In the changing world of business today, the Chief Financial Officer (CFO) does much more than just handle finances and reports. These days they play a role in fostering growth through smart talent management. With companies looking to stay ahead and be innovative it’s up to CFOs to recruit, develop and keep teams that are not just experts in finance but also adaptable, to new tech trends and changing workplace demands.
This article delves into the elements of managing a workforce on a worldwide scale focusing specifically on the Nigerian business context. It discusses five topics, in detail;
·The influence of technological developments, on financial operations and human resources management.
·Competition for technology professionals on a worldwide stage.
·The importance of shared service centers in cutting costs, for efficiency purposes.
·The emergence of work models and the challenge of harmonizing flexibility with efficiency.
·Navigating the preferences of different generations, in the workforce.
This conversation presents tactics, for CFO roles seeking to evolve their financial operations into dynamic and successful units, and is based on findings from studies and real-world examples in the field of finance management and leadership roles in companies.
Embracing the technology trends, in the field of finance
The combination of automation and artificial intelligence (AI) with data analysis is transforming the finance sector significantly. CFOs are increasingly using these technologies to enhance productivity and streamline operations while also aiding in decision making.
According to surveys, the use of AI in finance has seen a notable uptick; a Gartner study revealed that 58 percent of finance teams now utilize AI applications—a substantial increase, from the previous year. This shift not only improves efficiency but also reshapes the skill sets needed in the field of finance.
The automation revolution is changing duties like handling invoices and data entry into more streamlined processes in finance departments. Todays CFOs are empowering their teams by eliminating manual tasks in order to concentrate on higher level activities such as analytical decision making and predictive modeling.
Also, considering the data focused world we live in today, CFOs must encourage a culture that values making decisions based on data. Cutting edge analytics and live dashboards offer teams the information needed to predict patterns and spot irregularities.
When using these resources effectively, CFOs are able to transform their teams from calculators into vital strategic allies who help achieve larger business goals.
With this changing landscape, the qualities expected in finance professionals are also changing accordingly. CFOs in particular now value individuals who’re adept at utilizing digital tools and can analyze data effectively to derive valuable insights.
To meet these evolving requirements, it is essential for finance professionals to prioritize learning and skill development, through various training opportunities such as formal certification programs or internal digital training platforms offered by organizations to stay competitive in the market.
Chief Financial Officers (CFO) in Nigeria, play a role as strategic decision makers in the global business arena and enhancing their skills is of utmost importance. One effective way to achieve this is by collaborating with academic institutions and utilizing online resources to develop a workforce that excels not only in traditional financial competencies but also, in cutting edge technologies.
In general, a finance team that is well versed in technologies tends to be more efficient and creative regardless of whether they work from Toronto or Lagos.
One important point to remember is that adopting technologies isn’t about replacing human involvement; it’s more about enhancing human abilities instead.
Through the incorporation of automation tools and data analysis, alongside AI, in operations, financial executives can reshape their finance departments into forward thinking and strategic units.
Navigating the competition, for skilled tech professionals
The rise of transformation worldwide has heightened the demand for skilled tech professionals in various industries like finance where there is a scarcity of talent available, in the market today.
Globally speaking there’s a trend showing a surge in the demand for digital skills compared to other job roles. A recent international survey predicted that the need for tech individuals would grow by 22% from 2020 to 2030 surpassing the growth rate of many traditional occupations. This pattern is also noticeable in Nigeria where the rise of fintech and rapid tech adoption has led to competition among skilled professionals.
Government efforts, such as the implementation of programs, like the 3 Million Technical Talent (3MTT) underscore the importance of nurturing tech talent. Nigeria is set to emerge as a center for digital innovation, with its young population and growing number of technology savvy graduates.
To attract tech professionals effectively, CFOs need to craft compensation plans that can compete at a worldwide level. This might involve incentive programs tied to performance, equity shares and extensive benefits that extend beyond pay.
For instance, a fintech company in Nigeria could provide its employees not just with a competitive salary, but also with chances for cross border cooperation and quick career advancement. It’s crucial to gauge against industry benchmarks, particularly vital when contending with multinational corporations that can present appealing packages to Nigerian workers operating from a distance.
Beyond the compensation package, top notch tech professionals are attracted to creative settings that nurture originality and foster innovation in the workplace setting. Finance executives ought to collaborate with both IT and HR departments to cultivate an environment that promotes experimentation and appreciates novel concepts, thereby attracting the very best of tech talent. Creating innovation hubs or specialized “centers of excellence” offers an approach for exploring fresh ideas and cutting edge technologies.
Additionally, teams that bring together expertise, from finance, technology and operations sectors have the potential to inspire problem solving methods enhancing efficiency and gaining a competitive edge. Offering salaries is important but providing access to cutting edge tools, modern work setups and a clear roadmap for digital transformation are also crucial.
When a finance department utilizes analytics cloud based platforms and automation technologies it communicates to tech savvy employees that there are opportunities for professional advancement and success, within the organisation
In the global tech talent competition arena today Nigerian CFOs need to take a rounded approach. They should provide pay packages focus on ongoing learning opportunities and create a culture that fosters innovation. By showcasing their companies as centers of evolution they can draw in tech experts not just locally but globally too.
Utilizing Regional Shared Service Centers to Enhance Cost Efficiency
In today’s interconnected world of business where cutting costs and improving efficiency are concerns, regional shared service centers have become a popular solution for streamlining finance operations. These centers bring together tasks, like accounting, reporting and compliance under one location, resulting in uniform processes and cost savings. According to a study conducted by APQC; finance departments that utilize shared services have the capability to automate 90 % of journal entries and substantially shorten the monthly closing period to as little as five days in some cases. These cost cutting benefits enable businesses to reallocate funds, towards strategic projects like nurturing talent and fostering innovation.
Many multinational companies worldwide have set up shared service centers (SSCs) in countries such as India and Southeast Asia for cost savings. Also in Africa, the West Africa region, particularly Nigeria, is stepping up as a viable choice for SSC locations due its vibrant population and a rising pool of skilled finance professionals making it an appealing hub for establishing efficient and affordable SSC operations by global companies. As Nigeria positions itself to become a hub for obtaining cost effective skilled talent, it creates a win-win situation for both the Nigerian company and economy as well as the foreign company and economy.
However this worldwide setting also brings about a level of complexity in compliance and risk management for companies CFOs to navigate. These financial leaders have to handle tax systems, multiple currency translation and numerous regulatory frameworks, sometimes necessitating the expertise of in house professionals or external consultants well versed in international accounting standards. On a level, CFOs serve as the organizations “ambassadors,” bringing together disparate teams spread across different locations. Regular virtual meetings, in person gatherings from time to time and a shared mission are crucial for fostering collaboration, among finance professionals operating in cultural backgrounds.
For businesses in Nigeria these developments present both obstacles and chances for advancement. Domestic companies must embrace top notch global standards to attract interest from international collaborators while Nigerian finance professionals now have more options to pursue remote or freelance positions with overseas companies. Engaging with the market is a mutually beneficial process that introduces fresh prospects, for expansion and cooperation.
For a company to effectively establish or leverage an SSC, it is crucial for the CFO to be seen treating SSCs as internal service entities, with defined service level agreements (SLAs) and performance metrics (or benchmarks). For instance, when processes are standardized across all sites, it guarantees efficient handling of every transaction. In addition, establishing governance structures can reduce the risks linked with outsourcing and centralization. Periodic reviews on reporting practices and ongoing enhancement efforts guarantee that Shared Service Centers (SSCs) can adapt and react promptly as business requirements shift.
The important point is that setting up Shared Service Centers (SSCs) in lower costs regions can help the company reduce costs and promote consistent and high quality financial management practices across different areas.
Creating Work Policies that Blend Flexibility and Efficiency
Work has greatly transformed over the past ten years due to various factors like technological advancements and a new perspective on work life balance post-covid. This transformation is leading to a global trend of hybrid work arrangements where employees divide their time between working remotely and in the office setting. For CFOs, the task at hand is to create work strategies that uphold efficiency while also allowing for adaptability and freedom, in the workplace. This trend also allows for access to talent worldwide, opening a wider pool of talents at every point in time. A recent study found that 61% of Chief Financial Officers (CFOs) are considering incorporating remote work arrangements for positions that can be done remotely. Cities such, as Lagos are experiencing the benefits of work models in enhancing the quality of life for employees faced with traffic and long commutes.
To make a hybrid model effective requires finding the right balance, between adaptability and responsibility. CFOs therefore need to collaborate with HR and IT to develop guidelines that enable employees to select their work locations while still ensuring measurable performance outcomes are met. This involves defining goals, scheduling regular updates and adopting tools for teamwork. Digital teamwork tools like cloud based ERP systems and video conferencing platforms play a role in boosting productivity levels for businesses today. Organizations that prioritize these technologies often find that employees working remotely can be just as effective, as those working in office settings when clear performance indicators are established.
Adopt a hybrid work approach however goes beyond technology and policies; it involves changing the company’s culture too. CFOs need to create an atmosphere centered on trust where focusing on results takes precedence over being physically present, in the office. Measuring productivity rather than hours worked can help nurture a performance oriented environment that prioritizes quality output.
Worth noting is that regular face to face meetings and team building events are also crucial in maintaining a connection, within a remote work setup despite its flexibility perks.
The main message is that hybrid work is not just a passing fad but a fundamental change in how businesses function long term. CFOs need to create guidelines that find a ground between flexibility and responsibility. For companies in Nigeria specifically this could involve cutting down on the costs of office spaces and tackling local issues, like traffic jams resulting in happier and more productive employees.
Navigating the preferences of generations, in the workforce
In todays business world finance departments are made up of people from age groups with different beliefs and goals in their careers. From the experienced Baby Boomers to the tech savvy Generation Z individuals, each need their own approach, tailored to their needs and preferences, in order to create strong and successful teams as desired by CFOs looking for a harmonious work environment.
Baby boomers frequently occupy ranking positions and are esteemed for their wealth of institutional knowledge and leadership background. They typically place importance on stability in employment prospects and formal acknowledgments along with perks. Chief Financial Officers can involve this demographic by proposing opportunities for mentoring engagements or gradual transitions into retirement or consulting roles that enable them to keep making contributions, towards the organizations long term objectives. In Nigeria specifically, where numerous experienced younger professionals are increasingly occupying senior positions, the inclusion of baby boomers as mentors can aid in safeguarding valuable historical knowledge while motivating newer colleagues.
Employees from Generation X are a part of numerous companies workforce structures as they are often recognized for their self reliance and desire for a healthy work life balance while also being adept with technology but leaning towards tried and tested solutions over new ones They value independence,performance evaluations that are transparent and seek out opportunities for advancing their professional skills To keep Generation X workers engaged and thriving in the workplace, CFO should concentrate on providing flexible work options, acknowledging accomplishments publicly, and outlining clear advancement paths. This approach is particularly important in dynamic markets like Nigeria’s to ensure that professionals, in the middle of their careers stay motivated and efficient.
Millennials currently make up a significant portion of the workforce and are recognized for their adeptness with technology and their quest for fulfilling work experiences. They place importance on having a sense of purpose in their roles, flexibility in work arrangements, ongoing chances to learn and grow. Companies aiming to appeal to and keep Millennials onboard should highlight their core values and societal contributions, provide transparent paths for career progression and equip them with cutting edge tech resources to enhance their productivity. Local companies in Nigeria can harness this energy by syncing their business approaches with community needs like inclusion and local development initiatives to attract millennials who are keen, on creating a positive influence.
As the latest addition to the workforce, the younger Generation Z employees offer new outlooks and a strong grasp of digital technology. They gravitate towards workplaces that promote learning opportunities, career advancement at a quick pace and a clear commitment to diversity and inclusivity. Generation Z is also recognized for their mindset—a quality that Nigerian companies can benefit from by fostering avenues, for creativity and internal entrepreneurship. Considering that numerous young professionals from Generation Z are motivated by a sense of purpose and the ability to have flexibility in their work environment financial officers should think about providing mentorship initiatives, innovation spaces and chances to collaborate across departments to give them exposure, to strategic decision making processes.
Managing a workforce with employees from different generations is most effectively tackled by implementing tactics that encourage teamwork and the exchange of knowledge among colleagues of varying age groups. One useful approach is to establish mentoring programs that facilitate communication and understanding between older and younger workers within the organization. For instance; seasoned Baby Boomers and Gen X employees can share their wealth of experience and insights with their counterparts.. Millennials and Gen Z workers can contribute by introducing technologies and modern digital processes to enhance workflow efficiency. Additionally, It would be beneficial for CFOs to offer benefits packages that cater to the specific preferences of each generation.. This could involve providing increased health coverage options, for employees or offering educational sponsorships tailored to the career development needs of younger professionals.
In summary
In conclusion, as the landscape of finance continues to evolve, CFOs must step beyond traditional boundaries to become proactive leaders in talent management and technological innovation. By leveraging cutting-edge technologies such as automation, AI, and advanced analytics, finance leaders can transform routine tasks into strategic initiatives, streamlining operations while empowering their teams with real-time insights. Embracing flexible work models and establishing regional shared service centers further enable organizations to enhance efficiency and attract a global pool of skilled professionals, all while adapting to the varied needs of a multi-generational workforce.
Looking ahead, the ability of CFOs to create dynamic, high-performing teams will be instrumental in driving sustainable growth and competitive advantage in an increasingly digital world. The future of finance lies in a balanced integration of technology and human expertise, where robust data-driven strategies meet innovative talent management. As organizations continue to navigate the challenges and opportunities of the 21st century, CFOs who can foster a culture of continuous learning and collaboration will not only secure the financial health of their companies but also set a new standard for excellence in leadership..
About the Author
Dayo Odunfa, ACCA, CPA, MBA is a visionary finance leader with over 14 years of progressive experience spanning finance, accounting, consulting, and strategic transformation—primarily within top-tier financial services institutions. In his current role, he drives global strategy and transformation initiatives, spearheading cross-functional programs that modernize finance operations, adopt cutting-edge technologies, and deliver measurable value. By fostering a culture of continuous innovation and collaboration, Dayo enables the finance function to serve as a catalyst for enterprise-wide growth.
Throughout his career, Dayo has championed large-scale organizational change, from implementing cloud-based financial planning platforms and streamlining IFRS reporting to leading high-profile cost-optimization efforts. He has successfully designed multi-year transformation roadmaps, established project management offices for CFO organizations, and navigated cross-border restructuring projects. A graduate of a leading MBA program and a Certified Public Accountant in both Canada and the UK, Dayo merges technical expertise, strategic insight, and strong stakeholder management to influence at all levels of the organization.
He is particularly passionate about harnessing Africa’s abundant potential, leveraging his global expertise to champion high-impact finance practices that foster sustainable development across the continent. Whether driving regulatory modernization or orchestrating technology integrations, Dayo merges strategic vision with a commitment to educating professionals—bridging local realities with global best practices and empowering diverse markets to innovate and thrive.
References:
1.Gartner Survey on AI Adoption in Finance – CFO Dive【cite】
2.APQC Benchmarks on Shared Services Automation – FutureCFO【cite】
3.PwC Survey on Remote Work Trends – Global CFO Survey【cite】
4.Horváth “War for Talent” White Paper – Talent Shortage Insights【cite】
5.ScottMadden Research on SSC Cost Efficiency【cite】
6.Google Africa Developer Report – African Tech Talent Trends【cite】
7.World Economic Forum/Statista – Nigeria’s Digital Skills Forecast【cite】
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