If you’re a CFO, you already know your role is changing quickly. It’s no longer just about reporting numbers. The modern finance function is expected to be agile, tech-savvy and strategically tuned in to what’s next.
So is it time for finance to upgrade its talent? The short answer is yes.
Most finance teams today need a talent upgrade because expectations have changed, and so have the skills needed to meet them. Finance is being pulled in new directions, from getting to grips with automation and advanced analytics to driving ESG initiatives and shaping long-term business strategy. As demands grow, so too must the capabilities of your people. If you’re still relying on yesterday’s skill sets to solve today’s challenges, you might already be falling behind.
From Number Cruncher to Strategist
For years, the finance function’s value was defined by precision and compliance. But in today’s data-driven, disruption-prone landscape, accuracy is just the price of entry.
Now, finance teams are expected to deliver real-time insights, inform decision-making, manage risk and help steer the business through uncertainty. In short, they’re not just crunching numbers anymore, they’re helping call the shots.
That shift brings huge opportunities, but also a stark reality: traditional finance skill sets are no longer enough.
The Talent Gap is Real (and Growing)
A report by Boston Consulting Group puts it bluntly: “finance’s future depends on people, not just processes or platforms.” But the demand for digital fluency, analytical thinking and ESG literacy is outpacing the current supply of talent.
CFOs are now competing for professionals with skills in:
- Data analytics and visualisation
- AI and automation tools
- Cybersecurity and risk
- ESG reporting and impact measurement
- Commercial strategy and business partnering
But there could be some easier wins by looking internally and helping your current team develop the skills needed to meet these demands.
Why Upskilling Beats Replacing
Recruiting new talent is tough. Top candidates are scarce, expectations are high and culture fit matters more than ever. That’s why many forward-thinking CFOs are focusing on upskilling the talent they already have.
By giving your team the chance to learn future-ready skills, you unlock agility, loyalty and leadership from within. It also shows your commitment to people development, which is increasingly important in attracting Gen Z and millennial finance professionals. Think workshops on data storytelling, mentoring programmes or partnerships with digital training providers.
There are plenty of other benefits to upskilling the talent you already have. We covered these in a recent blog looking at nurturing talent in a tough recruitment market.
You Shouldn’t Replace Talent with Tech
You might think that you can just start using AI to fill in the gaps. While programmes and technology like ChatGPT are helping to reshape what’s possible, technology alone won’t transform your finance function, your people will.
Companies that replace people with machines may gain short-term wins, but they’ll miss the human touch needed for long-term success. The things that only humans can bring like, relationship-building, experience, and gut feeling. So, the goal shouldn’t be to replace talent with technology, it should be to use technology to enhance your employees. Automating repetitive tasks can help free up capacity so your teams can focus on other meaningful tasks.
A Culture That Attracts (and Keeps) the Best
Skills matter, but so does the environment you create for your employees. Today’s top performers want to work somewhere with purpose, progression and flexibility. Creating the right culture will attract and retain high performers. But what does the right culture look like? Well, it is unique to each business, but some of the things we’ve seen organisations have success with include:
- Clear development paths and mentorship
- Flexible working models
- Strong ESG commitments and values-led leadership
- Cross-functional exposure and impact
This is especially true in finance, where the best talent has a whole load of options outside the traditional sectors, such as working for start-ups or ESG-driven organisations. To get the best talent, you sometimes need to think outside the recruitment box and give them a reason to choose you.
Would You Like to Upgrade Now?
The finance function sits at the heart of many large businesses, but it’s not nailed on to stay there. To remain relevant, respected and resilient, CFOs need to start futureproofing their talent strategy and begin building teams with the skills needed for tomorrow’s challenges.
Because at the end of the day, your systems can only take you so far. It’s your people who’ll power performance, drive insight and unlock long-term value.
So, does the finance function need a talent upgrade? Absolutely. And the sooner you act, the stronger your team, and your business, will be.
If you’re a CFO looking to future-proof your finance function, we’d love to help. Get in touch to explore how Core3 can support your talent strategy.
