New strategies to attract and keep your finance talent

October 6, 2022 | 3 minute read
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By: Dennis Villahermosa, Stacey Gaasch, and Tansy Brook, Oracle

The abrupt shift to remote work rattled many businesses during the pandemic—and hit finance departments especially hard. For a group used to working together as a team in a physical office on time-consuming, manual processes, the prolonged virtual office environment and a blazing fast shift to remote system access disrupted their historical norm of where and how they worked.

As finance teams adjusted, it became clear that technology had changed the game—especially for those that moved at lightning speed to adopt cloud solutions. Distributed teams can now communicate and collaborate virtually, regardless of their work schedule or physical location. Formerly time-consuming manual processes are increasingly handled by machine learning, AI, and robotic process automation. This approach gives employees the time to focus on helping the business make decisions that grow the company.

This evolution of the role of finance makes it a much more interesting and satisfying department in which to work.

Keeping these newly energized employees

To keep these newly energized employees satisfied, employers need to acknowledge the shift in employee mindset about work and what benefits are now most important to them:

  • Flexible schedules with remote options to allow a better work/life balance.
  • Meaningful work and connections with their employers, especially their direct managers.
  • Career development tools and training for success today and tomorrow.

As Generation Z (age 25 and younger) and Millennials (ages 26 to 41) enter and move through the workforce, it’s important to understand the unique priorities and sensibilities that define their generations:

  • They want to find purpose and meaning within their work to forge a genuine connection to their organization and its overall business goals.
  • They seek employers who are responsible corporate citizens, especially in their diversity, inclusion, and sustainability goals and actions.
  • They want to develop their careers from day one on the job. They crave continuous learning and want a dynamic position with exposure to many different tasks.
  • As digital natives, they embrace technology and have consumer-level expectations for the technology in their workplace. They demand easy and intuitive tools and want to spend their time applying those tools, not learning how to use them.

Taking the mundane out of finance

Oracle Cloud ERP, with built-in AI and machine learning, helps take the mundane out of finance, making it easier to attract and retain finance professionals, especially Generation Z and Millennials. This solution suite gives your team more time for strategic work by automating the most time-consuming, monotonous business processes. With AI, up to 96% of financial transactions can be automated. The suite delivers advanced analytics to respond to market shifts in real-time, and automatic updates to stay current and gain a competitive advantage.

Oracle Cloud ERP applies machine learning to predictive planning and forecasting; you can utilize broader data sets, reveal hidden bias, uncover significant deviations, and speed up your overall response time. Oracle’s AI-powered digital assistant simplifies and streamlines common tasks.

Reimagining and strengthening the employee experience

The newly released Oracle ME (my experience) platform, a part of Oracle Fusion Cloud Human Capital Management (HCM), helps companies give employees of all ages a positive experience with every interaction, leading to higher productivity and better employee retention. Some of the capabilities within Oracle ME that help finance teams address key priorities among their staff include:

  • A robust communication solution for HR that is personalized and targeted so that employees receive the emails and notifications that are most relevant to them.
  • An engagement module between employees and their managers allowing simple, more frequent communication—with prompts to take specific action if advisable.
  • A connection hub where employees can network within their organization and an internal job board to explore opportunities for advancement.
  • A guidance module for life events, including requesting time off, changing beneficiaries, or navigating the process of getting married.
  • Oracle Digital Assistant, a conversational voice- and AI-based chatbot that helps workers get answers, complete workflows and approvals.

One cloud for finance and HR

Best of all, Oracle provides a unified solution for finance and HR. Oracle Cloud HCM and ERP share a common data model and employee record, making it much easier to manage hiring, training, promotions, and key skills, such as Certified Public Accountant (CPA) designations. It improves the front-line employee experience and gives managers staffing visibility and insight across their operations. The result is improved finance operations, higher retention, and better employee satisfaction.

Learn more about how Oracle ME can help your organization thrive in a staffing-challenged world.

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