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Accountants call for greater investment in talent management
Accountancy News |
03/09/2010
Businesses can no longer ignore the need for strong talent management programmes for their accountancy and finance professionals, according to a new report.
A study conducted by the Association of Chartered Certified Accountants (ACCA) indicates that while such initiatives are now more widespread, they tend to adopt an informal approach which leaves candidates underwhelmed and underprepared.
The report claimed that talent management programmes suffered as a result of the recession, with vital resources channeled into other areas.
But as recruitment was put on hold and investment in training reduced, the skills gap within the accountancy profession seemingly widened, ACCA said.
Survey respondents argued that, in recent times, there has been significant under-use of activities perceived to be most effective, with cheaper training alternatives being sought.
ACCA proposes that organisations may need to reconsider their current offerings, and possibly rebalance their talent investment considering a full range of options, including secondments and experiential learning.
The study also discovered that few programmes fully integrate talent identification, development, deployment and retention across the finance profession.
Commenting on the findings, report author Jamie Lyon suggested that a lack of forward planning has gone into talent management practices, and this cannot continue.
He commented: "Looking back over the past 18 months, there has been significant pressure on the cost base for most organisations and, as a consequence, investment in talent programmes has been affected."
My Lyon, senior manager at ACCA, said that many organisations are recognising that now is a critical time to begin reinvesting in the finance people that will add value to their companies in the future.
"Talent management programmes are more well-defined in larger organisations than they are in smaller ones, have broader coverage, and are generally perceived to be more successful by employees working in public practice, the corporate sector and in financial services," he stated.
"However, the principles of identifying, nurturing and trying to retain an organisation's best people now need to apply across the board."
Last month, another ACCA report indicated that young finance professionals are seeking increasingly aspirational and dynamic career paths, and demanding more assistance from their employers as they pursue their goals.
Posted by Jon Aspinell
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