Effectively managing finance talent is a top strategic priority – and challenge – for CFOs in 2025. Beyond general shortages, the critical issue is the rapidly evolving skillset required. Success today demands proficiency not just in finance, but increasingly in data analysis, Business Intelligence (BI) tools, and understanding concepts related to automation and even machine learning (ML). Building and retaining a team with this blend of skills requires rethinking traditional talent strategies.
The Evolving Finance Skillset: Beyond the Basics
The capabilities needed in your finance team now extend significantly:
- Digital & Systems Literacy: Proficiency with modern ERPs, financial platforms, and automation tools.
- Data Analysis & BI Skills: Ability to work with complex data, utilise BI platforms (like Power BI, Tableau etc.) for creating insightful dashboards and reports, and interpret analytical outputs.
- Data Mining & ML Awareness: Understanding how data mining can uncover insights and how ML models might be applied for forecasting, anomaly detection, or process automation, even if not building the models themselves.
- Strategic Communication: Translating data-driven insights into actionable business recommendations.
The Specialist Recruitment Challenge
Bridging the skills gap often involves hiring specialist roles, such as:
- Data Analysts: Skilled in data manipulation, analysis, and visualisation using BI tools.
- BI Developers: Focused on building and maintaining robust BI reporting environments.
- Data Scientists: With expertise in statistical modelling, data mining, and machine learning (increasingly in demand but scarce and expensive).
Attracting, affording, and retaining these specialists in a competitive market is a significant hurdle for many finance departments.
Winning the Retention Battle
Keeping the talent you have is crucial. Key factors beyond pay include:
- Work-Life Balance & Well-being: Preventing burnout through manageable workloads and flexibility.
- Meaningful Work: Leveraging technology to shift focus from manual tasks to strategic analysis and insights derived from BI and other tools.
- Development Opportunities: Investing in upskilling existing staff, particularly in data literacy and proficiency with modern analytics and BI platforms.
Automation and Accessible Tech as Talent Enhancers
Technology can be a powerful ally in addressing talent challenges:
- Automation Frees Capacity: Automating routine tasks allows skilled professionals to focus on higher-value activities like interpreting BI insights or supporting strategic decisions. This enhances job satisfaction.
- User-Friendly Tools Empower Existing Teams: Modern, intuitive BI platforms and workflow automation tools allow your current finance team members (with appropriate training) to perform more sophisticated analyses and manage processes themselves, reducing immediate reliance on specialists.
- Cost-Effective Access to Specialist Capabilities: Some platforms or service models offer access to advanced capabilities – perhaps managing the complexities of a BI platform like Power BI Embedded on Azure, or providing pre-built analytical modules – effectively giving you the benefit of specialist skills (like BI architecture or data management) without the full overhead of hiring dedicated internal teams. This can be a fraction of the cost of building everything in-house.
A Holistic Talent Strategy
Building a future-ready finance team requires a multi-pronged approach: attract where necessary, retain through engagement and development, upskill existing staff in data and BI, strategically automate routine work, and leverage technology platforms that offer cost-effective access to advanced capabilities and potentially reduce the need for a large cohort of niche specialists.
Are you struggling to find or afford the specialist data and BI skills needed in modern finance? Evaluate how automation and user-friendly analytics platforms can empower your existing team, enhance job satisfaction, and provide cost-effective access to advanced capabilities.