It's no secret that the accounting and finance industry is dealing with a talent crisis.
Much of the talent finance and accounting leaders are looking for is right under their noses. It's on their own team. So why are they seeing skills gaps across their workforce? The answer lies in their approach to skills assessment and development.
New research from the
Organizations that aren't viewing capability this way might not be noticing underlying skills gaps. And missing those gaps isn't just a temporary setback, it's a business liability. As technology continues to rapidly change the role of accounting and finance, organizations that don't invest in properly developing their teams risk falling behind.
For accounting and finance leaders who want to close skills gaps and future-proof their teams, there are three key mindset shifts that they must make.
1. Capability is not one-dimensional
A common mistake that organizations make with their skills assessments is they often measure capability as a single dimension. A team either has this skill or they don't. But that's not a realistic measure of talent. According to the IMA-AIHR research, capability is a structured progression with at least three meaningfully distinct levels: Foundational, Proficient, and Expert.
A financial analyst might not be able to build interactive dashboards, but might have an understanding of data analytics. A binary assessment would say the analyst does not have data analytics and business intelligence skills. But when capability is viewed progressively, the assessment provides more insightful results. This analyst is at a foundational level when their role requires proficiency. Now leadership has a specific gap that can be addressed through strategic training.
The most effective organizations are replacing traditional binary skills assessments with competency-based workforce diagnostics.
2. Not everyone needs to (or should) become a manager
As accounting and finance professionals advance, they typically follow one of two trajectories: technical specialization or strategic leadership. When organizations push all senior talent toward management roles, the IMA-AIHR research finds that technical depth weakens. Thus, these organizations create skills gaps of their own.
Finance and accounting teams need both technical experts and senior leaders, but most training and development programs bunch them together when each track has different skill needs. Professionals on the technical track need investment in advanced analytical methods and opportunities to build systems rather than operate them. Meanwhile, professionals on the leadership track need investment in change management, communication and cross-functional strategy.
Organizations that use progressive capability assessments will be able to determine the right track for accounting and finance professionals, helping to close gaps and prevent them from reopening.
3. Not all skills gaps are the same
The IMA-AIHR research highlights a critical tool for organizations to uncover hidden skills gaps, called the "T-shape diagnostic." It distinguishes between capability breadth and capability depth. The horizontal bar reflects the cross-functional skills professionals need to collaborate and influence across the business, while the vertical stem reflects deep expertise in specialized domains.
Horizontal gaps and vertical gaps require different solutions. By identifying whether it's breadth or depth, organizations can choose development strategies that address the real problem rather than applying one-size-fits-all training. For example, a strong finance specialist who struggles with communicating results to nonfinancial stakeholders would be seen as possessing a horizontal gap. Instead of further technical training, the right intervention would be communication training or leadership development.
By viewing capability as falling along a progression with both breadth and depth segments, finance and accounting teams can determine the exact areas of growth needed to execute effectively.
Close skills gaps with targeted training and development
There's no one-size-fits-all solution for skills gaps. The secret to closing skills gaps is first identifying the specific capability gap an accounting and finance team is facing. Without this level of insight and clarity into the capabilities a team possesses, any training programs deployed will likely fall flat, targeting skills that are either already there or disconnected from the type of training employees actually need.
The IMA-AIHR research shows that organizations should first identify an employee's proficiency level, determine whether their development path is technical or strategic, and distinguish between breadth (horizontal) and depth (vertical) gaps before building training programs. By aligning development investments with the actual nature of the skills gap, organizations can move beyond generic training programs and build capability in a way that directly supports business strategy and workforce needs.
The talent that accounting and finance leaders need to succeed today is already on their team. They just need to approach skills assessment and development in a way that strikes at the heart of capability gaps and helps teams grow exactly where and how they need to be effective. By taking steps today, organizations will be well suited to adapt quickly as the role of accounting and finance continues to evolve.
