Digital talent in the finance function is in high demand and hard to retain, so CFOs must build a strong sense of belonging for these associates or risk losing them, according to Gartner, Inc. Digital talent has very distinct priorities from core finance talent, and often feels alienated and is therefore more likely to be looking for other roles as a result.
Gartner defines digital talent as the individuals with the experiences and competencies required to drive digital finance transformation and operate in a digital environment. This group generally includes dedicated systems and technology specialists, as well as analysts who modify or adapt existing digital capabilities to enhance their own work or the work of their immediate team.
“Finance functions can ill afford high rates of attrition in their digital talent, especially while many are on a journey towards autonomous finance,” said Marco Steecker, director, research in the Gartner Finance practice. “Understanding that digital talent has different motivators will help finance leaders to reduce churn.”
Talent is the top challenge facing CFOs through 2023. However, despite acknowledgement of the challenge at the highest levels in the finance function, attrition of digital talent in finance is high. Finance leaders typically try to address this by providing employees with the authority, confidence, and resources for digital finance talent to overcome their frustrations, an approach Gartner describes as “empowerment.”
Yet a May 2022 survey of 202 digital finance staff suggests that an empowerment strategy only goes so far, and leaders should also be thinking about how to create a sense of belonging among their digital workers (see Figure 1).