The COVID-19 pandemic underscored for some finance teams the importance of investing in cloud technology to modernise outdated systems and streamline inefficient processes, essential for keeping pace with evolving demands.
The shift towards remote work has been akin to a boulder rolling downhill, unstoppable in its momentum. Finance teams may have managed adequately with traditional Excel spreadsheets and desktop-bound accounting software in an office setting. However, working remotely without cloud infrastructure makes accessing up-to-date financial data for informed decision-making virtually impossible.
Digitalisation and cloud-based accounting software have emerged as critical priorities. For CFOs, ensuring the effectiveness of finance teams, whether in-office or remote, hinges on employing user-friendly cloud solutions capable of executing complex tasks necessary for competitiveness.
The advent of the cloud has revolutionised recruitment strategies. Instead of merely seeking finance professionals proficient in routine tasks, the focus has shifted to individuals with sought-after skills and innovative ideas to propel businesses forward.
Attracting new talent is a mutual endeavour. Companies seek individuals adept at leveraging today’s technology to drive innovation. Simultaneously, they must demonstrate a culture conducive to tech-savvy candidates and unconventional approaches.
Finance Skills Gap
According to a Sage survey of 500 senior finance leaders in small and mid-sized UK firms, digitalisation ranks as their top priority for the next two years. This emphasis reflects the quest for improved data governance, forecasting capabilities, and customer experience.
Finance teams require digital competencies to engage in value-driven activities, including continuous close processes and automated production of essential metrics and financial analyses.
Over half of the survey respondents (52%) identified the inability to hire professionals with requisite skills as the most significant barrier to digital transformation.
Skills in analytics and digital literacy are highly sought after but challenging to cultivate, particularly as teams may rely heavily on Excel and lack familiarity with analytics and automation.
Nevertheless, retraining is feasible. Identifying accountants and financial professionals open to learning new technologies is invaluable, warranting exploration of avenues for upskilling existing staff.
Harnessing Cloud Technology to Attract Finance Graduates
Nearly half (48%) of respondents believe that investing in advanced cloud-based finance systems will confer a competitive advantage in the talent market. This underscores the importance of upgrading technology to attract top-tier talent.
To entice high-calibre graduates, companies must offer cutting-edge financial tools. Jonathan Howell, Group CFO of Sage, emphasises the aversion among skilled finance professionals to manual data manipulation, highlighting their desire for strategic involvement.
Cloud-enabled businesses afford finance graduates opportunities for strategic engagement and acclimatisation to modern financial environments.
Howell contends that a cloud-centric culture fosters talent growth, attracting individuals eager to utilise their skills. Demonstrating the automation and cloud enhancements of accounting capabilities can swiftly draw talent to organisations.
Embracing remote work facilitates talent acquisition, transcending geographical limitations. Cloud technology renders location irrelevant, provided individuals possess requisite skills and companies embrace virtual collaboration.
Steps to Initiate Your Cloud Journey
Even without aspirations to rival tech giants, companies can take steps towards adopting cloud technology to attract top talent.
- Define Objectives: Articulate clear goals for cloud adoption, specifying intended automation processes and anticipated time savings. Tangible targets garner support across the organisation.
- Assess Existing Infrastructure: Conduct a comprehensive audit to identify robust processes before initiating changes. An iterative approach to cloud implementation ensures seamless transition and prioritisation of initiatives based on business value.
- Foster Communication: Engage employees throughout the transformation process. Transparent communication, coupled with recognition of achievements and acknowledgment of potential disruptions, cultivates buy-in.
- Seek Adequate Support: Leverage expertise from senior management, IT teams, and external resources to navigate digital transformation effectively.
- Showcasing Your Firm’s Cloud Culture to Finance Graduates Promote cloud initiatives across various platforms to attract tech-savvy talent.
- Website and Marketing: Highlight cloud technology adoption in career pages, job advertisements, and recruitment campaigns.
- Employer Branding: Collaborate with marketing and HR to refine employer branding and convey a commitment to technology.
- Social Media and Review Sites: Capitalise on platforms like LinkedIn and Glassdoor to showcase your company’s technological prowess to potential recruits.
In Conclusion
Cloud technology facilitates connectivity and computational power, empowering finance teams to leverage real-time data and analytics for informed decision-making.
By eliminating mundane manual tasks, cloud adoption nurtures a new generation of talent, enabling them to focus on strategic initiatives and advanced analytics.
Success with cloud technology engenders support for further technological advancements, fostering a thriving business poised for future success.
Source – https://www.sage.com/en-gb/blog/cloud-attract-next-generation-finance/
