1. KEY INITIATIVE Finance Function Management
Presenter's Name
KEY INITIATIVE Finance Function Management
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2. Overview: Finance function management
Top challenges and how Gartner can help
In a digital, matrixed environment, success requires the development of skills (e.g., digital dexterity) and structures (e.g., centers of excellence) that most finance teams have not yet mastered.
Capturing these opportunities will earn finance leaders reduced costs, increased clock speed and more financially sound decisions, and Gartner is here to help finance executives find solutions to the following questions:
How does my finance function compare with the best ones?
What finance work should I relocate, where?
How do I acquire rare digital and analytic skills in a competitive labor market?
The topics we cover include:
Finance strategy and org structure: Teach finance executives how to design the strategy and plan the org structure that will accelerate finance’s evolution to match the pace of business change.
Finance talent: Define the skills that finance leaders should target next, then enable them to develop these emerging skill sets through an employability- and experience-based (not ladder and training- based) framework.

3. Finance Talent

4. Challenges with improving finance talent1 2 3
Few finance-specific competency models exist, and those that do aren’t effective
Current career paths fail both employers and employees
Hiring strategies don’t address the need for key missing skills
Most finance functions rely on centrally developed competency models that don’t adequately characterize finance-specific, non-technical skills.
In cases where there is a finance-specific competency model, it’s likely not updated regularly to align with evolving corporate and functional objectives.
Three in four finance orgs say they are likely to face a capability shortage.
Less than 25% of finance teams report having well-defined career path.
Fully 70% of employees say they are dissatisfied with future career opportunities.
Lack of career opportunity is the top reason finance employees cite for leaving their organization, a fact only true for finance. The top reason for all others is compensation.
Most finance recruiters look for talent in traditional places and test for skills using behavioral or case interview formats that don’t effectively test analytic skills.
Many finance recruiters rely on finance-specific backgrounds or accreditation for analytic talent.
Few finance recruiters understand the attraction drivers for analytic talent, and so they often fail to hire this talent profile to join finance.

5. Questions your peers are asking
Topics
Key client issues
Define finance competencies for high performance
What finance-specific competencies should we build, beyond what HR gives us?
What competencies allow us to excel at decision support and business partnership?
Build a finance-specific competency model
What skills, knowledge and behaviors are at the root of key finance competencies?
How do we communicate competency requirements across roles and levels?
Create finance career maps
What career pathing options have my peers implemented?
How do I communicate to my staff the benefits of taking lateral moves?
Design a recruitment strategy for finance
How do we differentiate our finance career value proposition in a competitive market?
What other professional backgrounds are attractive candidates for the finance function?
Build a development program for finance
What training and development approaches are my peers using to upskill finance staff?
How do I provide experience-based development opportunities to my staff?

6. Capabilities support each stage of your initiative
Diagnose current state
Compare your competency model against examples in the finance competency model collection.
Understand the employee business and opportunity outlook from the research report "Finance and Accounting Recruiting Insights".
Assess how you have structured roles on your team by referencing example job descriptions in the finance job description collection.
Develop your plan
Define the finance-specific technical and non-technical competencies that will drive an effective function with this competency model tool.
Create career maps for entry-level finance roles by utilizing the Gartner Ignition Guide to Designing Career Paths.
Access best practices for driving finance employee engagement from this talent retention and development playbook.
Execute and drive change
Follow steps to source, attract, close and influence exceptional finance talent, outlined in the playbook "Recruiting Top-Tier Analytic Talent".
Secure exceptional finance talent from non-traditional analytical talent pools like United Airlines.
Improve interview structure and rigor by introducing an influence screening interview like CSX.

7. Gartner support organized against your timeline
Activity roadmap
Initiative
0-90 Days
Days
Improve finance talent
Peer Benchmarks: Compare your competency model against examples in the finance competency model collection.
Consultation With an Executive Advisor: Discuss what competencies drive finance function effectiveness.
Tools: Define the finance-specific technical and non-technical competencies that will drive an effective function with this competency model tool.
Step-by-Step Guidance: Create career maps for entry-level finance roles by utilizing the Gartner Ignition Guide to Designing Career Paths.
Service Associate Support: Understand how peers use Gartner resources to improve finance talent.
Consultation With an Executive Advisor: Discuss recruiting and hiring great finance talent.
Step-by-Step Guidance: Follow steps to source, attract, close and influence exceptional finance talent, outlined in the playbook "Recruiting Top-Tier Analytic Talent".
Research Discussion: Stay abreast of emerging issues/trends.
Best Practices: Access best practices for driving finance employee engagement from this talent retention and development playbook.
Service Associate Support: Outline an action plan for adapting best practices.

8. Comprehensive support for the finance leader
Finance Leader Effectiveness
Personal Effectiveness
Change Management
Finance Function Management
Finance Strategy and Org Structure
Finance Talent
Cost Optimization and Working Capital
Cost Structure
Working Capital
Indirect Spend Management
Indirect Strategic Sourcing
Indirect Category Management
Financial Data and Analytics
Financial Data Management
Finance Analytics
Metrics and Management Reporting
Budgeting, Planning and Forecasting
Budgeting and Planning
Forecasting
IT Finance
Internal Control and Technical Accounting
Internal Controls
Technical Accounting
Tax and Accounting Processes
Tax Operations
Record to Report
Real Estate Functional Management
Customer Relationship Management
Real Estate Strategy and Org Structure
Shared Services Functional Management
Shared Services Strategy and Structure
Shared Services Talent
Real Estate Optimization
Portfolio Strategy
Workplace Strategy
Shared Services Optimization
Shared Services Performance Management
Customer Relationship Management
Procurement Function Management
Strategy and Org Structure
Talent Management
Strategic Influence
Emerging Trends
Indirect Supplier Relationship Management
Indirect Supplier Performance Management
Indirect Supplier Innovation
Indirect Supplier Risk Management
Financial Strategy and Investor Relations
Capital Structure
Capital Allocation
Investor Relations
Finance Technology Optimization
Digital Technology in Finance
Finance Technology Strategy and Selection
Emerging Technologies and Trends
Cyber Security and Digital Risk Management
Procurement and Strategic Sourcing Applications
Procure-to-Pay Applications
Contract Lifecycle Management
Strategic Sourcing Applications
Driving Cost Optimization Across the Enterprise
Baseline Efficiency and Effectiveness
Cost Optimization Plan Development
Cost Optimization Plan Execution
Communication and Leading Change
Leading the Next Generation Workforce
Key Trends
Emerging Critical Skills
Key Talent Segments
Leadership Style and Structure
Driving Digital Business Transformation for Industry Leadership
Functional Digitization
Digital Business Transformation
Digital Business Strategy and Innovation