The training, development and retention of the finance function is crucial to the success of an organisation, especially in the current economic climate, asserts a new report from ACCA and KPMG, UK calling for Maximising People Power: effective talent management in finance.
According to a press release of the ACCA issued here on Monday, the report emphasises that securing the right talent is one of the biggest challenges faced by Chief Finance Officers (CFOs), adding that the finance function must now take the opportunity to make a difference to their organisations' success - whether in the public or private sector, whether in a listed multinational or small and medium sized enterprise.
Ian Lithgow, partner, KPMG, UK says, "The next decade presents a critical opportunity for finance professionals to help create and sustain long term value for organisations. But the challenge lies with employers to realise and leverage talent within their finance function."
Arif Masud Mirza, Head of ACCA Pakistan adds: "Last year we found that only 20 per cent of organisations had a talent strategy for their finance team. We found that most talent management strategies weren't strategic at all - they were informal, sometimes run in isolation of other departments and not part of a wider integrated plan. This cannot continue."
The report says that the responsibility lies with CFOs to establish and maintain great talent practices. Any plans they may have for restructuring the finance function must include a talent management plan that addresses the skills, capabilities and experience levels that are needed.-PR
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