise resource planning and human capital management cloud—with built-in social capabilities, data analysis and dashboards, designed for today’s mobile work force—can provide the technology edge that CFOs need to attract, and retain, the best talent.
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Moon Won is vice president for applications of Oracle Corp. in the Association of Southeast Asian Nations. The views Won expressed here do not necessarily reflect the views of the Businessmirror.