Countering the shortage of skilled workers

Successfully recruit and retain new employees

The shortage of skilled workers means an enormous burden for companies and a lot of extra work for employees. The more specific the requirement profile, the more difficult it is for those responsible to find new employees and, above all, to retain them in the long term. This challenge also applies in particular to the Finance & Accounting (F&A) division, which is undergoing a digital transformation. 

Challenges

For years, CFOs have complained about difficulties in recruiting and retaining professionals. This is confirmed, for example, by a survey conducted by BlackLine with the independent market research institute Censuswide at the end of 2021. It took a close look at the staffing situation in F&A. The findings were disturbing. The international survey of 1150 executives and finance professionals shows that attracting and retaining young talent is at the top of the executive agenda: At 30 percent, almost a third of respondents named attracting new young talent as the most important goal; in Germany, 26 percent.

As the biggest challenge in recruiting future F&A talent, 36 percent of those surveyed internationally and 46 percent in Germany said it was difficult to find candidates with both technology and F&A skills. At the same time, outdated technologies and processes are also seen as show-stoppers in recruiting because they negatively impact the attractiveness of the workplace.

What can CFOs do to improve their chances of recruiting and retaining well-trained finance and accounting talent? What are the specific hurdles that need to be overcome? After all, higher salaries alone are no longer enough. Millennials prefer meaningful tasks and tend to reject monotonous, repetitive activities. This is one of the reasons why the need for action in Q&A is so great.

In the meantime, a rethink is taking place in some companies due to a lack of young talent. In addition to looking for original finance experts, companies are also considering the extent to which employees from other areas of the company could be valuable and complementary team members in F&A - a possible approach that may not be effective in the short term, but offers highly interesting options and opportunities in the long term. 

Job upgrade

Regardless of these considerations, there is hope, because the role of F&A has changed fundamentally during the past few years. On the one hand, companies are striving for ever further growth through expansion. On the other hand, companies must become increasingly vigilant and react to market changes as quickly as possible using new business models. This is the only way they can remain competitive. To be able to do this, they need valid company data. This is where accounting and controlling come into play, because this is where all the company figures come together. This is where the company's performance is monitored and the analyses for important future decisions are generated.

To ensure that F&A not only has sufficient capacity for these important tasks, but also avoids piling up tasks at the end of the month, many companies already rely on Modern Accounting. This modern form of accounting is based on so-called continuous accounting: the principle of using modern accounting solutions - such as those from BlackLine - to continuously complete month-end closing tasks throughout the month. These solutions not only provide immense relief by eliminating manual reconciliation processes. Above all, they reduce balance sheet errors and ensure accurate financial data at all times, thus providing a precise basis for planning. This takes corporate planning to a new level. 

The positive aspects that can be achieved by implementing a continuous accounting process create new perspectives for F&A and thus also for the employees. They no longer have to deal with banal table comparisons, but can concentrate on analyzing the results. This makes them valuable advisors for management, which needs an up-to-date overview of the company's situation at all times, especially in times of change and crisis, in order to make the right decisions for the future. It is therefore worthwhile to make the best possible use of the technical possibilities.