Unlocking the Power of Talent Management: How BlackLine Technology Transforms F&A Teams

In today's dynamic business landscape, the search to recruit and retain top finance and accounting talent is more critical than ever. The aftermath of the pandemic triggered "The Great Resignation," resulting in unprecedented turnover rates across industries over the past few years, and businesses continue to feel the effects. According to a recent study held by Avalara, more than 80% of CFOs in the US and UK are currently dealing with a notable shortage of F&A talent.

As finance organizations learn to grapple with this crisis, they must reassess their recruitment and retention strategies to stay competitive. At the heart of this challenge lies the need for F&A teams to operate efficiently, collaboratively, and strategically.

The role of finance and accounting professionals has evolved significantly over the past decade. Rapid technological advancements, shifting regulatory landscapes, and changing business models have reshaped the expectations placed on F&A teams. 

Today, these professionals are expected to be more than number crunchers; instead, they need to be strategic partners driving organizational growth and resilience.

However, attracting and retaining top talent in this evolving landscape presents a unique set of challenges that F&A teams have never seen before. Traditional skill sets are no longer sufficient; employers seek candidates with a broader range of capabilities, including strategic thinking, analytical skills, and technological proficiency. In fact, 9 in 10 CFOs say that organizations will need to recruit from a more diverse talent pool to find the next generation of finance leaders.

In line with this new set of skills expected of F&A talent, many of today’s job seekers are looking for upskilling opportunities. In fact, a recent survey shows that over 80% of workers say that it’s important for a company to offer training programs to keep them upskilled for the future.

Additionally, the rise of accounting automation threatens to render mundane, repetitive tasks obsolete, prompting professionals to upgrade their skill sets or risk being left behind.

Effective talent management is critical for maintaining employee satisfaction, driving organizational growth, and minimizing turnover costs. Studies have shown that satisfied employees are more likely to stay with their current employers, leading to improved company culture, customer experience, financial performance, and an overall positive brand reputation.

At the same time, high turnover rates can result in significant costs in terms of recruitment expenses, lost productivity, and company morale. For instance, according to a survey held by the Center for American Progress, turnover costs can range from 16% to 213% of an employee’s salary, highlighting the financial impact of talent churn.

According to the Wall Street Journal, over 300,000 accountants quit their jobs between 2019 and 2021—can you imagine how expensive that was for employers?

At the same time, a recent study by Deloitte shows that 77% of professionals have experienced burnout at their current job, underscoring the importance of prioritizing employee well-being in talent management strategies.

If an F&A team has a high-level of turnover, this leaves the rest of the team to pick up the slack when an employee parts ways – this additional workload is a huge contributor to employee burnout and negatively impacts company morale.

According to RSM, 68% of leaders plan to increase compensation in the next six months. While compensation is crucial for recruitment and retention, it's not sufficient on its own. Accountants are no longer interested in being bogged down with busy work. They prefer working with best-in-class solutions and software that leverage automation, reducing the time spent on manual processes like spreadsheets. This manual work is time-consuming and costly and negatively impacts team morale because it prevents them from focusing on strategic tasks.

Amidst these challenges, technology emerges as the most powerful enabler of talent management. 92% of CFOs agree that AI tools will drive efficiency, productivity, and growth - automation, digital transformation, and cloud solutions offer these organizations the tools they need to attract, retain, and empower their top F&A talent.

Technology allows F&A professionals to focus on higher-value activities and strategic initiatives by streamlining manual workflows, reducing mundane tasks, and enabling remote work capabilities.

Unfortunately, as the F&A landscape continues to shift, nearly 65% of CFOs are not confident that they have the talent mix to meet business objectives. BlackLine, a leader in finance automation solutions, offers a comprehensive suite of tools designed to elevate F&A teams.

By automating repetitive tasks, optimizing workflows, and enabling remote work, BlackLine empowers organizations to enhance employee satisfaction, optimize talent capacity, and drive strategic growth. With BlackLine, F&A teams can confidently unlock their full potential and navigate the challenges of talent management. 

BlackLine's modern accounting solutions record, analyze, and learn from your data to instantly handle mundane accounting work so your talent is free to focus on exceptions. In fact, 85% of surveyed CFOs said gathering and analyzing data is the surest road to profitable growth.

Talent management is a critical aspect of modern business strategy, particularly for F&A teams. By leveraging technology and adopting innovative approaches to recruitment and retention, organizations can overcome the challenges posed by the current talent landscape and position themselves for long-term success. With BlackLine as a trusted partner, F&A teams can navigate these challenges with confidence and drive value for their organizations.