With the financial sector facing notable shortages in finance and accounting talent, many CFOs are finding themselves taking a more hands-on approach to recruitment and hiring processes. According to a recent report from Deloitte, nearly a third of finance leaders are now playing a significantly larger role in these efforts.
This shift comes as part of a broader strategy to strengthen workforce capabilities. As per Deloitte’s Q1 2025 North American CFO Signals survey, 34% of CFOs have increased their involvement in hiring. In parallel, 35% are seeking potential employees from other departments and utilizing external human resource firms to pinpoint suitable candidates.
Finance chiefs are uniquely positioned to contribute to hiring due to their deep understanding of their department’s specific needs. Deloitte emphasizes that this proactive stance, likened to CFOs acting as chief human resources officers for their finance teams, can facilitate better alignment of talent with organizational requirements.
Embracing Technology
The intersection of technology and finance is becoming increasingly prominent, especially as pricing pressures and innovations like artificial intelligence shape the industry. Finance departments are leaning towards technological solutions, such as automation and AI, to bridge existing skill gaps. According to the report, 79% of surveyed finance leaders plan to implement generative AI within the next two years to address these challenges.
Yet, the adoption of new technologies is not without hurdles. The survey highlights that 48% of finance executives cite resistance from staff towards new technology as a significant challenge. This resistance poses a threat to meeting the expectations set by the C-suite, underscoring the importance of change management in technology adoption.
Challenges of Talent Shortages
The shortage of talent is pressing, with only 15% of organizations not experiencing any deficit in finance professionals. This scarcity is causing anxiety among CFOs about the potential effects on their current workforce and overall business operations.
Concerns range from increased workloads on existing staff, a worry for 44% of CFOs, to the risk of eroding investor confidence and the board’s trust in finance functions. Such fears place CFOs in a critical position to manage both internal and external perceptions effectively.
Moreover, the issue is exacerbated by a dwindling pipeline of new professionals entering the finance industry. The retirement of seasoned certified public accountants and the decreasing interest among younger individuals in pursuing accounting careers have prompted changes in licensure requirements. To combat these trends, at least 11 states have passed legislation removing the traditional 150-hour requirement for CPA candidates, helping to streamline entry into the profession.
Economic Outlook
Interestingly, while Deloitte’s report sheds light on these workforce challenges, it does not delve into broader economic sentiments among CFOs. In previous surveys, economic outlooks were a staple, but recent changes in the economic landscape have led to a shift in focus.
Deloitte’s earlier Q4 2024 Signals report indicated a rise in executive optimism, with 72% of finance leaders anticipating economic improvement within a year. This optimism marks a significant increase from the previous quarter, highlighting the dynamic nature of economic predictions among financial executives.
As CFOs navigate these complexities, the evolving role of finance leaders in workforce management and technological adoption reflects the multifaceted challenges and opportunities they face.
Note: This article is inspired by content from https://www.cfodive.com/news/cfos-signal-bigger-hiring-role-tackle-talent-shortage-deloitte-finds/747413/. It has been rephrased for originality. Images are credited to the original source.