Dan Drees, Chief Growth Officer, AvidXchange.
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It’s no secret that talent acquisition has been a significant obstacle for businesses. Recent data from Deloitte reveals that 82% of hiring managers at public companies feel that seeking accounting and financial talent is a significant challenge, and as a result, they are expecting to work harder in the next year to attract and retain these employees.
With an uphill battle looming, businesses need to enhance their hiring and retention strategies and are realizing that digital transformation might be the key to their success. Technology, namely automation powered by artificial intelligence and machine learning, can take the drudgery out of finance work and make it more meaningful and attractive for both current and prospective employees.
The finance department, notorious for its antiquated, paper-based processes, is especially ripe for change and modernization as younger staff begin to fill leadership roles and corner offices. And who better to lead the charge toward digital transformation than digital natives?
Here’s a closer look at what makes the millennial generation well-suited for the job of leading digital transformation in finance and how they can help with hiring, creating a more efficient finance department and extending benefits throughout the entire organization.
Why Millennials Are Well-Suited To Lead Digital Transformation Initiatives
Now roughly 26 to 41 years old, millennials are well-versed in technology and often expect nothing less in their personal and professional lives. As the first generation to grow up with the internet, their lifelong experience with technology and the perspective it provides can create a powerful voice for embracing innovation.
In addition to their tech savviness, this generation has experienced economic adversity, including both the Great Recession and now the “Great Resignation,” and has witnessed what it takes for a company to get ahead and to earn employees’ loyalty.
Recently dubbed the “Burnout Generation” by culture writer Anne Helen Petersen, millennials have been picking up the slack in under-staffed departments and taking on more work to help their firms recover from disruption and keep up with growth. This younger generation has had a front-row seat in watching staff leave for seemingly greener pastures while others slog through outdated processes and suffer significant work/life imbalances to keep the corporate ship sailing. They recognize the need for change.
According to McKinsey, they are also itching for opportunities for advancement and looking to find meaning and purpose in their work.
Elevating The Role Of Finance Teams From Transactional To Strategic
Modernizing the finance department with automation is something millennials can stand behind, as it promises to eliminate mundane processes like invoice processing and bill pay and frees professionals for more strategic work. Instead of the drudgery of paper-based, manually-intensive projects, finance professionals can become advisors.
Technology like automated back-office software gives them easy access to historical data and insights, empowering them to guide important decision making within their organizations. Armed with newfound visibility and knowledge, they can, for instance, recognize new opportunities, foresee problems and even better predict the market.
This is far more attractive for current staff and a powerful incentive for new hires. According to RSM, finance leaders are automating their departments faster than ever as they recognize the power it has to combat the growing talent shortage. In return for automating, they are reaping a host of benefits for their staff and their organizations—everything from increased job satisfaction to greater productivity and more.
Automation also works to widen the talent pool by enabling a popular perk: remote work. According to McKinsey’s American Opportunity Survey, since getting a taste of working remotely during the early days of the pandemic, most workers still want, and even expect, the option and rank a flexible work arrangement among their top three reasons for taking a new job. Automated technologies can empower finance departments to give their teams the flexibility they are after, providing cloud-based technology for important tasks rather than tethering employees to office printers and mail rooms.
Fortifying The Finance Department Benefits The Entire Organization
By 2030, Korn Ferry estimates that the global talent shortage could reach 85.2 million people, resulting in the loss of trillions of dollars for companies. The firm predicts that knowledge-intensive industries such as finance will be among the most affected. Companies can’t afford to take a wait-and-see attitude and hope they have what it takes to attract the people they need to run and grow their businesses.
By embracing automation and leaning on the generation poised to take the helm, they can provide their employees with more satisfying work and reap immediate benefits, including not just stronger retention but also increased productivity and strategic value-add. While their present-day business benefits from the investment, their future will be thankful for the foresight, stronger and better prepared to continually attract the talent it needs to move ahead.
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