CFOs scramble for new AI talent amid fierce competition, report says
Dec. 18, 2024
Nearly half of finance leaders surveyed said they were looking to bring new personnel with AI expertise into their teams.
Dive Brief:
Corporate finance chiefs globally are scrambling to hire new artificial intelligence talent as they face growing pressure to leverage the technology in their operations, according to survey results published by finance software vendor Taulia, a subsidiary of SAP.
Nearly half (45%) of finance leaders polled said they were looking to bring new personnel with AI expertise into their teams, Taulia said in its recent report, adding that competition for such talent is intense.
“Because interest in AI is rising across the board both inside and outside their organizations, CFOs are finding it tough to source the talent they need to meet their AI ambitions, and this problem is likely to get worse,” the report said. “It is therefore essential they have an overarching functional strategy to identify, acquire and develop AI skills.”
Dive Insight:
The hiring scramble comes amid the rapid rise of generative AI, which could deliver up to $1 trillion in annual growth to the U.S. economy by 2032, while potentially disrupting up to 90% of existing jobs, according to an analysis by technology advisory firm Cognizant.
Arc. Dev, a website with job openings for remote tech talent, has seen a 1,300% increase of generative AI-focused roles between 2022 and 2024, human resources software provider Multiplier said in a report released in October. Meanwhile, demand for AI skills in jobs more broadly has spiked as well, growing from just 9% in 2022 to 21% in 2024, an increase of 130%, according to the study.
Over half (57%) of global financial leaders are currently using AI-generated insights to inform key decisions, according to Taulia’s report. As a result, finance leaders are anticipating that the role AI-generated insights will play within their function will become more critical, with 85% saying they expected the technology’s influence on their decision-making to increase within the next 12 months.
Finance chiefs’ top AI adoption hurdles include difficulty attracting and retaining AI talent as well as slow progress in developing AI skills among existing employees, according to the research, which was based on a survey of 600 finance leaders in August.
“As the role of AI within finance continues to expand, top talent in this field will become increasingly sought after,” Taulia said.
[CFO Dive]
