Why I'm a Finance Officer.

• Author: Morrill, Christopher P.
• Position: FROM THE CEO

Of all the challenges local governments face, none is more pressing, more significant, more disruptive, and more of a threat to long-term sustainability than the current workforce shortage. We've recognized the symptoms for years--an aging workforce, fewer college graduates looking for jobs in the public sector, and increased mobility among employees--but the Great Resignation has made the stress obvious. Governments are finding it extremely difficult to find candidates to fill openings.

In September 2021, the National Association of State Treasurers (NAST) released The Public Finance Workforce Study (available at nast.org/workforce). This research confirmed many of our assumptions about workforce demographics, demand for public finance officers, ongoing challenges related to public- versus private-sector opportunities, and the public sector's challenges in recruiting new talent. At GFOA, we plan to build on NAST's work, and to continue devoting resources to this critical issue.

Our current strategic framework identifies talent attraction, development, and retention as one of two major initiatives we will pursue over the next few years (along with increasing member engagement). GFOA will conduct a comprehensive review of the factors that contribute to our current workforce issues--and the issues we anticipate in the future. Is public service attractive to a younger workforce? Are compensation structures appropriate? Do staffing models fit the work that governments need? How can we make the best use of remote and hybrid offices? What skills are necessary in a modern finance office, and are colleges and universities adequately preparing the next generation of finance officers?

Overcoming this challenge won't be quick, and we don't expect an easy solution--but advancing excellence in public finance and building thriving communities rely on having the right resources. We must come together as a profession to make sure the next generation understands what a rewarding career public finance can be. We must also help our local governments by providing the best practices, tools, and strategies for recruiting, retaining, and developing our future leaders.

To get started, we're...