5 Reasons why Talent Development is a Challenge for CFOs

Ever meet a CFO who wasn’t busy? I didn’t think so.

CFOs have lots of demands on their time. Unfortunately, when CFOs do not manage their priorities properly, they can end up with surprises.

As someone who has received calls from CFOs in a panic when a key person on their team has left, I can tell you that this happens too often.

If you haven’t seen my CFO Relationship Map, you should. A premise I have made time and time again is that a CFO needs to be able to manage all their relationships. (You may also be interested in reading my other blogs on the topic of Talent Management.)

Ensuring the success of the Finance Team is as important as meeting the demands of the CEO and the Board. Without a Strong Finance Team, the CFO will not be able to meet these demands.

©2012 APQC

I recently spoke with Mary Driscoll from APQC about their recently released results from their survey A New CFO Priority: Talent Development with a Focus on Soft Skills. This report , created in conjunction with EPM Channel, details how proactive CFOs are evolving their talent development programs so that Finance can excel at the strategy table.

(To view the report, you need to sign up with APCQ. You do not need to be an APCQ member to read their report.)

The summary findings of the survey are as follows:

• There is a staggering gap between the potential value that the typical finance organization can deliver to its stakeholders and the value now being delivered.
• The gap exists because finance is bogged down in transactional work and doesn’t have the time needed to produce meaningful analysis.
• It is hard to add bandwidth because finance, in general, is not given the tools needed to increase productivity and free people from grunt work.
• The toughest vacant positions to fill are for financial planning and analysis.
• Finance people who are considered effective business partners tend to work for CFOs who have a strong commitment to professional training, including crucial soft skills such as persuasive presenting.

When I spoke with Mary Driscoll, she provided me with this interesting perspective. “Unfortunately, too many CFOs fail to make a commitment to the development of their finance talent. Many say it’s hard to devote time and budget to creating a sustainable program. Some, quite frankly, don’t see the point. But those CFOs are shooting themselves in the foot,” says Driscoll. “They’ll be sorry when the day of reckoning comes and top people walk out the door for lack of professional growth opportunities. All I can say to the CFO who lets this happen is ‘Shame on You!’”

Are you a CFO that has implemented a talent development plan of your finance team?

Do you need help with your finance talent attraction, development and retention?