Chief financial officers (CFO) are facing a talent crisis this year as research shows their top concerns are about staffing shortages, reduced top line growth and the need to build skills around artificial intelligence and analytical storytelling.
A report from consultancy firm Gartner found that CFOs expect challenges in attracting and retaining skilled talent in 2025.
Almost a fifth (18 percent) said this was their greatest concern, while a similar proportion (19 percent) highlighted slower top-line growth as another key concern.
The report said that CFOs need to achieve a “delicate balance” between sustainable growth and investments in emerging technologies and managing day-to-day financial responsibilities.
The research found that many finance teams are understaffed or overworked, which it stressed “amplifies the urgency” of finding the right combination of talent, skills, and technology to ensure current and future growth.
Alexander Bant, chief of research for Gartner Finance practice, said: “CFOs are absolutely trying to streamline and free up resources from the transactional element to their finance function to fund two new big skill sets that we continue to look for.
“Those include professionals with digital skills — especially those related to emerging technologies like artificial intelligence — as well as those with ‘better analytical storytelling’ skills.”
Arjun Mahajan, chief of client partnerships at tech and skills provider AND Digital, commented: “Financial services leaders are being tasked with balancing growth with cost cutting, putting increasing pressure on finance departments and a greater emphasis on data skills to achieve these goals. Attracting talent adept in key skills such as data analysis help finance teams to identify functions that can be streamlined as well as create actionable insights for enterprise decision makers.
“As financial institutions build out their workforce, they should prioritise a people and innovation approach, equipping all staff with digital skills to navigate the ever-evolving environment of macroeconomic headwinds, regulatory pressures and constant drive for ROI. Training in important areas such as data and AI will empower staff to overcome these market challenges, unlocking greater productivity individually and for the business.”
On top of staffing shortages, macro-economic and geopolitical changes, and new regulations will impact business models and strategies this year. This shifting landscape is driving the need for finance teams that can analyse and interpret data to create relevant, actionable recommendations for the enterprise.
This is why CFOs are focused on creating an environment that attracts talent with the right data and technology skills, and are working closely with HR to track productivity and plan future hiring strategies.
AI’s role in business models presents an ongoing challenge. It requires HR and CFOs to decipher how their company can adopt new technologies without overspending, and how to measure the return on investment before committing more budget.
