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You are here: Home / 5 Reasons why Talent Development is a Challenge for CFOs

September 20, 2012 By Samuel Dergel 8 Comments

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?

Filed Under: Uncategorized

Comments

  1. Paul Herrerias says

    September 20, 2012 at 8:46 AM

    Samuel,

    Thanks for keeping us mentally challenged!

    Warm regards,

    Description: image002

    Paul Herrerias, CPA, MS Managing Director- San Francisco [email protected]

    Tel: (415) 721-7001 x1 Mob/Cell: (415) 302-5300

    Fax: (415) 721-7003

    Reply
  2. david k waltz says

    September 20, 2012 at 1:42 PM

    Samuel,

    In addition to the APQC conclusions, one of the things I have noticed in talking with folks is that for some (note that I say some, not all) who might be more “numbers focused”, talent development can be a hard sell because the benefits are somewhat “soft”.

    Reply
    • Samuel Dergel says

      September 20, 2012 at 3:25 PM

      David,

      I agree that *some* CFOs have this challenge.

      The better ones don’t.

      Reply
  3. J says

    September 24, 2012 at 3:31 PM

    I disagree Samuel. It is the CEO’s who truly feel their can stop talent development management

    Reply
  4. Maureen O'Connell says

    June 13, 2014 at 8:05 AM

    As a CFO maintaining a good relationship with your staff is necessary because at the end of the day, if something goes wrong you need to be the one who will be held responsible.

    Reply

Trackbacks

  1. Does Finance work too much? « Samuel's CFO Blog says:
    September 28, 2012 at 3:25 PM

    […] week in my blog, 5 Reasons why Talent Development is a Challenge for CFOs, I discussed the challenges CFOs face in building, retaining and developing their Team for long […]

    Reply
  2. CFOs: Can you afford NOT to have an Excellent Finance Function? « Samuel's CFO Blog says:
    December 18, 2012 at 8:55 AM

    […] 2)      Effectiveness: According the APQC, effectiveness comes from “providing strong analytical support to decision-makers.” APQC has identified that Talent Development is a key investment that organizations need to make to provide effective business support. (Read: 5 Reasons why Talent Development is a Challenge for CFOs). […]

    Reply
  3. Top 12 Samuel’s CFO Blogs of 2012 « Samuel's CFO Blog says:
    December 20, 2012 at 9:50 AM

    […] 9) 5 Reasons why Talent Development is a Challenge for CFOs […]

    Reply

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