Finance professionals are at the centre of a critical shortage that's putting the squeeze on South Australia's finance sector. This isn't a new dilemma, PPS has observed this problem remain stagnant since the pandemic. The pressure is real, with vacancies for accountants soaring to almost three times the levels seen during June 2020's peak lockdown period.

The Reality of the Skills Gap

It's not just about filling jobs. The challenge goes deeper, affecting how finance teams operate. Today, many Senior Finance Professionals find it hard to get candidates with the right skills from the usual places. This issue goes beyond just knowing the numbers, it's about having the soft skills needed to be a real asset to their teams. Skills in understanding and managing relationships, making smart business moves, and being able to convince and guide others are in high demand.

Key Skills Lacking in Finance Teams

• Better stakeholder management skills.
• Commercial aptitude to navigate today's financial challenges.
• Persuasion and influencing skills to make an impact and drive change.

These figures not only show where the gaps are but also reflect the changing role of finance professionals, moving from number crunchers to strategic thinkers and leaders.

A Blueprint for CFOs

Addressing the skills gap requires a comprehensive approach, blending recruitment, development, and retention strategies. Here’s how we suggest CFOs and finance leaders navigate the candidate-short market.

1. Invest in Upskilling and Reskilling

As with most things, continuous learning is key. To bridge the skills gap, many CFOs prefer to upskill their current employees, valuing the benefits this approach brings. With maintaining company culture and lower risk involved being amongst the top reasons.

However, the other half are opting for external hiring. Mainly due to lack of skills in their current team, a desire for new insights, and time constraints with internal training.

To adapt and thrive, finance teams must focus on acquiring new skills that align with technological advancements and the strategic direction of the business. Encouraging staff to pursue further education and certifications, offering in-house training, and providing access to online learning platforms can significantly enhance both technical and soft skills, ensuring the team's growth and adaptability. Essentially, you’ll get the best of both worlds.

2. Build a Culture of Mentorship and Development

Mentorship programs can facilitate knowledge transfer and skill development within your organisation. Seasoned professionals can guide less experienced team members, to encourage a culture where learning and professional growth are valued and supported.

3. Embrace Flexible Work Arrangements

Flexibility can be a significant draw for most candidates. Offering remote work options, flexible hours, and a focus on work-life balance can make your organisation more attractive to skilled professionals seeking an accommodating and progressive workplace.

4. Leverage Technology and Data for Strategic Hiring

Platforms like LinkedIn and Seek offer insights into the availability of skills and candidate expectations. You can use this data to tailor your recruitment strategies to better attract the people your organisation needs.

5. Adopt a Generational-Inclusive Strategy

For a well-rounded finance function, it's important to embrace a generational-inclusive approach that caters to the varied needs and strengths of the workforce, from seasoned veterans to Gen Z newcomers.

For Mature Professionals: Research indicates that over 75% of mature professionals seek roles where they can mentor younger colleagues, highlighting the importance of knowledge transfer and legacy within the workplace. So, focus on those flexible work arrangements and valued mentorship roles that we spoke about earlier.

For Millennials and Gen Z: Focus on technology integration, career development opportunities, and alignment with ethical values. PPS has found that generally, younger professionals prioritise companies with strong sustainability and diversity commitments, underscoring the need for finance leaders to create an inclusive, progressive environment that supports learning and innovation.

By adopting strategies CFOs can enhance workforce cohesion, drive innovation, and secure a competitive edge in attracting and retaining professionals across all age groups.

6. Promote Diversity and Inclusion

Diverse teams bring a range of perspectives, ideas, and approaches to problem-solving. By broadening your recruitment efforts to include candidates from a variety of backgrounds, you can uncover untapped candidate pools and enhance your team's creativity and performance.

Looking Ahead

The skills gap in South Australia's finance market is undoubtedly a challenge, but it’s also an opportunity for CFOs and finance leaders to rethink how they attract, develop, and retain skilled professionals. By adopting a strategic approach that emphasises continuous learning, flexibility, and inclusivity, finance leaders can build teams that are not only equipped to navigate today's challenges but are also prepared to drive future growth and innovation.

In a market characterised by rapid change and increasing competition, the organisations that succeed will be those that view their workforce as an asset, investing in their development and leveraging their strengths to create a resilient, adaptable finance function.

Finance professionals are at the centre of a critical shortage that's putting the squeeze on South Australia's finance sector. This isn't a new dilemma, PPS has observed this problem remain stagnant since the pandemic. The pressure is real, with vacancies for accountants soaring to almost three times the levels seen during June 2020's peak lockdown period.