Compensation model shifts, the rise of remote work and the powerful influence of artificial intelligence (AI) have contributed to a significant transformation in the world of accounting and finance, a shift that chief human resource officers (CHROs) and chief financial officers (CFOs) must navigate in a bold, proactive manner.
Leadership teams can implement these dynamic strategies and intertwine financial strategies with human capital management to stay ahead of these evolving talent acquisition trends.
1. Revitalize Compensation Models To Ensure Transparency
The issue of pay compression — where new hires earn just as much or even more than their seasoned counterparts — continues to create a conundrum for many organizations. With new pay transparency laws popping up, it’s more critical than ever to refine compensation strategies to safeguard internal equity and stave off turnover.
To tackle this, CHROs and CFOs should undertake regular compensation benchmarking, utilizing resources like Cordia Resources' comprehensive salary guides to assess market rates effectively. These guides provide invaluable insights that aid in conducting thorough internal audits. One promising tactic being adopted is using sign-on bonuses as an enticing recruitment tool.
“One of my clients offers a sign-on bonus to every new hire in accounting,” says Kia Powell, Recruiting & Staffing Services Director at Cordia Resources by Cherry Bekaert. “It’s a fantastic way to attract talent while keeping salaries fair across the board.”
Organizations can balance payroll costs by making strategic adjustments to variable compensation rather than simply increasing base salaries while competing effectively in the labor market.
2. Craft a Sustainable Remote and Hybrid Work Model
The allure of remote work is undeniable. While offering remote options is key to remaining competitive in the talent market, it’s essential to carefully craft virtual or hybrid models to align with tax obligations, compliance needs and operational realities. More companies are now setting geographical limits on remote positions to ensure employees are based in regions that comply with tax rules and align with business hours.
“When we post a remote role, the number of applications is incredible,” notes Jay Zanone, Executive Search Director at Cordia Resources by Cherry Bekaert. However, the secret to long-term success lies in balancing flexibility and fostering a cohesive workforce. This is where the leadership of CHROs and CFOs is crucial. By teaming up with finance to explore the fiscal implications of remote work, from real estate decisions to navigating payroll tax requirements across various jurisdictions, leaders can ensure that the hybrid work model dominates the landscape in a way that fosters a positive, cohesive work environment.
3. Foster Pay Equity and Transparent Internal Compensation
In a time when conversations about salary are becoming less taboo, it's crucial for leaders to proactively manage pay equity and maintain a pay structure that’s defendable and aligned with market rates. Failing to do so can lead to retention issues and damage to the company’s reputation.
By taking a proactive stance on this issue, leaders can demonstrate their commitment to fair and transparent compensation practices.
“Years ago, discussions around pay were hushed, but new hires are now openly sharing their offers in group chats,” Zanone says.
To counteract these challenges, companies should establish clear salary bands and encourage internal mobility to prevent pay stagnation for long-term employees. CFOs must join forces with HR to dive deep into pay data, pinpoint any disparities and adjust budgets to uphold fair and sustainable compensation practices.
4. Embrace AI’s Transformative Role in Finance and Workforce Planning
The surge in AI-driven automation is reshaping the finance and HR sectors, streamlining accounting workflows and enhancing talent acquisition strategies. While embracing AI will undoubtedly reduce manual workloads, it also heralds a shift toward creating new, analytical roles within the workforce. CFOs and CHROs need to carefully assess how AI can optimize operations without sacrificing employee morale or stunting long-term skill growth.
As companies adopt AI methodologies in their finance and HR operations, leadership needs to prioritize upskilling initiatives, ensuring that employees are prepared to collaborate effectively with emerging technologies. Investments in AI should mesh seamlessly with overall business strategies, guaranteeing that automation boosts productivity rather than resulting in disruptive workforce reductions.
5. Sync Workforce Strategy With Business Goals
In 2025, workforce planning must be viewed through a holistic lens. Rather than operate in a silo, human resources strategies need to harmonize with, and support, overarching financial objectives — harmonizing HR strategies with overarching financial objectives. CFOs and CHROs must work closely together to delve into hiring needs, fine-tune headcount planning and the design of compensation strategies that fuel organizational growth.
Proactive practices such as routine workforce analytics reviews, scenario planning and dynamic forecasting will empower organizations to adjust to the ever-shifting labor market conditions. By employing data-driven decision-making, leadership can address workforce challenges head-on before they encroach upon financial performance.
How We Can Help
Building a strategic partnership between HR and finance is necessary to navigate the rapidly changing future of finance jobs. CHROs and CFOs can position their organization for success in 2025 by:
- Tackling Pay Compression
- Optimizing Remote Work Frameworks
- Enforcing Pay Equity
- Integrating AI
- Aligning Workforce Strategies with Business Objectives
Cordia Resources by Cherry Bekaert is here to support your hiring journey with our extensive staffing and recruiting experience. We offer temp and project-based staffing, a vetted pool of candidates ready for permanent hire and access to interim CFOs and other senior management consultants. With a dedicated HR practice filled with trusted talent professionals, we are ready to help organizations thrive in this dynamic environment.
