Business
Only 14% Of Global CFOs Confident That Finance Function Has Skills Needed For Growth Post Pandemic
Research from BlackLine suggests Finance and Accounting is struggling to keep up with the pace of digital transformation across the wider business LOS
About this update from Blackline, Inc.
[{"type":"text","content":"Research from BlackLine suggests Finance and Accounting is struggling to keep up with the pace of digital transformation across the wider business \n LOS ANGELES, LONDON, SINGAPORE and SYDNEY, Nov. 9, 2021 /PRNewswire/ -- A global survey of C-suite executives and finance professionals commissioned by BlackLine, Inc. (Nasdaq: BL), a leading provider of financial controls and automation software, has revealed that just 14% of CFOs are confident that their finance function has the skills required to help their organization grow and adapt over the next five years. Furthermore, more than a third (35%) of C-suite respondents believe Finance and Accounting (F&A) is failing to keep up with other areas of the business when it comes to digital transformation.\n\n \n \n \n \n \n \n\n \nThe survey of 1,150 business leaders and finance professionals (conducted by independent research agency Censuswide across the US, UK, Germany, France, Singapore and Australia) suggests that talent acquisition and retention are high on the C-suite's agenda as companies seek to implement more aggressive growth strategies post-pandemic. However, it also identifies a major skills gap that threatens F&A's ability to provide the consultancy, analysis, planning and due diligence required to support these broader business goals. \nNew Generation of Talent Critical for Growth\nWith close to a third (32%) of C-suite respondents saying they are planning to focus more on international markets for growth and acquisitions and a similar number (31%) planning to be more aggressive when it comes to acquisitive growth over the next 12 months, skills will be critical. Many C-suite executives plan to invest heavily in talent with nearly a quarter of these respondents (24%) focusing on developing existing talent from within, and a similar number (23%) on new talent acquisition at a leadership level to drive post-pandemic recovery and growth.\nThe Finance Challenge\nThe research showed that skills and talent are particular concerns for CFOs. When asked what their most pressing business concerns are for the next five years, many CFOs (32%) said maintaining a robust balance sheet is their number one priority, but almost the same number said the same of acquiring new talent (30%). This concern is likely being driven by a skills shortage within F&A, something that was acknowledged b...