dierent experiences and attitudes to the work-orce (see gure 1). And at a time when criticalskill sets are increasingly dicult to secure andretain, nance leaders should have a clear view o how to attract, develop, and retain peopleo diverse backgrounds and generations andevolve their talent practices to engage thesedierent generations.
Finance by the generation
Despite the current unemployment rate,demand or critical nance skills continuesto outstrip supply. In Deloitte LLP’s Q1 2011
survey, CFOs noted that while 43percent are actively recruiting new talent, 37percent can’t nd the right people or the jobs.
Moreover, given the increased demands onnance, many CFOs are nding their currentsta skills lacking. In act, in the Q4 2011
survey, 75 percent o CFOs said they needed stronger analytical skills on their stas,60 percent needed better political acumen,and almost hal required acilitation skills andmacroeconomic knowledge.
Tose statistics cross generations, and well-documented labor demographic trends pointto even urther complications. According tothe US Bureau o Labor Statistics, or example,the number o younger workers has droppedalmost 7 percent since 2000, and the num-ber o workers 45 or older has increased 28percent.
And since the recession in 2007, theage group that continues to grow rapidly is theover-55 crowd.
Tis aging o the skilled workorce and theshrinking o the skilled younger workorce,along with educational participation and skillsdevelopment patterns, are creating challengesor developing eective nance-talent strate-gies. One major consideration or CFOs is thepotential knowledge drain in important areassuch as treasury, tax, and compliance as theBaby Boomers retire. At the same time, nanceaces the more immediate need o developingspecic talent, retaining high-perorming tal-ent (particularly among younger generations),and lling skill gaps in order to create a con-tinuous leadership pipeline.Te challenges are complicated by the di-ering values and styles o each generation:
Generation Y (Millennials)
—Representingsome 25 percent o the US workorce, thisyounger generation (born 1982–2005)
isanticipated to revolutionize the nance work-place due to its members’ innovative thinkingand demand or technology-centric servicedelivery.
Creating a strategy to eectively engage these ardent multitaskers, who demandexibility and require meaningul work, will beimportant to nance organizations looking toharness their innovative thinking and innateuse o technology to drive problem solving.
—Tis group (born 1961–1981) represents the next nance leadershipcommunity.
Skeptical and pragmatic, mem-bers o Generation X are also looking or astructure that aords them career-lie t andlearning opportunities that lead to personalulllment and a broader skill set. Financeorganizations may need to determine that
Graphic: Deloitte University Press | DUPress.com
Figure 1. The workforce comprises fourgenerations with distinct work styles
Generation Y/Millennials (1982–2005)
Generation X (1961–1981)
Baby boomers (1943–1960)
Leading the multigenerational fnance department