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Accounting Talent Development

Most CFOs claim that their staff members are their most valued asset. However, if you look at organizations’ lack of investment in training for their finance and accounting teams, you see a different picture.

Research indicates that talent development; including a clear path to promotions, regular and fair evaluations, training for new skills, and mentorship are critical for retaining your top performers. Nevertheless, many organizations have yet to accept and embrace the need to invest in their employees.

According to Accounting Today, employers in the Best Companies Group spend a little over fifty hours per year on supporting existing skills or internal process and system training. These same companies invest less than 10 hours per year on talent development per employee. Even more surprising, the average finance and accounting team receives only two hours of talent development, and then it is usually in conjunction with the annual review process. This small investment runs counter to the need to retain top talent.

Today’s finance departments have a real need for the right team with the right mix of skills and competencies, not only in accounting, but in business, leadership, communication, and other non-financial disciplines.

So, how can you meet your needs for the future, and retain key staff? Start by creating a personal development plan for each employee. This plan will enable you to grow their skills and demonstrate a future role for the employee in your organization. Ensure that the plan includes access to education and training in new or enhanced skills.

When you continually invest in the development of talent, you no longer have to worry about retention and attraction. Top talent knows they need to grow their skills - or go to an organization willing to invest in them. Take a close look at your talent development investment as part of your 2017 New Year’s resolutions.