In a rapidly evolving financial landscape, the finance and accounting sector is grappling with a significant challenge: a burgeoning talent shortage. According to a recent report by Personiv, a division of eClerx, the number of open positions in the industry has skyrocketed by 150% over the past year. This dramatic increase highlights an urgent need for strategic solutions to address the growing workforce gap.
The report, titled ‘CFO Pulse Report: 2025 Talent Outlook,’ reveals that awareness of the talent deficiency among decision-makers has reached unprecedented levels. A staggering 87% now acknowledge the issue, a sharp rise from the 63% recorded in 2020 when the survey first began. Notably, one in five respondents perceive the talent shortage as worsening, underscoring the pressing nature of the problem.
In response to these workforce challenges, finance and accounting leaders are increasingly turning to technology as a viable solution. The report notes that 21% of decision-makers have prioritized the implementation of AI and automation to streamline operations and alleviate manual workloads by 2025. This shift towards technological integration represents a proactive approach to enhancing efficiency and addressing labor shortages.
Despite this trend, a minority of organizations, about 12%, have yet to adopt any form of AI or automation. This reluctance may hinder their ability to compete effectively in an industry that is progressively embracing digital transformation.
Matt Wood, Global Head of Personiv Finance and Accounting Outsourcing, emphasizes the benefits of technological adoption. “Accounting and finance organizations that are using AI and automation are creating greater operational efficiencies, reducing costs, and improving employee work-life balance,” Wood states. These advancements not only optimize performance but also enhance the sector’s attractiveness to potential talent.
Megan Weis, VP and General Manager of Personiv FAO Services, echoes this sentiment, noting the increased focus on technology as a remedy for staffing shortages. “The latest survey data shows greater focus on technology as a solution to staffing shortages,” Weis explains. She also highlights the importance of work-life balance, learning opportunities, and competitive pay in attracting job seekers. “We’re seeing evidence of changes in mindset and strategy in a very traditional field. This year marks a shift from awareness to action as leaders implement new solutions at scale.”
The transition to a more technology-driven approach in finance and accounting is not merely a trend but a necessity. As organizations strive to overcome talent shortages, the integration of AI and automation stands out as a powerful tool to enhance operational capabilities and create a more sustainable workforce strategy.
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Note: This article is inspired by content from https://www.theaccountant-online.com/news/finance-accounting-personiv-report/. It has been rephrased for originality. Images are credited to the original source.