The changing nature of a Finance Manager
5 key challenges facing finance professionals today
Every day we speak with finance professionals and as part of our recruitment consultancy brief. We ask them to share the biggest challenges they face, which we wanted to share with you…
Recruiting and retaining talented individuals is growing harder each year. We have an ageing population, loss of experience and different generations to consider. With the expectations of generation X, Z and millennial’s we have to adopt a less traditional working approach.
Technology is presenting challenges to finance from all directions. From data to governance, investment to implementation and AI. The Finance sector need to take the lead in tech developments, from scoping to delivery. Working closely with Business Analysts, Data Scientists and the wider business to enhance the analytical tools used.
Cyber threats are overtaking money and other tangible assets in terms of security. Cyber security needs a company-wide approach as humans are targeted with cyber fraud. Finance need to take the lead with control procedures and develop a crisis team to minimise cyber-attacks. A recent survey revealed only 25% of businesses are embracing war gaming or scenario planning.
The list is endless regarding compliance and it’s ever growing. For example; HMRC, GAAP, FRS, IFRS, MTD, IR35, FCA, Auto Enrolment, Apprenticeship Levy, Gender Pay Gap.
Global economic uncertainty
We have deliberately left Brexit until the end and we rarely discuss it in our blogs or social media. However, for many businesses there are challenges, and some are beyond the European trade area. With a reduction in Chinese growth, planning and preparing for the future across the globe is more complicated than ever. Existing trade relationships with longstanding European partners have been thrown into chaos.