CFOs reported use of freelance workers will skyrocket in the next few years, according to a recent Deloitte survey. Here's what the future of finance looks like.
CFOs predict that gig workers in the finance industry will increase 88% over the next three years, according to Deloitte's CFO Signals survey, released Thursday. During this time, he finance industry will also see a 66% rise in real or virtual shared services, said the report.
The CFO Signal survey has been conducted by Deloitte every quarter since 2010, said the report. Respondents included CFOs from US, Canada, and Mexico, most of whom came from companies with more than $1 billion in annual revenue.
SEE: Hiring kit: Business information analyst (Tech Pro Research)
The majority (63%) of CFOs expect a shift from accounting, reporting, and compliance workers to finance professionals more specialized in analysis, prediction, and decisions support, said the report. This shift towards outsourced, or gig, workers is an intentional decision amongst CFOs, especially those in the finance industry, to meet these new talent requirements.
Currently, CFOs reported that 11.5% of their workforce do not have the necessary skills for today's finance function, which will only increase with the talent shift. Along with analytical skills, technology and automation talent is also valued in the finance sector, specifically artificial intelligence (AI), blockchain, digital literacy, ERP work processes, and process automation, said the report.
The final major skills shift in finance will be towards business skills, added the report. Between business partnership and communication, and strategic thinking and decision-making, CFOs are looking for business talent to accompany tech talent.
Check out this TechRepublic article to learn more about how mobile, AI, and omnichannel tech will revolutionize banking in the future.
The big takeaways for tech leaders:
- CFOs predict gig workers will increase by 88% in the next three years, especially in the finance sector. — Deloitte, 2018
- The finance industry will see a shift in talent from accounting and reporting to analytics and automation. — Deloitte, 2018
- IT budgeting: How to do it right (free PDF) (TechRepublic)
- Australian finance sector not as keen on blockchain as hype suggests: Gartner (ZDNet)
- Digital transformation: An IT pro's guide (free PDF) (TechRepublic)
- Culture remains biggest barrier in APAC digital transformation (ZDNet)
- 4 ways finance leaders must change their thinking to embrace digital transformation (TechRepublic)