External market forces have compelled businesses to re-evaluate their
strategies, striving for heightened operational efficiency and innovative
approaches. This shift in focus has spurred a notable rise in Finance
Transformation programmes, seeking specialised talent to spearhead the
modernisation of processes and systems.
Conversations with C-Suite executives and business leaders reveal a
strategic pivot beyond mere cost-saving endeavors. To stay competitive,
organisations are now directing their attention toward the fundamental
transformation of processes and systems, with a forward-looking perspective.
An integral part of this paradigm shift includes the adoption of purpose-built ERPs and EPMs, replacing outdated systems to bolster business growth. As we navigate through 2024, the landscape will continue to evolve with a focus on sustainable transformations and technological advancements.
In this blog, I will pick out the most in-demand Finance Transformation skills and roles in 2024.
ERP Programme Leads
The perception
of Enterprise Resource Planning (ERP) has evolved beyond being a magical 'fix'
for organisational issues; instead, ERPs are now regarded as drivers for
automation, improvement, and centralisation across entities and divisions
grappling with complex processes and legacy systems.
The demand for
SAP S4 Hana specialists has surged as organisations embark on upgrading their
SAP systems from legacy versions. Additionally, there is a noticeable uptick in
the implementation of ERPs like NetSuite or D365, perceived as more scalable
and cost-effective solutions. However, some of these programmes faced delays
last year, a cost-saving measure that we anticipate will continue in 2024.
Sponsors
overseeing existing programmes are adopting a more discerning approach to
recruiting transformation expertise, often preferring to bring in Programme
Directors or ERP Implementation leaders on a permanent or fixed-term contract
basis. This choice is rooted in the belief that such arrangements foster a
stronger sense of belonging and help integrate ERP leaders into the business
for the long-term. While this aligns with sound cultural logic, it's crucial to
ensure that it doesn't compromise the individual's capacity to provide honest and
independent advice.
Despite this
trend, the talent pool still leans heavily towards day-rate contracts rather
than fixed-term or permanent roles, with ERP Programme Directors commanding
rates well over £1,000 plus per day. To attract and retain these professionals
on a permanent or fixed-term basis, companies must offer competitive salaries
and packages.
An advantage
of hiring a Programme Director with extensive interim experience is their
exposure to multiple assignments across diverse companies, cultures, and
technical landscapes. These seasoned professionals bring valuable insights that
help mitigate potential pitfalls and inform better decision-making.
Enterprise Performance Management (EPM) System Experts
Beyond ERP,
there has been notable growth in Enterprise Performance Management (EPM)
programmes in the past year. C-Suite Finance Executives are expressing a strong
inclination towards enhancing performance reporting to improve forecasting and
consolidations.
The pursuit of
refined Management Information (MI) and Business Intelligence (BI) remains a
persistent priority for finance leaders, aiming to elevate levels of insight
and contribute to well-informed decision-making. Consequently, there has been a
noticeable surge in the demand for Finance Transformation specialists
possessing analytical and business partnering skills, coupled with expertise in
EPM/MI reporting tools like Tagetik, OneStream, and Anaplan.
In the realm
of Financial Planning and Analysis (FP&A), programmes are becoming
increasingly prevalent among mid to large-scale businesses with international
or global implementations. This has led to a substantial demand for interim
specialists, particularly for projects spanning an 8 to 12-month duration.
Corporate Finance, M&A Experts, Project Managers of Acquisitions/Integrations/Transitions
Despite a
decrease in Private Equity (PE) acquisitions throughout 2023, there remains
strong demand for Finance Transformation specialists. Various sectors have
witnessed ongoing M&A activities as organisations actively pursue growth
through acquisitions.
Consequently,
there is a sustained need for expertise in due diligence, financial modeling,
and the post-merger integration of finance processes and systems.
Some PE firms
are restructuring their portfolios, leading to an increased demand for
individuals with experience in carve-outs and the extraction of finance systems
from the parent company.
With several
M&A activities slated for completion in 2024, we anticipate a pivotal role
for professionals with these specialised skills in the coming year.
Target Operating Model (TOM)
Irrespective
of industry sector or organisational size, the surge in remote working and
shifts in consumer behavior have compelled businesses to reassess their
strategy and operating models for survival, growth and success.
In many
instances, a shift in business strategy necessitates a corresponding adjustment
in the Target Operating Model (TOM), accompanied by Organisational Design and
Development (OD&D) initiatives to effectively implement that strategy.
From startups
to FTSE100s, organisations across the spectrum are actively seeking
efficiencies within their Finance functions. For larger enterprises, this often
entails centralising or the merging of Finance functions.
In 2023, a
significant number of organisations opted to defer their system-related
challenges, prioritising TOM design initiatives instead. The establishment of
new offshoring models to streamline costs across organisations has been a
prevalent trend.
Consequently,
there has been a noticeable rise in demand for TOM design professionals,
particularly those with experience in collaborating with large Business Process
Outsourcing (BPO) providers and overseeing the global transition of processes
and roles.
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Our Salary Guide
Finance Transformation candidates and the employers hiring them always ask for our advice when it comes to compensation. With deep specialism and market knowledge across different industry sectors, we are in a strong position to provide day-rate, FTC and permanent salary guidance, for different Finance Transformation roles, across the UK.
Download you copy of our salary guide and discover complete coverage of all the key job roles and rates, which you can use as a benchmarking tool to ensure you offer the right level of compensation to compete in the marketplace.
We look forward to continuing this conversation with you and supporting you with your professional career or hiring needs.