The biggest challenges facing CFOs center on attracting, training and retaining accounting professionals at all levels, according to a new study conducted by accounting firm Grant Thornton. Specifically, firms are having trouble recruiting accounting professionals with "soft skills (e.g., critical thinking and problem-solving, negotiation and communication)."
Over half of the executives surveryed answered that "There are not enough individuals in the market with the necessary soft skills." Similarly, 31% said that personality or people skills are important than technological capabilities when deciding between two job candidates.
"Technical accounting skills are critical, but it wasn't the primary issue of concern," said Gina Kim, director in the public policy and external affairs group at Grant Thornton. "Now that accountants are expected to put more professional judgment into their determinations, they have to be able to think critically about an issue."
So even if you're a whiz on that HP 12c, if you can't communicate the results to clients or corporations, all your good work will be for naught.
To deal with this issue, a lot of CFOs are turning their attention to training existing accounting staff. They're increasingly getting them involved in operations and getting them to think critically about how changing to a different accounting standard will tangibly play out.
Gen Y
Another issue that cropped up in the survey is the subtle generational shift evidenced by more Gen Y'ers infiltrating the accounting pool. The survey concludes that members of a younger workforce have different expectations about their careers, insofar as they're more focused on work-life balance and not bound to a "work is all I am" mantra. When asked about reasons for voluntary turnover, 45% of respondents said a poor work/life balance, including excessive hours, was responsible.
To accommodate those concerns, executives have been experimenting with flexible hours and other initiatives to maintain a welcoming workplace. The survey found that praise and attention from managers can have a more positive effect than cash bonuses and increase in base pay, for example. To that end, CFOs are focusing more on gold stars and less on pay stubs.
"The financial incentives may be helpful in the short term, but they're not going to help in the long term," Kim said. "When you give people that praise, you show you're invested in them and that their work is being appreciated."
Write to Julie Steinberg