Organizations that have embraced EPM stand a much better chance of attracting and holding onto top fintech talent than do organizations that have not embraced EPM.
Where would you rather work — in an organization where you have the opportunity to use modern tools, where you have direct visibility and impact on enterprise performance, and where you spend your day focused on strategic issues — or where your tools show their age and your work is mundane?
For most fintech professionals the answer is obvious. And that answer is one reason why EPM is a great weapon in the rapidly escalating fintech talent war. The other reason is that EPM is labor saving technology, which means you can better leverage the fintech talent you already have. So you may actually recruit less — even if you recruit differently.
The Talent War
If you are responsible for finding fintech talent then you already know that recruiting and retaining the best and the brightest has become a real battle — one you fight every day. And you are not alone. A survey of 900 fintech professionals and employers, conducted by Hayes Financial Markets, a UK fintech recruiting consultancy, found that 61% faced a “moderate to severe skills shortage” in 2017. Fintech’s talent shortage plays into a much bigger one as organizations continue to grow ever more complex. As CFO Magazine reports, the worldwide skills gap will reach 3% of the workforce in 2020 and 11% in 2030, resulting that year in $1,7 trillion of unrealized revenue in the U.S. alone. Even in 2017, CFO says, U.S. job vacancies hit a record 6 million per month.
The upshot is that, when it comes to skills in general and fintech skills especially, companies will increasingly have to hire “up market.” They’ll have to pay more for highly specialized skills that are hard to find and in high demand as they look to leverage automation, scale, and — above all — agility. But unless they want this war to always be a bidding war, the difference maker can’t just be money. The work environment and content must also be competitive. That’s where EPM comes in.
A Fintech Talent Magnet
The decision about whether or when to adopt EPM is not just about the software’s capabilities and its impact on the organization. It’s also about the capabilities of the people who use the software and their impact. Fintech professionals who use EPM effectively can do so because they bring a number of key strengths. Some examples:
- They communicate well with both the tech side and the business side
- They build connections (both human and automated) across business silos
- They are effective at identifying key operational data driving financial results
- They’re good at presenting data for rapid, sound decision-making
- They are skilled at streamlining financial operations (e.g., financial close)
- They drill down on stakeholder requests to understand the real issues involved
- They’re exceptional at building self-service tools for stakeholder empowerment
That’s not to say that all financial accounting professionals lacked these skills before EPM came on the scene, but such skills may not have always been as critical. With EPM they are. Furthermore, the professionals who do have these skills have worked hard to acquire them; they derive satisfaction from using them; and they are highly motivated to seek out positions where their skills are appreciated. And because they do have these skills, they also understand the organizational leverage that comes with them. So they are not just looking for interesting and creative work; they are also looking for ways to use that newfound leverage — as in a bigger role in the company.
In other words, when these scarce, highly skilled professionals look at you as a prospective employer they also look to see if you’ve got EPM — or, if not, whether you would invite them in to help deploy EPM. In fact, given the efficiency of today’s talent social networks, it is very likely that someone you might want to hire already knows whether you might be someone for whom they might want to work. They’re probably not looking in the help wanted ads for their next job. But they are looking for someplace where their skills will make a difference. And in corporate fintech, that’s at an EPM leader.
Where to Start
If your company is not a fintech talent magnet yet, the fastest way to become one is to work with a partner that is. They’ll put the technology in place, of course, but more importantly they’ll walk you through the business part of the EPM transformation — like building stakeholder self-service tools, streamlining financial processes, bridging business silos, and all the other things you’d expect from skilled fintech professionals. Then you’ll look like an EPM leader to job candidates because you are one.