# All change in the skills department
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2017-07-22
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Facing Challenges in Finding Skilled Finance Professionals
Meta Description: Discover how the finance sector worldwide is facing challenges in finding skilled professionals, with key skill demands and alternative recruitment options.
URL: https://financedigest.com/all-change-in-the-skills-departmenthtml

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_By **Phil Sheridan**, senior managing director at Robert Half_

Companies around the world are facing challenges to find skilled professionals, and the finance sector is no different. Almost nine in ten (89%) CFOs said it is a challenge to find the right people to join their finance teams. This has become even more challenging in the face of [digital transformation](https://www.financedigest.com/financial-digital-transformation-an-opportunity-not-a-threat.html "Financial digital transformation: An opportunity, not a threat") and automation, with both traditional finance and interpersonal skills also becoming must-haves in the workplace.

**Around the world, the areas in which it is most difficult to find finance and accounting staff are:**

- Business and financial [analysis](https://www.financedigest.com/analysis-china-property-financing-tweaks-fall-short-of-investor-expectations.html "Analysis-China property financing tweaks fall short of investor expectations") – 36%
- Financial management/control – 31%
- Audit – 28%
- Accounting – 27%
- Compliance – 25%

Whilst this situation is similar across many different countries there are some regional differences when it comes to the skills gap. This is typically influenced by the speed of the [digital transformation](https://www.financedigest.com/the-handheld-marijuana-medical-vaporizer-market-to-justify-the-digital-transformation.html "The Handheld Marijuana Medical Vaporizer Market To Justify The Digital Transformation") journey that is taking place and cultural priorities. In the UK, our skills priorities differ slightly, with 24% of CFOs considering financial planning and control a key [business challenge](https://www.financedigest.com/overcoming-challenges-faced-in-business-from-one-woman-to-another.html "Overcoming challenges faced in business: from one woman to another").

As we hurtle towards an increasingly automated finance function, finance [leaders believe some technical and soft skills are expected](https://www.financedigest.com/what-is-expected-of-leaders-in-the-age-of-automation.html "What is expected of leaders in the age of automation?") to become more important than others. Soft skills such as leadership, communication and [commercial acumen are important for the finance](https://www.financedigest.com/the-benefits-of-using-a-commercial-finance-broker.html "The Benefits of Using a Commercial Finance Broker") sector to develop in the next five years. But these must marry with the development of technical abilities such as financial software, accounting and financial reporting, regulation and [risk management](https://www.financedigest.com/crypto-investors-step-up-risk-management-after-last-years-meltdowns.html "Crypto investors step up risk management after last year’s meltdowns") capabilities.

**Key [skill demands in the future](https://www.financedigest.com/technology-skills-and-servitization-a-brighter-future-for-manufacturing.html "TECHNOLOGY, SKILLS AND SERVITIZATION: A BRIGHTER FUTURE FOR MANUFACTURING?") will focus on:**

- Strategic vision – 41%
- Problem solving – 40%
- IT skills – 37%
- Data analytics – 36%
- Commercial/business acumen – 35%

But again, in different countries some skills are being prioritised above others. In the UK, data analytics (42%) followed by communications skill (40%) are the most in demand skills. This reflects the need for digital skills and the increased demand for soft skills, as processes and [positions continue](https://www.financedigest.com/artificial-intelligence-ai-to-catalyze-the-continuous-positive-airway-pressure-cpap-devices-market.html "Artificial Intelligence (AI) to catalyze the Continuous Positive Airway Pressure (CPAP) Devices Market") to evolve.

To fill the skills gap and adapt to changing skill set requirements, [companies are looking at a range of alternative](https://www.financedigest.com/companies-are-empowered-to-retain-control-with-alternative-routes-to-liquidity.html "Companies are empowered to retain control with alternative routes to liquidity") options to address the war for talent.

Some are looking at [pay and perks to retain and recruit new staff](https://www.financedigest.com/unicredit-to-pay-bonus-replace-850-older-branch-staff-in-italy.html "UniCredit to pay bonus, replace 850 older branch staff in Italy"). Salaries in the finance sector are expected to increase by an average of 6.9% for existing employees. In the UK, the average pay [rise for permanent existing staff is expected](https://www.financedigest.com/rising-concerns-towards-safety-of-child-are-expected-to-drive-demand-for-baby-car-seat-market.html "Rising Concerns Towards Safety Of Child Are Expected To Drive Demand For Baby Car Seat Market") to be the same.

Others are looking at how bonus payments can help. Almost one in four (23%) finance professionals worldwide can [expect a bonus in the next](https://www.financedigest.com/the-death-of-cards-and-what-to-expect-next.html "The death of cards and what to expect next") 12 months. In the UK, 24% will get a bonus in a bid to motivate staff, yet solely financial perks could prove to be counterproductive.

Another interesting fact is that many [say they are willing to hire non-finance professionals to fill the gap and address the war](https://www.financedigest.com/taiwan-says-war-with-china-absolutely-not-an-option-but-bolstering-defences.html "Taiwan says war with China ‘absolutely’ not an option, but bolstering defences") for talent in this way – this is according to 84% of CFOs. This willingness to go down the less traditional recruitment [route is based on the recognition](https://www.financedigest.com/in-apples-shadow-google-takes-new-route-to-face-recognition-on-pixel-phones.html "In Apple’s shadow, Google takes new route to face recognition on Pixel phones") of the increasing importance of soft skills. Over half (51%) of finance leaders questioned [believe soft skills are more important than technical ones when it comes to certain positions](https://www.financedigest.com/go-for-it-think-positive-believe-in-yourself-and-do-what-you-love-says-dawn-elliott-of-sew-confident-chorley.html "“Go for it, think positive, believe in yourself and do what you love” says Dawn Elliott of Sew Confident Chorley"). And many, 39% CFOs see it as an important solution to the skills shortage [challenge rather than simply increasing salaries and boosting](https://www.financedigest.com/guccis-challenge-reigniting-heat-while-boosting-timeless-appeal.html "Gucci’s challenge: reigniting heat while boosting timeless appeal") bonuses.

Whatever the solution may be, the [finance sector must](https://www.financedigest.com/top-8-must-know-personal-finance-facts-for-2023.html "Top 8 Must-Know Personal Finance Facts for 2023") act on the shortfalls in talent that are preventing businesses from moving forward. Businesses must continually adapt to changing requirements in skill sets to recruit, develop and nurture talent to [move their organisations forward and advance](https://www.financedigest.com/the-orange-essential-oil-market-to-move-towards-constructive-advancements.html "The Orange Essential Oil Market To Move Towards Constructive Advancements") their employees’ potential.


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