Recruiting firm Navigos Group and the Associations of Chartered Certified Accountants (ACCA) Tuesday held a seminar discussing strategies for business growth in Melia Hotel, Hanoi.
The event, joined by 200 CEOs, CFOs, human resource managers from domestic and multinational companies and guest speakers from ANZ, Aon, Ford Vietnam and the hosts, focuses on the importance of qualified accounting/finance professionals to an organization’s financial management, and the greater strategic role being assumed by accounting/finance professionals.
According to recent research carried out by Navigos Group, accounting/finance ranked third amongst the top five functions with the highest demand for executive positions during the first three quarters of 2010.
Of the total demand for accounting/finance manpower, 25 percent was for finance managers and directors, 4 percent for finance controllers and demand for chief accountants and accountants was a substantial 38 percent and 33 percent respectively.
When segmented by industry requirements, the research revealed that demand for accounting/finance manpower was highest in the banking/finance sector at 46 percent, followed by 32 percent in trading/services and 22 percent in manufacturing/engineering/construction.
“The most recent monetary downturn was witness to the growing influence and control that CFOs and finance leaders have in guiding businesses through troubled times,” Nguyen Thi Van Anh, Managing Director of Navigos Group, said.
“No longer just bookkeepers for their firms, accounting and finance professionals are regarded as business partners, skilled in areas of divesting and restructuring businesses, developing financial models and analyzing financial forecasts, as well as developing back office transaction processes that support cash flow and drive efficiencies in so many areas,” she added.
“Changes in the roles of professional accountants and the finance function itself are partly a consequence of the downturn, and partly an outcome of a growing recognition of the value that the finance function and professional accountants can add to an organization,” Le Thi Hong Len, Country Manager of ACCA Vietnam, said.
ACCA found in its March survey in 105 countries that nearly 70 percent of respondents considered it very important for organizations to have a formal program to develop the best financial talent and 75 percent suggested that talent management was an important component in addressing financial skills shortages prevalent in many organizations.
The ACCA survey also indicated that 76 percent of respondents believed the primary objective of a talent management program is to retain key staff, while 60 percent felt another important objective is to attract and recruit candidates with promising potential.
“Since late 2008, the recession has provided the finance function with an unparalleled opportunity to shape and influence business. However, this opportunity can only be grasped if organizations and finance leaders invest in the skills and capabilities required to develop, manage and protect the integrity of these vital functions,” Reza Ali, Head of Business Development, Emerging Markets, Asia, said.
“Talent management practices for finance professionals need further development and must include elements for talent identification, development, deployment and retention,” he added.
In a related survey conducted by Navigos Group in September 2010, 41 percent of the more than 3,000 polled said that a poor work environment is the number one reason why employees leave a company. Unprofessional line-managers and inadequate remuneration packages were the following reasons with 37 percent and 22 percent, respectively.
Conversely, another Navigos Group survey revealed that 48 percent of respondents ranked development opportunities as the most important criteria for accepting a job offer and employer brand was regarded as the second most determining factor with 30 percent of the vote.
The combined results of these surveys point towards a strong confidence in the ability of a talent management program to contribute significantly to long term organizational growth and development.
Consensus amongst many in attendance is that the seminar provided an excellent opportunity for panelists and members of the audience to exchange information, ideas, and experiences across a broad spectrum of industries.
So, each must determine the role accounting/finance talent will play in their organization and how best to implement a talent management program that will enable them to find the right fit, as well as develop and retain the talent that will consistently contribute to organizational objectives.
A second seminar on the same topic, “Accounting/Finance Talent in 2010 – the Foundation for Growth”, will be held Thursday at the New World Hotel in Ho Chi Minh City with the participation of more than 200 client guests.
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