Talent management has been high on the agenda for chief finance officers (CFOs), according to a global study of best practices in talent management at businesses.
“Our findings showed that less than 20 percent of organizations have a talent strategy that fully integrated talent identification, development and retention activity across the finance team,” said president of the Association of Chartered Certified Accountants (ACCA) Dean Westcott, speaking at a workshop on maximinising human resources in Hanoi on October 11.
Talent is define as high performing employees that have the potential to grow to critical roles at an accelerated pace.
The study jointly undertaken by ACCA and KPMG, showed that nurturing of talent was a concern as financial activities play a crucial role both in the private and public sectors and from multinationals to small and medium sized enterprises.
It also said securing the right talent was one of the biggest challenges CFOs faced.
A KPMG survey involving 500 senior finance executives found that more than half of respondents said that difficulties in finding and retaining skilled finance professionals are a major barrier to improving a firm’s performance.
It aimed to highlight the role that finance teams have played in generating a competitive advantage for a business.
John Ditty, KPMG”s General Director in Vietnam said macro trends affecting talent management included generational change, globalization, a diverse workforce and changing nature of business.
He added that KPGM’s approach to talent management helped ensure talent is optimized and capable of provided the best return on investment. In addition, talent programmes need to be highly flexible and readily adaptable to changing market conditions and business needs.