Money limited in public sector, but talent war can still be won

• January 29 2020
• http://www.jamaicaobserver.com/business-observer/money-limited-in-public-sector-but-talent-war-can-still-be-won_185784

Accountants are among the world's most sought after professionals. In fact, accounting and finance ranks seventh on the list of roles that are hardest to fill globally, according to a survey by recruiter ManpowerGroup. Meanwhile, rapid societal and technological change is transforming both the employment landscape and what individuals expect from jobs, threatening to further exacerbate the talent shortage.

While that shortage is a headache for private sector employers looking to recruit skilled finance professionals, the problem can be even more acute in the public sector. In many parts of the world, public sector employers are simply unable to pay salaries that compete with those on offer in the private sector. What, then, can the public sector do to attract and retain the best finance talent?

UNMATCHED INFLUENCE

The fundamental strategy for a public sector employer must be to showcase how its finance professionals have a far-reaching social impact that cannot easily be replicated in the private sector. “The challenge you get in the public sector is to satisfy the demands of citizens with limited resources, because those demands affect people's health, lives and careers,” says Manenzhe Manenzhe FCCA, group CFO for the City of Johannesburg in South Africa. “You can see a bridge being built and you know you were part of it. You see a clinic where there was bush and people are [now] getting medication and primary health care, and you know you were part of it.”

Gary Kent FCCA, commissioner of corporate services and CFO at the City of Mississauga in Canada, says his role in shaping his community is an important driver for him. “The work of building a city is never done,” he points out. “Ideally, it's about layers of incremental improvement. How do you deliver affordable housing? How do you deliver transit? You can't do everything at the same time. Explaining the fiscal choices to the public, in language they can understand, is really rewarding.”

Finance professionals play a crucial role in delivering public services and ensuring that taxpayers' money is used effectively. They need to have the same analytical and strategic skills as their private sector peers. “You must be good with numbers and you must be able to understand the strategic alignments of budgets with the objectives of the institution,” Manenzhe says.