In a recent CFO Pulse report by Personiv, a provider of finance and accounting outsourcing solutions, 83% of senior leaders reported a significant talent shortage in the accounting sector—an increase from 70% in 2022.
The report underscores the mounting pressures CFOs face, with challenges ranging from cybersecurity threats to global supply chain complexities. The lack of qualified accounting talent exacerbates these issues, leading to overburdened staff, delays in financial reporting, and a higher risk of errors—factors that can ultimately contribute to employee burnout.
Key Findings
The survey reveals several critical insights into the current state of the accounting profession:
- Intensifying Talent Shortage: A striking 83% of senior leaders acknowledge the talent shortage, with 10% noting that the situation is deteriorating.
- Rise in Outsourcing: To combat these challenges, 90% of surveyed CFOs have turned to outsourcing, leveraging specialized talent to maintain operational efficiency and focus on strategic objectives.
- Cautious AI Adoption: While artificial intelligence (AI) presents opportunities for automation, finance and accounting leaders are adopting it cautiously. The consensus emphasizes a hybrid approach, combining human expertise with technological tools to achieve optimal outcomes.
“The accounting talent shortage is real, and companies are unquestionably looking for new ways to support and scale their teams. Understanding and exploring all options for filling roles without diverting focus from larger goals is crucial,” said Matt Wood, Global Head of Finance and Accounting Outsourcing at Personiv.
The survey is of 248 respondents in January to February 2024.
From the press release: Click here to download the full report.
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