The Deloitte scholarship fund.

• Position: The Researchforum

Deloitte's premier sponsorship of the FEI Hall of Fame 2007 included a donation to FERF's scholarship fund. The monies will be given to a top college or university to support a student enrolled in a program granting an undergraduate degree in the field of finance. This donation underscores Deloitte's commitment to the development of talent in the finance profession, an issue that emerged in a recent Deloitte research project on the top challenges CFOs are facing today. Below is an overview of key findings and conclusions from the study.

Help Wanted

"It's hard to find good help these days." While this may sound like a tired old cliche, it's a very real complaint from today's CFOs who are facing the headaches of a talent crunch. And, it's all too common. The job market for finance professionals is red-hot. Good people have more choices than ever, and that's not likely to change anytime soon. If anything, the finance job market will only become more competitive.

In a recent Deloitte/Economist Intelligence Unit survey, only one-third of respondents said their finance organization has a talent management strategy in place. (See "The Finance Talent Challenge: How Leading CFOs Are Taking Charge," Copyright 2007 Deloitte Touche Tohmatsu, in association with the Economist Intelligence Unit.)

It's imperative to have a talent strategy specific to the finance function. Truth of the matter is, an organization's ability to execute on its broader strategy and business goals is tightly linked to the quality of a firm's people.

The key distinction is about skills, potential and talent. It's not just about making room for more bodies in the budget. Talent management means thinking broadly about the types of people you need now, but also anticipating and planning for the right mix of talent that you will need over a three-to-five-year period. Clearly, talent management in the finance function requires serious thinking.

A good talent strategy begins with a close look at the most critical workforce segments. Everything can't be fixed overnight, so prioritization is important. For instance, financial planning and analysis (FP & A) is a good example.

Deloitte's research shows that within the finance function, FP & A is prime training ground for future CFOs. If there's a dearth of talent in this area, it might be time to take action. Remember--don't just think in terms of technical skills or the stewardship role. The best people also should bring business acumen...