How are North American CFOs dealing with the growing talent shortage

North American CFOs are increasingly grappling with a shortage of skilled finance talent, a challenge that has intensified as both experienced professionals retire and fewer graduates enter the accounting profession.

According to the latest survey from Deloitte, finance chiefs are confronting significant hurdles in building teams capable of meeting the growing demands of their departments while navigating economic uncertainty and increasing workload pressures.

The first-quarter 2025 North American CFO Signals survey, which polled 200 CFOs from organizations with at least $1 billion in revenue, highlighted that 50% of CFOs identified employee engagement as a key challenge.

Additionally, 45% cited the lack of skilled talent as one of the primary workforce issues affecting their departments.

This talent gap is not just a short-term concern but a growing issue that many CFOs believe will intensify in the coming years.

Deloitte points to aging professionals and declining interest in accounting degrees as contributing factors. In fact, CFOs are not only concerned about finding qualified individuals but also about keeping existing staff motivated and engaged.

The Growing Burden of Workload

For many finance teams, the workload continues to increase as the global economic environment remains uncertain.

The survey found that 44% of CFOs cited increased workload for existing employees as the top consequence of the talent shortage. This problem is compounded by concerns over the loss of credibility with investors and erosion of board confidence in financial departments.

Such concerns have prompted finance leaders to take a more proactive approach to talent acquisition, but not without challenges.

CFOs have noticed a reluctance among employees to embrace new technology, with 48% of respondents pointing to staff resistance to technology adoption as another major issue.

As finance departments look to digital tools to streamline operations, this resistance poses a significant barrier to improving efficiency.

Leveraging AI to Bridge the Talent Gap

One of the primary solutions identified by CFOs is artificial intelligence (AI), with 79% of respondents saying they are likely to use generative AI in the next 24 months to fill the skills gap.

AI tools, particularly agentic AI, are being viewed as a potential solution to automate tasks that are currently consuming valuable employee time, such as data entry, reporting, and predictive analytics.

By automating lower-value tasks, finance teams can free up employees to focus on more strategic activities, improving overall efficiency and allowing teams to handle an increased workload despite the talent shortage.

An Expanding Role for CFOs in Recruitment

In light of these challenges, CFOs are taking a more hands-on approach to recruitment.

The survey revealed that 34% of finance leaders are directly involved in the hiring process to ensure that they attract the right candidates for their departments.

This is indicative of the growing importance of CFOs in shaping their departments not just from a financial standpoint but also as strategic human resources managers.

In addition to external recruitment, companies are increasingly looking to internal talent from other functions to fill gaps.

35% of CFOs in the survey said they are bringing in employees from other functions within the organization to fill finance roles, reflecting the shift in skillset now required for finance professionals.

A Competitive Job Market

In today’s competitive job market, CFOs are also focusing more on benefits packages to attract and retain talent.

According to the survey, 44% of CFOs believe retirement plans are the most important benefit for prospective hires, while 42% pointed to life insurance and health insurance as key offerings.

However, CFOs also face increasing pressure to manage employee costs. In a Q4 2024 survey, nearly half of CFOs indicated that their organizations planned to adjust benefits packages or shift some of the associated costs to employees in 2025.

A Long Road Ahead

While CFOs are taking steps to address the talent shortage, employee engagement and retention will continue to be significant challenges.

The growing need for finance professionals with advanced technical skills combined with a shrinking talent pool suggests that this issue may persist for years to come.

The growing reliance on technology and AI in finance departments offers a potential solution to fill some gaps, but it is clear that CFOs will need to balance the technological transformation of their departments with continued efforts to recruit, engage, and retain the best talent.

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