A specialist recruitment agency has polled Australian CFOs about the key drivers for success within business finance teams, with three key factors emerging at the top of the list.
Of the 160 CFOs surveyed, 63 per cent cited team structure and data systems/technical infrastructure respectively, as two of their top three drivers of success in the finance function.
Having employees with the right skills was the next most important factor, with 56 per cent selecting this option.
“The best results for any business start with having the right team. Not only do staff need to work well and efficiently together, they also need the right skills to be able to add significant value to the business,” said Andrew Morris, director at Robert Half Australia.
“In order for their teams to function at peak levels, companies need to review their hiring and retention policies in order to attract and retain top performers, and invest in adequate compensation and ongoing training for existing finance teams.”
Mr Morris also gave insight into why technology is so vital for finance teams.
“Aside from having the right people, businesses need in-depth insight into their market and customer base in order to get ahead of their competitors,” he said.
“The most effective way to gain this insight and leverage advanced technology is through big data and data analytics, and the best way businesses can utilise this is through hiring people with the right skills. It all starts with the right staff.”
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