Companies Unprepared to Face Finance Crunch

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<p><strong>New York &mdash; Sept. 19 </strong><br />There is a disconnect between where the finance office needs to go and the talent it will need to get there, according to a Deloitte Consulting LLP global survey, &ldquo;The Finance Talent Challenge: How Leading CFOs are Taking Charge.&rdquo; </p><p>The study, developed in cooperation with the Economist Intelligence Unit (EIU), discovered a new breed of talent is needed to propel the finance function beyond traditional roles within a company and to a new level of strategic leadership.<br /><br />&ldquo;The responsibilities of CFOs are growing each day as the focus of the finance office shifts from traditional accounting and reporting to more strategy and leadership, and the need for top talent intensifies,&rdquo; said Steven Ehrenhalt, Deloitte Consulting principal. &ldquo;The survey found that many organizations lack the ability to align finance with businesses objectives, as well as to help reach company goals. Attracting the talent needed to help reach these goals is a challenge &mdash; according to the survey, 35 percent of CFOs said that recent graduates do not see the finance function as a career launcher.&rdquo;<br /><br />The Finance Talent Challenge survey is a compilation of firsthand accounts from CFOs and includes responses from 636 financial executives across a variety of industries.  </p><p>The study reflects insights on a range of issues, including the evolving role of the CFO, the future of the finance function and the challenges related to attracting and retaining talent.<br /><br />&ldquo;Few companies are doing what it takes to lure top talent, with only 33 percent of executives agreeing that their finance organization markets finance as an attractive career option or destination,” said Ken Kunkleman, Deloitte Consulting principal specializing in human capital services. “CFOs must lead the charge to rebrand the finance function as a career with great potential for growth and advancement.&rdquo; <br /><br />Despite the evidence that financial executives are not yet committed to solving the finance talent challenge, Ehrenhalt remains optimistic, citing four vows that CFOs must take to begin the turnaround. </p><p>He said CFOs must commit finance to creating value, developing and nurturing new finance leaders, branding finance as a career launcher and commit to attracting, developing and retaining top finance talent.</p>

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