Stress in finance departments - relief through lateral hires
Stress and stress levels in the finance departments of Swiss companies are on the rise. This is shown by the 2017 labor market study by recruiter Robert Half. A key driver for the increasing demands on existing employees is the severe shortage of skilled workers in finance professions. Many CFOs want to remedy the situation by employing lateral hires. An efficient solution that offers convincing advantages.
There are many reasons for the increasing stress of the finance department workforce: The workload and responsibility of the finance department is growing. At the same time, however, the tools and work equipment available are not sufficient to cope with the challenges in the best possible way. Increasing competition and understaffing are also causing problems for finance employees.
"The shortage of skilled workers is having a negative impact on companies. A large proportion of Swiss companies have difficulty finding qualified candidates. Existing employees have to fill the gaps, which leads to high stress levels," explains Yeng Chow, Senior Manager at Robert Half in Zurich.
Career changers most welcome
The majority (77 %) of chief financial officers in Swiss companies describe recruiting finance professionals as challenging. For this reason, their willingness to recruit employees from outside their specialist field is now very high: Almost nine out of ten (89 %) CFOs are willing to fill vacancies in the finance department with lateral hires.
This can have great advantages for both sides: Employees in finance and accounting are in demand on the labor market and can look forward to attractive salaries, as the Salary overview from Robert Half shows.
But companies also benefit from hiring lateral hires in the finance department. This is because the increasing automation of tasks in finance and accounting is changing the demands on finance departments. According to CFOs, qualities are becoming increasingly important that until recently received little attention.
"Swiss CFOs are looking for IT skills, entrepreneurial thinking, flexibility and adaptability above all. They want employees with high problem-solving skills and communication skills who bring a strategic vision," says Yeng Chow. "Because important decisions will continue to be made by competent employees who have to argue convincingly."
Expectations for lateral entrants
Career changers bring different professional profiles to the finance department. This is not a problem for CFOs, who consider social skills to be more important than technical expertise in certain positions. Career changers can also score points with relevant industry experience if they lack financial expertise. In certain cases, CFOs even see the lack of financial experience as a clear advantage.
"In addition to IT specialists, entry into the finance department is an option for employees from the banking and insurance sectors, for example. Management consultants are in particular demand for management positions. In individual cases, however, other occupational fields are also possible - lawyers with professional experience can switch to the finance department as compliance managers, for example.", Chow said.
