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A new report from ACCA and KPMG has stressed the importance of training, development and retention of the finance function to the success of an organisation, especially in the current economic climate.

The report, entitled Maximising People Power: Effective Talent Management in Finance, emphasises that securing the right talent is one of the biggest challenges faced by CFOs, adding that the finance function must now take the opportunity to make a difference to their organisations’ success - whether they are in the public or private sector, or a listed multinational or small and medium-sized enterprise.

"The next decade presents a critical opportunity for finance professionals to help create and sustain long term value for organisations," says Ian Lithgow, partner, KPMG. "But the challenge lies with employers to realise and leverage talent within their finance function."

Andrew Leck, head of ACCA UK, adds: "Last year, we found that only 20% of organisations had a talent strategy for their finance team. We found that most talent management strategies weren’t strategic at all - they were informal, sometimes run in isolation of other departments and not part of a wider integrated plan. This cannot continue."

The report says that the responsibility lies with CFOs to establish and maintain great talent practices. Any plans they may have for restructuring the finance function must include a talent management plan that addresses the skills, capabilities and experience levels that are needed.

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