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Survey reveals CFOs concerned about skills shortages following CSR

According to our November 2010 survey of over 100 public sector Chief Financial Officers (CFOs), a lack of the right skills remains an issue for public sector organisations, with 43% of public sector CFOs saying they will need particular skills in the organisation to support transformation; a fifth (21%) expect to see skills shortages as a result of the cuts.

Donna Clarke, Director of Hays Senior Finance says: “CFOs acknowledge the need to recruit and retain employees with the right skill sets to get them through these trying times. Many financial leaders believe their organisations will face major challenges following the CSR and they believe changes to benefits packages, such as pensions, will increase the loss of talented professionals.”

Almost a fifth (18%) of CFOs working in the public sector believe the impact of the Comprehensive Spending Review (CSR) will be greater than expected. Donna Clarke says: “Keeping staff engaged and motivated at a time when there is uncertainty will be crucial in achieving required savings, whilst improving services. Many CFOs have already taken positive steps to improve morale by communicating to employees about changes, ensuring the top team is visible and regularly engaging with individuals across the organisation to ensure they understand reasons for change and asking for input from them where appropriate.”

Financial leaders in the public sector say they will continue to face big challenges with regards to workforce planning over the next financial year, despite most of them being proactive and changing their workforce strategy ahead of the anticipated cuts. The greatest challenges anticipated over the next financial year include increased service demand (34%) and restructuring (31%).

Donna adds: “Public sector financial leaders have a critical role to play in making sure their organisations are successful and achieve the required budget cuts but also in terms of implementing new ways of working, in order to achieve a more prosperous and sustainable future.”

To find out more about how Hays can help in your career planning or your workforce development plans, contact or call 020 7520 5990.  Alternatively, continue your search for public sector finance jobs.