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A World of Opportunity: Driving
High Performance through Finance
Workforce Mastery
Globalization, a force that has
been shaping the political and
commercial world for decades,
has entered a new and more
complex phase.
It is no longer a concept exported           to ensure their people continue            Accenture’s High Performance
to the emerging world by the                 to pursue the right and ethical            Finance Study
traditionally dominant economies of          corporate governance activities. If        How should companies respond to
the West. Now, emerging economies            they are making workforce reductions       this challenge? The Accenture High
have fully embraced globalization and        or engaging in merger and acquisition      Performance Finance Study offers
packaged it up, sending new versions         activities, they now are forced more       some guidance. Through this
back to the West. In this new phase          than ever to make sure they have           comprehensive study, Accenture
of globalization there are multiple          the right talent with the right skills     explores the most pressing challenges
centers of economic power and                to achieve their future strategic          facing finance executives around
activity—a concept Accenture                 objectives. And while in times of          the world, how they are faring in
calls the multi-polar world.                 growth they may have been worried          addressing these challenges, and
                                             about their aging workforce retiring,      the strategies and practices that
Even—and especially—during today’s
                                             now they must adjust to keeping an         leading organizations are employing
challenging times, the impact of the
                                             aging workforce productive even            to contribute to high performance
multi-polar world is being felt by
                                             longer as employees stay on the job        in the finance organization and
companies as they struggle to navigate
                                             to make up for the steep losses they       the enterprise at large.
the choppy waters caused by the
                                             have incurred in their retirement
global economic downturn. In this                                                       In the most recent research effort—
                                             savings due to the global market
environment, companies are                                                              our third—we surveyed more than
                                             meltdown.
positioning themselves in one of three                                                  350 finance executives in companies
ways, based on the degree to which           The preceding, of course, applies          representing 30 countries across
their business has been impacted by          to all workforces but is especially        a range of more than 20 industry
the economy:                                 relevant to the finance function.           sectors. To augment our survey
                                             As it strives to fulfill its increasingly   findings, we conducted in-depth
• Survive: Some enterprises are forced
                                             important role in supporting and           interviews with several finance
  to focus primarily on short-term
                                             guiding the enterprise through             executives at other organizations
  actions to manage costs, cash flow
                                             turbulent economic conditions,             to explore how they were dealing
  and revenues, and to ensure survival.
                                             the finance organization must               with the challenges facing today’s
• Reposition: Armed with a                   rethink how it attracts, retains,          finance organizations. We also tapped
  strong balance sheet and healthy,          develops and manages its people.           specialists within Accenture for their
  if reduced, revenues, other
                                             Indeed, the speed with which the           insights on high performance from
  organizations are exploring ways
                                             global market changes, the volatility      roundtable discussions with hundreds
  to use the downturn to strengthen
                                             imposed by multiple currencies and         of finance executives and from their
  competitive advantage.
                                             electronic exchanges, and the sheer        work with finance organizations at
• Grow: The strongest companies              complexity of operating on a global        businesses and government entities
  are actively building market share         scale in countries or regions of           around the globe. An important part
  through mergers, acquisitions and          varying degrees of development             of this study focuses on the finance
  international expansion, by adding         place extraordinary demands on             workforce, and the research has
  customers and by strengthening             an enterprise’s finance organization—       revealed several people-related
  their brand.                               and even more so during difficult           challenges and opportunities on
                                             economic conditions. It is the finance      the road to high performance.
As part of their response to the
economic downturn, companies                 organization that must take the lead       Since the time we conducted the
are readjusting their workforce              in driving the enterprise toward           most recent installment of our
priorities. With the need to reduce          continuing value creation, ensuring        research, much has changed in the
organizational costs, companies are          that the enterprise possesses the          fundamentals of the global economy.
pursuing such actions as taking a more       strategies, capabilities and information   However, what has not changed is the
global approach to sourcing talent and       to succeed in a hypercompetitive           fact that talent management is more
fundamentally redesigning processes          global market even as it continues         relevant than ever—especially those
to separate lower-cost transactional         to control and contain costs.              talent management capabilities that
activities from value-added analytical       Perhaps the most important factor          enable companies to adapt to varying
activities. They also are revisiting their   in accomplishing this critical goal        market conditions.
compliance and ethics activities             is the finance workforce.




                                                                                                                                 2
Significant gaps in                                      For instance, respondents                                    actually do. For example, 56 percent
a critical workforce                                    viewed regular and meaningful                                of executives believed in making
Our study indicates that finance                         communication between employees                              coaching and mentoring an integral
executives are not especially                           and their supervisors and other                              part of everyone’s responsibilities,
enthusiastic about the state of their                   finance leaders as most critical to                           but only 37 percent enforce the
finance workforce. Only 9 percent                        maintaining a workforce capable                              practice. Fifty-five percent of
of finance executives surveyed were                      of delivering high performance.                              respondents believed that leaders
very satisfied with the effectiveness                    But such communication occurred                              should be proactive in building
of their organization’s finance                          in only 48 percent of the participating                      relationships at all levels of the
workforce and just one-fourth said                      companies. Similarly, having key                             organization, but only 36 percent
their finance workforce possessed                        finance business processes                                    did so. Furthermore, encouraging
“deep and specialized” skills.                          documented and understood by                                 innovation and providing employees
                                                        employees was deemed critical by                             with opportunities to share their ideas
Despite these statistics, only one-                                                                                  was viewed as an important part
                                                        58 percent of respondents, but only
third of finance executives said                                                                                      of the finance leadership role by
                                                        44 percent said they had put it into
they planned to implement new                                                                                        52 percent of executives, but only
                                                        practice. Put simply, this means that
workforce programs such as leadership                                                                                38 percent said that such a culture
                                                        in over half of the companies we
development, retention, rewards/                                                                                     existed within their organization.
                                                        surveyed, employees didn’t thoroughly
compensation, career development
                                                        understand their own business’s
or performance measurement in the                                                                                    These are significant gaps, especially
                                                        processes, and in many cases a lack
next two years. In fact, our survey                                                                                  when one considers that these
                                                        of documentation would thwart any
showed that many companies were                                                                                      practices were self-defined as
                                                        efforts to learn about them.
lagging in implementing practices                                                                                    important by survey respondents.
they themselves consider critical to                    Our survey revealed even larger                              Further, when we examine a second
building and sustaining a superior                      gaps in other areas between what                             tier of criticality, the gaps grow even
finance workforce (Figure 1).                            executives know to be important                              larger. For example, while nearly half
                                                        and what they and their enterprises                          of the respondents (49 percent)



Figure 1: Finance Workforce Practices: Top Tier in Importance versus Extent Employed
                                                                                                                                  60%
Regular and meaningful communication occurs                                                                          48%
                                                                                                                                  59%
A formal performance management program is in place                                                                               60%

Key processes are documented and understood                                                                                     58%
                                                                                                              44%
Industry benchmarked/competitive salaries and benefits                                                                      56%
are offered                                                                                                   45%
Coaching and mentoring activities are an integral part                                                                      56%
of everyone’s responsibilities                                                                         37%
Leaders proactively build relationships at all levels                                                                       55%
                                                                                                   36%
Performance rewards tie to both individual success                                                                        53%
and enterprise profitability                                                                                  44%
Finance leadership encourages innovation and provides                                                                     52%
employees with the opportunities to share ideas                                                         38%
Training and training materials are readily available                                                                    52%
to employees when needed                                                                                     43%
                                                                                                                    49%
Well-defined talent sourcing strategy is in place
                                                                                  16%
Financial Planning and Analysis division reports into                                                                49%
the finance function                                                                                                       55%
Formal finance competency model is in place defining                                                                48%
required skills                                                                             30%
Critical feedback is provided in real time and is an                                                                48%
embedded part of the finance function culture                                                    33%

Well-defined talent selection process is in place                                                                  47%
                                                                                           27%
Career advancement includes rotations through various                                                              47%
roles within finance                                                                              33%
                                                             0%       10%         20%     30%          40%         50%          60%


                                                               Seen as Critical     Employed by Companies




3
believed having a well-defined talent                       What these figures suggest is that                               Just as troubling are the things that
sourcing strategy is critical to the                       many companies are not only ill-                                most finance executives do not view
finance function’s success, such a                          prepared to compete for talent in the                           as critical to high performance in the
strategy is in place in only 16 percent                    global market, they are also at risk of                         global arena (Figure 2). For example,
of the companies surveyed. Similarly,                      making bad hires—engaging people                                at a time when the pressure to keep
47 percent believed a well-defined                          who may not have the skills the                                 overhead costs low is intense, we
talent selection process is equally                        finance function needs to support the                            would expect finance executives to
important, but only 27 percent had                         strategy and operations of the larger                           be more interested in using shared
such a process in place. Companies                         enterprise. In addition, the lack of                            services or centers of excellence.
also said they struggle to build                           rigor and process around talent                                 After all, both of these tactics enable
competency models for the finance                           sourcing and selection may prevent                              companies to more effectively leverage
function, which may explain why                            organizations from fully surveying the                          their existing resources. In addition,
so many lacked defined sourcing                             pool of available talent. Indeed, our                           by centralizing employees via shared
or selection practices. In fact,                           research shows that companies are                               services or centers of excellence,
almost half (48 percent) of executives                     more likely to fill finance management                            a company reduces redundancy
surveyed thought having a formal                           positions from within the finance                                and duplicate roles, thereby directly
finance competency model that                               function (47 percent) than from                                 reducing overhead costs. However,
defines required skills is important,                       outside the enterprise (38 percent),                            shared services and centers of
but just 30 percent had such a                             perhaps missing the best available                              excellence were viewed as critical
model in place. Further, among the                         talent (something that’s especially                             to effective finance workforce
42 percent who believed having a                           critical during down times, when good                           management by just 35 percent
formal finance model for different                          talent may be more plentiful due to                             of respondents.
career levels is critical, only 26                         downsizing efforts by other
percent actually employed one.                             companies).




Figure 2: Finance Workforce Practices: Bottom Tier in Importance versus Extent Employed
Employee satisfaction surveys are regularly conducted                                                                   46%
and results are shared                                                                                                     49%
Finance management positions are often sourced from                                                                   43%
within finance                                                                                                           47%
Formal finance competency model is in place for different                                                            42%
career levels                                                                                   26%
Finance leadership provides employees the time necessary                                                         40%
to complete training                                                                                           37%
Individuals are encouraged to proactively seek training                                                           40%
on new topics and technologies                                                                           33%
Formal finance training program is in place with                                                                  40%
a curriculum linked to developing required skills                                             25%

Role descriptions are clearly aligned with key processes                                                        38%
                                                                                                   28%
Creative benefits are offered based on strategic surveys                                                     38%
of employees’ needs/desires                                                                               35%
Global and local communities of practices have been                                                          37%
established and are effective at sharing knowledge                                                        34%
Centers of Excellence are employed for scarce skills such                                                  35%
as M&A work, complex deal pricing or tax strategy                                                              40%

Finance shared services are utilized                                                                        35%
                                                                                                                        46%
Organizational charts are kept up to date and are                                                         34%
easily accessible                                                                                                    42%
A knowledge management tool has been provided (such                                                      32%
as a database for capturing and sharing intellectual assets)                              20%
Finance function focuses on re-training the existing                                                  31%
finance workforce rather than the hire/fire approach                                                  31%
Finance management positions are often sourced from                                          22%
the external market with experienced professionals                                                              38%
Finance management positions are often sourced                                     15%
from line management                                                                16%

                                                                  0%       10%         20%         30%         40%         50%

                                                                    Seen as Critical      Employed by Companies



                                                                                                                                                                 4
Achieving mastery over                    organization runs. Without an            Using the Accenture Talent
finance workforce challenges               adequate supply of those skills, or      Management Framework to guide
Indeed, most companies in our             without a sufficiently high-octane        discussions, the Accenture team
survey indicated they had critical        level of skills, the finance engine       met with finance leaders globally
shortcomings in key finance                sputters, misfires, and struggles to      to understand the specific talent
capabilities—not only in the finance       perform at a high level. To build the    challenges they faced in defining,
workforce as mentioned earlier,           type of finance workforce necessary       discovering, developing and deploying
but also more broadly across              for the enterprise to excel in today’s   talent. Issues uncovered ranged from
finance organization management,           challenging global environment,          an aging workforce and lack of
enterprise performance management,        companies must have a highly             mobility in some locations to a
finance and accounting operations,         effective approach to talent             skills shortage and high competition
corporate finance, and enterprise risk     management, built around four            for talent in others.
management. This situation could be       key areas (Figure 4): defining talent
                                                                                   To create a common platform for
preventing finance organizations from      needs, discovering talent sources,
                                                                                   discussing talent at a global level, a
operating at an optimal level.            developing talent’s potential, and
                                                                                   finance competency model and talent
                                          deploying talent strategically.
However, a subset of the companies                                                 review toolkit was developed to gather
in our survey reported having more        Defining talent needs                     key data on the finance workforce,
advanced capabilities, on average,        A truly effective finance                 analyze workforce trends and begin
across the five major capability           workforce begins with a company          to close the gap between the
areas mentioned above. We call            first understanding the business          organization’s existing capabilities
these organizations “finance masters,”     strategy and the finance                  and those of finance masters. The
and the differences between masters       organization’s strategy, and             competency model mapped key
and non-masters are striking. For         subsequently defining the talent          skills and competencies to roles
example, masters were much more           necessary to deliver on those            in corporate, transactional and
likely than non-masters to employ         strategies (beginning with a clear       business unit finance.
all but one of the leading workforce      understanding of the talent currently
                                                                                   A resulting talent management road
practices identified as critical by        on hand). To get the greatest return
                                                                                   map provided the strategic direction
Accenture, especially (Figure 3):         from human capital investments,
                                                                                   for the CFO to begin to create a
                                          a company must know where it
• A formal finance competency                                                       finance workforce that could take the
                                          has leverage—which workforces
  model that defines required                                                       organization toward high performance.
                                          and areas of the business have the
  finance workforce skills.                                                         Among the elements the road map
                                          greatest strategic impact and are
                                                                                   included were the following:
• Finance leadership that encourages      critical to maintaining the company’s
  innovation and offers employees         distinctive capabilities. For most       • Leadership development plan.
  opportunities to express and share      companies today—especially global        • Plan to embed the competency
  ideas.                                  organizations grappling with the           model in all talent management
                                          challenges of the multi-polar world—       practices from recruitment to
• A formal finance competency model
                                          the finance organization has become         training and performance
  designed for different career levels.
                                          a strategically important workforce        management.
• The ready availability to employees     and a valuable contributor to a
  of training and training materials      company’s growth and profitability.       • Link between talent management
  when needed.                                                                       and enterprise performance
                                          One example of a company that              management and key performance
• A knowledge management tool that        recognized the importance of the           indicators.
  supports the capturing and sharing      finance function and its talent is
  of intellectual assets.                 the enterprise created by the merger     • Employee value proposition.
                                          of two large companies. The CFO          • Guidance for evaluating and
• Regular conducting of employee
                                          of the newly formed entity faced a         improving employee engagement.
  satisfaction surveys in which
                                          major challenge in improving both
  the results are broadly shared.                                                  • Career management, including
                                          the efficiency and effectiveness of
• Documentation and explanation                                                      career path mapping.
                                          the new finance organization. Working
  of key business processes.              with Accenture, the CFO embarked         • Coaching and mentoring.
In particular, masters are strongly and   on an ambitious effort to define a
tightly focused on talent management.     new strategy for finance, which
These organizations know that finance      included developing a new global
skills are the fuel on which the finance   finance talent strategy.


5
Figure 3: Finance Workforce Practices Extent Employed: Masters versus Non-Masters

Practices Employed by Participating Companies                                                                    Masters   Non-Masters
Workforce performance
Global and local communities of practices (i.e., informal networks of people with shared interests) have been    46%       34%
established and are effective at sharing knowledge
A knowledge management tool has been provided (e.g., a database for capturing and sharing intellectual assets)   42%       17%
Training and training materials are readily available to employees when needed                                   67%       41%
Coaching and mentoring activities are an integral part of everyone’s responsibilities                            54%       37%
A formal performance management program is in place                                                              62%       60%
Critical feedback is provided in real time and is an embedded part of the finance organization culture            54%       33%
Career advancement includes rotations through various roles within finance                                        42%       32%


Finance competencies
Formal finance competency model is in place to define required skills                                              62%       28%
Formal finance competency model is in place to define different career levels                                      58%       24%
Formal finance training program is in place with a curriculum linked to developing required skills                33%       25%



Finance organization structure
Finance shared services are utilized                                                                             67%       45%
Financial Planning and Analysis division reports to the finance organization                                      67%       55%
Centers of Excellence are employed for scarce skills such as merger and acquisition work, complex deal pricing   37%       40%
or tax strategy


Employee engagement
Industry benchmarked/competitive salaries and benefits are offered                                                71%       46%
Creative benefits are offered based on strategic surveys of employees’ needs/desires (flex-time, floating           58%       33%
holidays, tuition, childcare, etc.)
Employee satisfaction surveys are regularly conducted and results are shared                                     71%       48%
Regular and meaningful communication occurs                                                                      58%       47%
Organizational charts are kept up to date and are easily accessible                                              62%       40%
Leaders proactively build relationships at all levels                                                            58%       35%
Key processes are documented and understood                                                                      67%       42%
Role descriptions are clearly aligned with key processes                                                         50%       26%
Performance rewards tied to both individual success and enterprise profitability                                  58%       45%


Workforce adaptability
Individuals are encouraged to proactively seek training on new topics and technologies                           62%       33%
Finance leadership encourages innovation and provides employees with the opportunities to share ideas            71%       37%
Finance organization focuses on retraining the existing finance workforce rather than the hire/fire approach       42%       29%
Finance leadership provides employees the time necessary to complete training                                    50%       36%


Talent management
Well-defined talent sourcing strategy is in place                                                                 42%       14%
Well-defined talent selection process is in place                                                                 54%       24%
Finance management positions are often sourced from within finance                                                62%       48%
Finance management positions are often sourced from line management                                              29%       14%
Finance management positions are often sourced from the external market with experienced professionals           50%       37%




                                                                                                                                         6
Discovering talent sources                  • What attrition rate am I incurring      projections allow the company
Once a company has identified                  (loss and shrinkage)?                   to make strategic decisions about
its critical talent needs, the next                                                   whether to hire new employees, enlist
                                            • Do I understand future demand for
challenge is to consider where that                                                   contractors or outsource the work. Dan
                                              skills (supply/demand balancing)?
talent could come from. Indeed,                                                       Hilbert, the Valero executive in charge
participants in our survey indicated        For example, the Texas-based              of the project feels, “For the first time,
one of the biggest opportunities            oil-refining giant Valero Energy           talent pipelines can now be developed
presented by globalization is access        Corporation won Workforce                 years in advance to meet specific
to a broader base of skilled workers        Management magazine’s award for           future talent needs. It’s pretty
at competitive costs. In Accenture’s        innovation in 2006 for developing         revolutionary stuff.”
experience, leading companies               one of the first talent supply chains.1
                                                                                      This capability has become essential in
typically use a supply chain approach       Beginning in 2002, Valero used the
                                                                                      a multi-polar world, as organizations
to talent sourcing, asking questions        chain to reduce the time required to
                                                                                      everywhere need to understand global
such as:                                    fill an open position from 120 days
                                                                                      talent markets, how to access new
                                            to 40 days, and to reduce the cost
• What talent do we have (inventory)?                                                 talent and where they should consider
                                            per hire from $12,000 to $2,300.
                                                                                      alternative talent sourcing strategies.
• What sources of talent supply are         This improvement came while the
                                                                                      To maintain a future flow of talent
  available?                                company was growing phenomenally,
                                                                                      and to inculcate the adaptability
                                            from 2,000 employees in 2000 to
• Should I push inventory on my                                                       necessary to respond to changing
                                            about 22,000 by 2006, with annual
  suppliers (contingent sources of                                                    market conditions, this understanding
                                            revenues of $75 billion.
  talent)?                                                                            must become second nature for
                                            The most significant results, however,     organizations in pursuit of high
• Where should my people be located
                                            were strategic. The talent supply         performance.
  (warehousing)?
                                            chain now enables Valero to forecast
• Can I source from lower-cost              demand for talent three years out, at
  locations?                                the division and job-title level. These



Figure 4: A Strategic Approach to Finance Talent Management


                        Talent Mindset


                           Define your
                           talent needs




    Deploy your
                           Measure                  Discover
    talent—right                                    your sources
    place, right           and align                of talent
    time




                         Develop your
                         talent potential



                        Talent Culture


7
Developing talent’s potential             comprehension to mastery) that            expanded to cover employees in 84
A capability for developing talent        each employee should strive for           countries; and more than 100,000
involves ensuring that finance             in relevant competency areas              certificates have been awarded to
employees continually acquire new         and aligned each role to training         more than 62,000 active users.
skills and capabilities and prepare       opportunities. Ultimately, the finance
                                                                                    Deploying talent strategically
to take on new responsibilities. It       organization believes the new career
                                                                                    Companies with leading capabilities
establishes a central link between        development support solution may
                                                                                    create the best possible match
the development of employees’             drive higher employee satisfaction,
                                                                                    between their employees’ talents
talents and the accomplishment            as well as encourage greater use of
                                                                                    and aspirations and the needs of the
of the organization’s purpose and         other existing career development
                                                                                    business—both in terms of day-to-day
strategy. In that way, employee           assets (such as training courses),
                                                                                    activities and in the longer term. Such
development is both ongoing and           improve performance of employees
                                                                                    enterprises show imagination in giving
strategic. Although an employee           by clearly articulating and aligning
                                                                                    their people opportunities to move
development capability embraces           expectations, and lead to higher
                                                                                    within the organization, discovering
specific educational or training           retention, because employees will
                                                                                    new capabilities within themselves
initiatives, leading companies achieve    have access to information that
                                                                                    and gaining insights from previously
much of their finance employees’           provides greater clarity on career
                                                                                    unfamiliar parts of the business.
essential development simply as part      opportunities and development
                                                                                    Leaders also are adept at enabling
of their daily work, through work roles   within the finance organization.
                                                                                    the sharing of knowledge and best
and special assignments, and through
                                          Siemens also has developed mastery        practices, and in making their people
relationships with others.
                                          in developing the potential of its        aware of how they can use their
For example, a US-based financial          talent. Working with Accenture,           talents to best improve the
institution set out to create a           the company created a sustainable         organization’s performance.
comprehensive career development          training solution that allows it
                                                                                    For example, a global healthcare
support program that would address        to embed, retain and increase
                                                                                    company has 1,200 finance people
employee demands for greater              the competencies of its finance
                                                                                    around the world, all of whom report
transparency and clarification             workforce in a rapidly changing
                                                                                    to the finance organization but are
of role expectations and career           business environment. The new
                                                                                    assigned to support different business
development opportunities. As a first      training approach, supported by
                                                                                    units or functions. This approach
step, the bank’s talent management        Web-based training technology,
                                                                                    enables finance to more effectively
group and Accenture conducted a           covers six main training areas:
                                                                                    support the business while also
series of focus groups with senior        organization compliance and
                                                                                    allowing its finance professionals
leaders and key finance professionals.     management; accounting; reporting;
                                                                                    a chance to develop their skills and
These focus groups enabled the team       controlling; taxes; and treasury.
                                                                                    expertise along a well-defined career
to identify the knowledge, abilities      It is targeted to be used by more
                                                                                    path. “If somebody is sitting out in
and backgrounds of those employees        than 100,000 Siemens employees
                                                                                    Chile, for example,” explains a finance
who were successfully performing          worldwide, and has helped Siemens
                                                                                    executive at this company, “he’s the
each finance role. With Accenture’s        keep finance employees continually up
                                                                                    finance manager there, making sure
help, the bank then used these            to date in the face of constant change.
                                                                                    the business in Chile is very successful.
characteristics to establish a            The program has also allowed Siemens
                                                                                    This is his primary measure of success.
robust competency model and               to consolidate finance knowledge from
                                                                                    However, he’s [also] part of the finance
career development architecture           around the organization into one set
                                                                                    organization—his career, his future, his
for finance employees.                     of training programs, as well as to
                                                                                    home is in finance—and the standards
                                          define specific curricula appropriate
With the new finance competency                                                      and processes he works with are set
                                          for each group in the finance
model in place, Accenture helped                                                    by me and the finance leadership
                                          organization. Employees benefit by
the bank to translate key elements                                                  team.” This, according to the finance
                                          gaining access to Web-based training
of the model into a “front-end” career                                              executive, addresses one of his
                                          and a consistent knowledge base with
development support tool. This tool                                                 greatest challenges—getting everyone
                                          content updated quarterly—a vast
served as an online reference source                                                in a highly decentralized organization
                                          improvement over the earlier time-
for finance employees, allowing them                                                 moving in the same direction without
                                          consuming classroom training with
to research information pertaining                                                  tampering with well-established and
                                          inconsistent and partly outdated
to their role or any other role in the                                              effective reporting relationships—while
                                          content. The new training program
organization. For example, the new                                                  giving the employee the ability to
                                          has been in place for 33 months (as
model identified the work experiences,                                               move laterally or vertically within the
                                          of February 2009). During that time,
education and certifications that are                                                organization in pursuit of career
                                          the course catalog has grown to 261
prerequisites for success in particular                                             development.
                                          hours of training in 150 courses for
roles. Similarly, the model defined
                                          73 training units; the program has
levels of proficiency (from basic                                                                                              8
Driving high performance with             Encouragingly, a group of leading
a superior finance workforce               companies have already demonstrated
Mastery of finance workforce               mastery of the most significant
management issues is much more            finance workforce challenges and
than a “nice-to-have.” Our survey         opportunities. These masters have
results, combined with Accenture’s        deeper skills in several key aspects
experience with leading companies         of workforce management and in
around the world, indicate that the       particular lead the way when it comes
quality, productivity, and structure      to talent management. Our research
of the finance workforce play a vital      study and the insights gained from
role in the finance function’s ability     Accenture’s extensive consulting
to achieve its objectives and create      experience reveal a simple yet
value for the larger enterprise.          compelling pattern: Masters identify
Achieving objectives and creating         the talent they need to pursue their
value are among the most important        strategies, innovate in the sourcing
cornerstones of high performance.         of that talent, and then develop and
                                          deploy talent in alignment with their
However, many finance organizations        most important business goals. This
in pursuit of high performance            proven approach enables finance
are encountering an increasingly          masters to avoid jettisoning the
challenging environment. In particular,   wrong staff in the name of cost
the forces of globalization have given    cutting (thus compromising their
rise to aggressive new competitors,       competitive position), get the best
have added complexity to the              out of every resource they have
successful management of global           access to, and create the kind of
organizations, and have opened            workforce necessary to accelerate
up new talent markets and sourcing        the achievement of high performance
models to navigate. Add to that the       when economic conditions ultimately
challenges associated with a global       improve.
economic downturn, and it is
not surprising that many finance
executives struggle to make the
most of this new world.
Indeed, our research shows that
finance executives are aware they
face several important workforce-
related challenges and opportunities,
yet in many cases they are not taking
the actions they should to lead their
people to the highest possible levels
of performance. For example, when
it comes to improving communication,
documenting and teaching key
business processes, mentoring
and building relationships, and
encouraging innovation, executives
participating in our research were
much more likely to recognize the
need than to be doing anything about
the problem. The same was true of
having well defined talent sourcing
and selection strategies, considered
by many to be basic capabilities for
building a superior finance workforce.




9
10
About Accenture                          About Finance &                              We have the breadth of experience,
Accenture is a global management         Performance Management                       global resources, superior assets
consulting, technology services          The Accenture Finance & Performance          and deep knowledge and insights
and outsourcing company.                 Management service line helps clients        to help the CFO create new forms
Combining unparalleled experience,       on their journey to high performance         of value. Our extensive research,
comprehensive capabilities across        by identifying critical issues relative to   insight and innovation, global
all industries and business functions,   the office of the CFO, setting strategic      reach and delivery experience
and extensive research on the world’s    direction and successfully delivering        have made us a worldwide leader,
most successful companies, Accenture     innovative solutions to transform their      serving thousands of clients every
collaborates with clients to help them   finance management capabilities. We           year, including many of the Fortune
become high-performance businesses       offer a range of financial consulting         500 companies across virtually all
and governments. With approximately      services, focusing on the areas              industries. For more information, visit
177,000 people serving clients           of corporate finance, enterprise              www.accenture.com/fm or contact:
in more than 120 countries, the          performance management, finance               fpm.service.line@accenture.com.
company generated net revenues           operations and risk management.
of US$23.39 billion for the fiscal
 year ended Aug. 31, 2008. Its
home page is www.accenture.com.




                                                                                      1Cheese,   Peter; Thomas, Robert
Copyright © 2009 Accenture
All rights reserved.                                                                  J.; Craig, Elizabeth, The Talent
                                                                                      Powered Organization: Strategies
Accenture, its logo, and
High Performance Delivered                                                            for Globalization, Talent Management
are trademarks of Accenture.                                                          and High Performance, Kogan
                                                                                      Page (2007)
                                                                                      http://www.accenture.com/
                                                                                      talentpowered

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Driving High Performance Through Finance Workforce Mastery

  • 1. A World of Opportunity: Driving High Performance through Finance Workforce Mastery
  • 2. Globalization, a force that has been shaping the political and commercial world for decades, has entered a new and more complex phase.
  • 3. It is no longer a concept exported to ensure their people continue Accenture’s High Performance to the emerging world by the to pursue the right and ethical Finance Study traditionally dominant economies of corporate governance activities. If How should companies respond to the West. Now, emerging economies they are making workforce reductions this challenge? The Accenture High have fully embraced globalization and or engaging in merger and acquisition Performance Finance Study offers packaged it up, sending new versions activities, they now are forced more some guidance. Through this back to the West. In this new phase than ever to make sure they have comprehensive study, Accenture of globalization there are multiple the right talent with the right skills explores the most pressing challenges centers of economic power and to achieve their future strategic facing finance executives around activity—a concept Accenture objectives. And while in times of the world, how they are faring in calls the multi-polar world. growth they may have been worried addressing these challenges, and about their aging workforce retiring, the strategies and practices that Even—and especially—during today’s now they must adjust to keeping an leading organizations are employing challenging times, the impact of the aging workforce productive even to contribute to high performance multi-polar world is being felt by longer as employees stay on the job in the finance organization and companies as they struggle to navigate to make up for the steep losses they the enterprise at large. the choppy waters caused by the have incurred in their retirement global economic downturn. In this In the most recent research effort— savings due to the global market environment, companies are our third—we surveyed more than meltdown. positioning themselves in one of three 350 finance executives in companies ways, based on the degree to which The preceding, of course, applies representing 30 countries across their business has been impacted by to all workforces but is especially a range of more than 20 industry the economy: relevant to the finance function. sectors. To augment our survey As it strives to fulfill its increasingly findings, we conducted in-depth • Survive: Some enterprises are forced important role in supporting and interviews with several finance to focus primarily on short-term guiding the enterprise through executives at other organizations actions to manage costs, cash flow turbulent economic conditions, to explore how they were dealing and revenues, and to ensure survival. the finance organization must with the challenges facing today’s • Reposition: Armed with a rethink how it attracts, retains, finance organizations. We also tapped strong balance sheet and healthy, develops and manages its people. specialists within Accenture for their if reduced, revenues, other Indeed, the speed with which the insights on high performance from organizations are exploring ways global market changes, the volatility roundtable discussions with hundreds to use the downturn to strengthen imposed by multiple currencies and of finance executives and from their competitive advantage. electronic exchanges, and the sheer work with finance organizations at • Grow: The strongest companies complexity of operating on a global businesses and government entities are actively building market share scale in countries or regions of around the globe. An important part through mergers, acquisitions and varying degrees of development of this study focuses on the finance international expansion, by adding place extraordinary demands on workforce, and the research has customers and by strengthening an enterprise’s finance organization— revealed several people-related their brand. and even more so during difficult challenges and opportunities on economic conditions. It is the finance the road to high performance. As part of their response to the economic downturn, companies organization that must take the lead Since the time we conducted the are readjusting their workforce in driving the enterprise toward most recent installment of our priorities. With the need to reduce continuing value creation, ensuring research, much has changed in the organizational costs, companies are that the enterprise possesses the fundamentals of the global economy. pursuing such actions as taking a more strategies, capabilities and information However, what has not changed is the global approach to sourcing talent and to succeed in a hypercompetitive fact that talent management is more fundamentally redesigning processes global market even as it continues relevant than ever—especially those to separate lower-cost transactional to control and contain costs. talent management capabilities that activities from value-added analytical Perhaps the most important factor enable companies to adapt to varying activities. They also are revisiting their in accomplishing this critical goal market conditions. compliance and ethics activities is the finance workforce. 2
  • 4. Significant gaps in For instance, respondents actually do. For example, 56 percent a critical workforce viewed regular and meaningful of executives believed in making Our study indicates that finance communication between employees coaching and mentoring an integral executives are not especially and their supervisors and other part of everyone’s responsibilities, enthusiastic about the state of their finance leaders as most critical to but only 37 percent enforce the finance workforce. Only 9 percent maintaining a workforce capable practice. Fifty-five percent of of finance executives surveyed were of delivering high performance. respondents believed that leaders very satisfied with the effectiveness But such communication occurred should be proactive in building of their organization’s finance in only 48 percent of the participating relationships at all levels of the workforce and just one-fourth said companies. Similarly, having key organization, but only 36 percent their finance workforce possessed finance business processes did so. Furthermore, encouraging “deep and specialized” skills. documented and understood by innovation and providing employees employees was deemed critical by with opportunities to share their ideas Despite these statistics, only one- was viewed as an important part 58 percent of respondents, but only third of finance executives said of the finance leadership role by 44 percent said they had put it into they planned to implement new 52 percent of executives, but only practice. Put simply, this means that workforce programs such as leadership 38 percent said that such a culture in over half of the companies we development, retention, rewards/ existed within their organization. surveyed, employees didn’t thoroughly compensation, career development understand their own business’s or performance measurement in the These are significant gaps, especially processes, and in many cases a lack next two years. In fact, our survey when one considers that these of documentation would thwart any showed that many companies were practices were self-defined as efforts to learn about them. lagging in implementing practices important by survey respondents. they themselves consider critical to Our survey revealed even larger Further, when we examine a second building and sustaining a superior gaps in other areas between what tier of criticality, the gaps grow even finance workforce (Figure 1). executives know to be important larger. For example, while nearly half and what they and their enterprises of the respondents (49 percent) Figure 1: Finance Workforce Practices: Top Tier in Importance versus Extent Employed 60% Regular and meaningful communication occurs 48% 59% A formal performance management program is in place 60% Key processes are documented and understood 58% 44% Industry benchmarked/competitive salaries and benefits 56% are offered 45% Coaching and mentoring activities are an integral part 56% of everyone’s responsibilities 37% Leaders proactively build relationships at all levels 55% 36% Performance rewards tie to both individual success 53% and enterprise profitability 44% Finance leadership encourages innovation and provides 52% employees with the opportunities to share ideas 38% Training and training materials are readily available 52% to employees when needed 43% 49% Well-defined talent sourcing strategy is in place 16% Financial Planning and Analysis division reports into 49% the finance function 55% Formal finance competency model is in place defining 48% required skills 30% Critical feedback is provided in real time and is an 48% embedded part of the finance function culture 33% Well-defined talent selection process is in place 47% 27% Career advancement includes rotations through various 47% roles within finance 33% 0% 10% 20% 30% 40% 50% 60% Seen as Critical Employed by Companies 3
  • 5. believed having a well-defined talent What these figures suggest is that Just as troubling are the things that sourcing strategy is critical to the many companies are not only ill- most finance executives do not view finance function’s success, such a prepared to compete for talent in the as critical to high performance in the strategy is in place in only 16 percent global market, they are also at risk of global arena (Figure 2). For example, of the companies surveyed. Similarly, making bad hires—engaging people at a time when the pressure to keep 47 percent believed a well-defined who may not have the skills the overhead costs low is intense, we talent selection process is equally finance function needs to support the would expect finance executives to important, but only 27 percent had strategy and operations of the larger be more interested in using shared such a process in place. Companies enterprise. In addition, the lack of services or centers of excellence. also said they struggle to build rigor and process around talent After all, both of these tactics enable competency models for the finance sourcing and selection may prevent companies to more effectively leverage function, which may explain why organizations from fully surveying the their existing resources. In addition, so many lacked defined sourcing pool of available talent. Indeed, our by centralizing employees via shared or selection practices. In fact, research shows that companies are services or centers of excellence, almost half (48 percent) of executives more likely to fill finance management a company reduces redundancy surveyed thought having a formal positions from within the finance and duplicate roles, thereby directly finance competency model that function (47 percent) than from reducing overhead costs. However, defines required skills is important, outside the enterprise (38 percent), shared services and centers of but just 30 percent had such a perhaps missing the best available excellence were viewed as critical model in place. Further, among the talent (something that’s especially to effective finance workforce 42 percent who believed having a critical during down times, when good management by just 35 percent formal finance model for different talent may be more plentiful due to of respondents. career levels is critical, only 26 downsizing efforts by other percent actually employed one. companies). Figure 2: Finance Workforce Practices: Bottom Tier in Importance versus Extent Employed Employee satisfaction surveys are regularly conducted 46% and results are shared 49% Finance management positions are often sourced from 43% within finance 47% Formal finance competency model is in place for different 42% career levels 26% Finance leadership provides employees the time necessary 40% to complete training 37% Individuals are encouraged to proactively seek training 40% on new topics and technologies 33% Formal finance training program is in place with 40% a curriculum linked to developing required skills 25% Role descriptions are clearly aligned with key processes 38% 28% Creative benefits are offered based on strategic surveys 38% of employees’ needs/desires 35% Global and local communities of practices have been 37% established and are effective at sharing knowledge 34% Centers of Excellence are employed for scarce skills such 35% as M&A work, complex deal pricing or tax strategy 40% Finance shared services are utilized 35% 46% Organizational charts are kept up to date and are 34% easily accessible 42% A knowledge management tool has been provided (such 32% as a database for capturing and sharing intellectual assets) 20% Finance function focuses on re-training the existing 31% finance workforce rather than the hire/fire approach 31% Finance management positions are often sourced from 22% the external market with experienced professionals 38% Finance management positions are often sourced 15% from line management 16% 0% 10% 20% 30% 40% 50% Seen as Critical Employed by Companies 4
  • 6. Achieving mastery over organization runs. Without an Using the Accenture Talent finance workforce challenges adequate supply of those skills, or Management Framework to guide Indeed, most companies in our without a sufficiently high-octane discussions, the Accenture team survey indicated they had critical level of skills, the finance engine met with finance leaders globally shortcomings in key finance sputters, misfires, and struggles to to understand the specific talent capabilities—not only in the finance perform at a high level. To build the challenges they faced in defining, workforce as mentioned earlier, type of finance workforce necessary discovering, developing and deploying but also more broadly across for the enterprise to excel in today’s talent. Issues uncovered ranged from finance organization management, challenging global environment, an aging workforce and lack of enterprise performance management, companies must have a highly mobility in some locations to a finance and accounting operations, effective approach to talent skills shortage and high competition corporate finance, and enterprise risk management, built around four for talent in others. management. This situation could be key areas (Figure 4): defining talent To create a common platform for preventing finance organizations from needs, discovering talent sources, discussing talent at a global level, a operating at an optimal level. developing talent’s potential, and finance competency model and talent deploying talent strategically. However, a subset of the companies review toolkit was developed to gather in our survey reported having more Defining talent needs key data on the finance workforce, advanced capabilities, on average, A truly effective finance analyze workforce trends and begin across the five major capability workforce begins with a company to close the gap between the areas mentioned above. We call first understanding the business organization’s existing capabilities these organizations “finance masters,” strategy and the finance and those of finance masters. The and the differences between masters organization’s strategy, and competency model mapped key and non-masters are striking. For subsequently defining the talent skills and competencies to roles example, masters were much more necessary to deliver on those in corporate, transactional and likely than non-masters to employ strategies (beginning with a clear business unit finance. all but one of the leading workforce understanding of the talent currently A resulting talent management road practices identified as critical by on hand). To get the greatest return map provided the strategic direction Accenture, especially (Figure 3): from human capital investments, for the CFO to begin to create a a company must know where it • A formal finance competency finance workforce that could take the has leverage—which workforces model that defines required organization toward high performance. and areas of the business have the finance workforce skills. Among the elements the road map greatest strategic impact and are included were the following: • Finance leadership that encourages critical to maintaining the company’s innovation and offers employees distinctive capabilities. For most • Leadership development plan. opportunities to express and share companies today—especially global • Plan to embed the competency ideas. organizations grappling with the model in all talent management challenges of the multi-polar world— practices from recruitment to • A formal finance competency model the finance organization has become training and performance designed for different career levels. a strategically important workforce management. • The ready availability to employees and a valuable contributor to a of training and training materials company’s growth and profitability. • Link between talent management when needed. and enterprise performance One example of a company that management and key performance • A knowledge management tool that recognized the importance of the indicators. supports the capturing and sharing finance function and its talent is of intellectual assets. the enterprise created by the merger • Employee value proposition. of two large companies. The CFO • Guidance for evaluating and • Regular conducting of employee of the newly formed entity faced a improving employee engagement. satisfaction surveys in which major challenge in improving both the results are broadly shared. • Career management, including the efficiency and effectiveness of • Documentation and explanation career path mapping. the new finance organization. Working of key business processes. with Accenture, the CFO embarked • Coaching and mentoring. In particular, masters are strongly and on an ambitious effort to define a tightly focused on talent management. new strategy for finance, which These organizations know that finance included developing a new global skills are the fuel on which the finance finance talent strategy. 5
  • 7. Figure 3: Finance Workforce Practices Extent Employed: Masters versus Non-Masters Practices Employed by Participating Companies Masters Non-Masters Workforce performance Global and local communities of practices (i.e., informal networks of people with shared interests) have been 46% 34% established and are effective at sharing knowledge A knowledge management tool has been provided (e.g., a database for capturing and sharing intellectual assets) 42% 17% Training and training materials are readily available to employees when needed 67% 41% Coaching and mentoring activities are an integral part of everyone’s responsibilities 54% 37% A formal performance management program is in place 62% 60% Critical feedback is provided in real time and is an embedded part of the finance organization culture 54% 33% Career advancement includes rotations through various roles within finance 42% 32% Finance competencies Formal finance competency model is in place to define required skills 62% 28% Formal finance competency model is in place to define different career levels 58% 24% Formal finance training program is in place with a curriculum linked to developing required skills 33% 25% Finance organization structure Finance shared services are utilized 67% 45% Financial Planning and Analysis division reports to the finance organization 67% 55% Centers of Excellence are employed for scarce skills such as merger and acquisition work, complex deal pricing 37% 40% or tax strategy Employee engagement Industry benchmarked/competitive salaries and benefits are offered 71% 46% Creative benefits are offered based on strategic surveys of employees’ needs/desires (flex-time, floating 58% 33% holidays, tuition, childcare, etc.) Employee satisfaction surveys are regularly conducted and results are shared 71% 48% Regular and meaningful communication occurs 58% 47% Organizational charts are kept up to date and are easily accessible 62% 40% Leaders proactively build relationships at all levels 58% 35% Key processes are documented and understood 67% 42% Role descriptions are clearly aligned with key processes 50% 26% Performance rewards tied to both individual success and enterprise profitability 58% 45% Workforce adaptability Individuals are encouraged to proactively seek training on new topics and technologies 62% 33% Finance leadership encourages innovation and provides employees with the opportunities to share ideas 71% 37% Finance organization focuses on retraining the existing finance workforce rather than the hire/fire approach 42% 29% Finance leadership provides employees the time necessary to complete training 50% 36% Talent management Well-defined talent sourcing strategy is in place 42% 14% Well-defined talent selection process is in place 54% 24% Finance management positions are often sourced from within finance 62% 48% Finance management positions are often sourced from line management 29% 14% Finance management positions are often sourced from the external market with experienced professionals 50% 37% 6
  • 8. Discovering talent sources • What attrition rate am I incurring projections allow the company Once a company has identified (loss and shrinkage)? to make strategic decisions about its critical talent needs, the next whether to hire new employees, enlist • Do I understand future demand for challenge is to consider where that contractors or outsource the work. Dan skills (supply/demand balancing)? talent could come from. Indeed, Hilbert, the Valero executive in charge participants in our survey indicated For example, the Texas-based of the project feels, “For the first time, one of the biggest opportunities oil-refining giant Valero Energy talent pipelines can now be developed presented by globalization is access Corporation won Workforce years in advance to meet specific to a broader base of skilled workers Management magazine’s award for future talent needs. It’s pretty at competitive costs. In Accenture’s innovation in 2006 for developing revolutionary stuff.” experience, leading companies one of the first talent supply chains.1 This capability has become essential in typically use a supply chain approach Beginning in 2002, Valero used the a multi-polar world, as organizations to talent sourcing, asking questions chain to reduce the time required to everywhere need to understand global such as: fill an open position from 120 days talent markets, how to access new to 40 days, and to reduce the cost • What talent do we have (inventory)? talent and where they should consider per hire from $12,000 to $2,300. alternative talent sourcing strategies. • What sources of talent supply are This improvement came while the To maintain a future flow of talent available? company was growing phenomenally, and to inculcate the adaptability from 2,000 employees in 2000 to • Should I push inventory on my necessary to respond to changing about 22,000 by 2006, with annual suppliers (contingent sources of market conditions, this understanding revenues of $75 billion. talent)? must become second nature for The most significant results, however, organizations in pursuit of high • Where should my people be located were strategic. The talent supply performance. (warehousing)? chain now enables Valero to forecast • Can I source from lower-cost demand for talent three years out, at locations? the division and job-title level. These Figure 4: A Strategic Approach to Finance Talent Management Talent Mindset Define your talent needs Deploy your Measure Discover talent—right your sources place, right and align of talent time Develop your talent potential Talent Culture 7
  • 9. Developing talent’s potential comprehension to mastery) that expanded to cover employees in 84 A capability for developing talent each employee should strive for countries; and more than 100,000 involves ensuring that finance in relevant competency areas certificates have been awarded to employees continually acquire new and aligned each role to training more than 62,000 active users. skills and capabilities and prepare opportunities. Ultimately, the finance Deploying talent strategically to take on new responsibilities. It organization believes the new career Companies with leading capabilities establishes a central link between development support solution may create the best possible match the development of employees’ drive higher employee satisfaction, between their employees’ talents talents and the accomplishment as well as encourage greater use of and aspirations and the needs of the of the organization’s purpose and other existing career development business—both in terms of day-to-day strategy. In that way, employee assets (such as training courses), activities and in the longer term. Such development is both ongoing and improve performance of employees enterprises show imagination in giving strategic. Although an employee by clearly articulating and aligning their people opportunities to move development capability embraces expectations, and lead to higher within the organization, discovering specific educational or training retention, because employees will new capabilities within themselves initiatives, leading companies achieve have access to information that and gaining insights from previously much of their finance employees’ provides greater clarity on career unfamiliar parts of the business. essential development simply as part opportunities and development Leaders also are adept at enabling of their daily work, through work roles within the finance organization. the sharing of knowledge and best and special assignments, and through Siemens also has developed mastery practices, and in making their people relationships with others. in developing the potential of its aware of how they can use their For example, a US-based financial talent. Working with Accenture, talents to best improve the institution set out to create a the company created a sustainable organization’s performance. comprehensive career development training solution that allows it For example, a global healthcare support program that would address to embed, retain and increase company has 1,200 finance people employee demands for greater the competencies of its finance around the world, all of whom report transparency and clarification workforce in a rapidly changing to the finance organization but are of role expectations and career business environment. The new assigned to support different business development opportunities. As a first training approach, supported by units or functions. This approach step, the bank’s talent management Web-based training technology, enables finance to more effectively group and Accenture conducted a covers six main training areas: support the business while also series of focus groups with senior organization compliance and allowing its finance professionals leaders and key finance professionals. management; accounting; reporting; a chance to develop their skills and These focus groups enabled the team controlling; taxes; and treasury. expertise along a well-defined career to identify the knowledge, abilities It is targeted to be used by more path. “If somebody is sitting out in and backgrounds of those employees than 100,000 Siemens employees Chile, for example,” explains a finance who were successfully performing worldwide, and has helped Siemens executive at this company, “he’s the each finance role. With Accenture’s keep finance employees continually up finance manager there, making sure help, the bank then used these to date in the face of constant change. the business in Chile is very successful. characteristics to establish a The program has also allowed Siemens This is his primary measure of success. robust competency model and to consolidate finance knowledge from However, he’s [also] part of the finance career development architecture around the organization into one set organization—his career, his future, his for finance employees. of training programs, as well as to home is in finance—and the standards define specific curricula appropriate With the new finance competency and processes he works with are set for each group in the finance model in place, Accenture helped by me and the finance leadership organization. Employees benefit by the bank to translate key elements team.” This, according to the finance gaining access to Web-based training of the model into a “front-end” career executive, addresses one of his and a consistent knowledge base with development support tool. This tool greatest challenges—getting everyone content updated quarterly—a vast served as an online reference source in a highly decentralized organization improvement over the earlier time- for finance employees, allowing them moving in the same direction without consuming classroom training with to research information pertaining tampering with well-established and inconsistent and partly outdated to their role or any other role in the effective reporting relationships—while content. The new training program organization. For example, the new giving the employee the ability to has been in place for 33 months (as model identified the work experiences, move laterally or vertically within the of February 2009). During that time, education and certifications that are organization in pursuit of career the course catalog has grown to 261 prerequisites for success in particular development. hours of training in 150 courses for roles. Similarly, the model defined 73 training units; the program has levels of proficiency (from basic 8
  • 10. Driving high performance with Encouragingly, a group of leading a superior finance workforce companies have already demonstrated Mastery of finance workforce mastery of the most significant management issues is much more finance workforce challenges and than a “nice-to-have.” Our survey opportunities. These masters have results, combined with Accenture’s deeper skills in several key aspects experience with leading companies of workforce management and in around the world, indicate that the particular lead the way when it comes quality, productivity, and structure to talent management. Our research of the finance workforce play a vital study and the insights gained from role in the finance function’s ability Accenture’s extensive consulting to achieve its objectives and create experience reveal a simple yet value for the larger enterprise. compelling pattern: Masters identify Achieving objectives and creating the talent they need to pursue their value are among the most important strategies, innovate in the sourcing cornerstones of high performance. of that talent, and then develop and deploy talent in alignment with their However, many finance organizations most important business goals. This in pursuit of high performance proven approach enables finance are encountering an increasingly masters to avoid jettisoning the challenging environment. In particular, wrong staff in the name of cost the forces of globalization have given cutting (thus compromising their rise to aggressive new competitors, competitive position), get the best have added complexity to the out of every resource they have successful management of global access to, and create the kind of organizations, and have opened workforce necessary to accelerate up new talent markets and sourcing the achievement of high performance models to navigate. Add to that the when economic conditions ultimately challenges associated with a global improve. economic downturn, and it is not surprising that many finance executives struggle to make the most of this new world. Indeed, our research shows that finance executives are aware they face several important workforce- related challenges and opportunities, yet in many cases they are not taking the actions they should to lead their people to the highest possible levels of performance. For example, when it comes to improving communication, documenting and teaching key business processes, mentoring and building relationships, and encouraging innovation, executives participating in our research were much more likely to recognize the need than to be doing anything about the problem. The same was true of having well defined talent sourcing and selection strategies, considered by many to be basic capabilities for building a superior finance workforce. 9
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  • 12. About Accenture About Finance & We have the breadth of experience, Accenture is a global management Performance Management global resources, superior assets consulting, technology services The Accenture Finance & Performance and deep knowledge and insights and outsourcing company. Management service line helps clients to help the CFO create new forms Combining unparalleled experience, on their journey to high performance of value. Our extensive research, comprehensive capabilities across by identifying critical issues relative to insight and innovation, global all industries and business functions, the office of the CFO, setting strategic reach and delivery experience and extensive research on the world’s direction and successfully delivering have made us a worldwide leader, most successful companies, Accenture innovative solutions to transform their serving thousands of clients every collaborates with clients to help them finance management capabilities. We year, including many of the Fortune become high-performance businesses offer a range of financial consulting 500 companies across virtually all and governments. With approximately services, focusing on the areas industries. For more information, visit 177,000 people serving clients of corporate finance, enterprise www.accenture.com/fm or contact: in more than 120 countries, the performance management, finance fpm.service.line@accenture.com. company generated net revenues operations and risk management. of US$23.39 billion for the fiscal year ended Aug. 31, 2008. Its home page is www.accenture.com. 1Cheese, Peter; Thomas, Robert Copyright © 2009 Accenture All rights reserved. J.; Craig, Elizabeth, The Talent Powered Organization: Strategies Accenture, its logo, and High Performance Delivered for Globalization, Talent Management are trademarks of Accenture. and High Performance, Kogan Page (2007) http://www.accenture.com/ talentpowered