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‘Skill gaps’ refers to the disparity between the skills your employees possess, and the skills that are required for effective job performance within a certain role, industry or project. These can exist at various levels including individual and organisational, and let’s face it, finance teams are very busy!
Individual skill gaps occur when your employees lack specific skills or knowledge to perform certain job requirements, whereas organisational skill gaps occur when the collective skills of your team or company do not align with the demands of the business industry and the finance function. Sometimes, skill gaps can occur when a new system is introduced, or if there is a long-term absence in your team, a sudden increase of workload, the list goes on.
It’s imperative to identify and address skill gaps for both individual career development, and the overall success of your teams and the business. Some strategies to bridge these skill gaps include hiring individuals with the required skills and leveraging external resources such as interim finance professionals with specialised expertise.
Closing skill gaps is essential in ensuring that your team and business remain competitive and adaptable as the company landscape evolves.
“My team doesn’t have any skill gaps”
Sometimes, you may not immediately recognise skill gaps due to factors like unconscious competence, evolving job roles, and assumption. Regular skill audits, open communication and staying informed about industry trends and investing in continuous learning are key strategies to help you identify and address these gaps; recognising that you have them is important for you to create the high-performing and adaptable teams you need.
Once you’ve recognised and identified the skill gaps in your team, it’s time to jump straight into your action plan to close the gaps, and sometimes, the gaps may only be temporary.
Certain projects may serve as a magnifying glass, highlighting gaps within your team, when they’re tasked with responsibilities that require project-specific expertise, and exposing areas where additional skills are necessary. Interim finance professionals can be strategically hired to dive into projects where their skill set is highly required, allowing your team to maintain a sharp focus on key initiatives without diverting attention to unrelated tasks, and achieve project successes, which will also have a positive effect on managing the increased workload, and time constraints.
Knowledge transfer opportunities bring strength to your finance team, even beyond project completion, as interim professionals offer the unique opportunity to knowledge share with them, gain new insights, learn new methodologies, and enhance their own skill sets through collaboration with them.
We all know that a strong, collaborative culture, where different skill sets work side by side paves way for maximum impact and enhancing project outcomes, and the overall business.
Project demands can also prompt you to seek interim professionals to scale your finance team up or down as and when required, allowing you to optimise resource allocation, and adapt quickly to change in your work environment.
Embracing interim professionals with specialised skill sets isn’t just about filling gaps – it’s a strategic move towards propelling your team and business towards sustainable growth. They will keep you ahead of the curve by infusing your team with the right expertise at the right time.
“I don’t want my team to feel like they’re not good enough, or that we want to replace them”
It’s really important to understand that hiring interim professionals is not about replacing team members; it’s about enhancing your team dynamics, strength, knowledge and success. These interim specialists will complement existing skills and add value without disrupting the core team structure.
In a world where adaptability is key, the confident use of interim professionals can be a real game-changer for you when looking to fortify your team’s capabilities. This ‘plug-and-play’ approach with the use of interim professionals offers a strong solution to address the skill gaps in your team quickly and effectively. Their specialised knowledge allows for immediate impact, ensuring your team is equipped to take on complex projects without the lengthy onboarding process, or long-term commitment of a permanent hire.
If you’re looking for additional, specialised support for your finance team, reach out to our dedicated interim recruitment team using the details below.
Alongside his commercial responsibilities, David manages the Public Practice division working with boutique practices as well as leading regional and national accountancy firms. He also recruits for commercial senior finance roles with clients ranging from multinational organisations to private equity backed businesses experiencing high growth.