Senior finance leaders from organisations including IBM, Accenture and Deloitte, told ACCA that they believe the search for and retention of talent in the sector will evolve as the footprints of global finance functions change. They pointed to the emergence of finance ‘super hubs’ – cities that attract and hold the best financial talent and acumen – as a reality for the future.
In its 2013 report, The Future of Finance Talent, ACCA suggests that finance professionals in European markets such as Spain, which have high unemployment levels following the recession coupled with high levels of mobility, could see a migration of talent to cities in eastern Europe, such as Krakow, where demand for their skills is much higher.
The report suggests that access to talent may take precedence over cost as one of the primary drivers for the locational strategy of global business service and outsourcing finance operations in the future, as well as significantly altering the demographic profile across global finance functions.
Additionally, the report found that traditional finance career hierarchies could be disrupted as the hunt for the next generation of finance leaders changes course in the wake of the changing face of global finance operations.
There could, however, be a downside to the emergence of these finance epicentres. The report points out that other cities aspiring to build a reputation as good locations in which to base transactional finance processes, because of the numbers of local graduates, may find it difficult to compete with the market leaders.
In a second report, Talent and Capability in Global Finance Functions, ACCA considers what leading global organisations are currently doing to develop talent management across their organisations.
ACCA Talent Benchmarking Tool
ACCA has developed a Talent Benchmarking Tool which can be used to assess current talent practices in finance functions that operate shared service operations. The tool uses the results from the ACCA 2012 study, Talent Management in a Shared Services World, as the benchmarked data.