Should I Stay or Should I Go? Controllers Are in Higher Demand Than Ever Before. But There’s a Catch
Aug 14, 2019 | By John Siegel
As much as the business landscape has evolved over the last few decades, it's easy to overlook the fact that it's still evolving. Technology is expanding rapidly, regulation is increasing, the global economy is becoming even more connected, and financial controllers are often seen as the catalyst driving much of this change.
But the role of the controller — itself — is also evolving. That evolution comes with some great opportunities for financial professionals, but it also comes with a whole lot of extra pressure. Today, controllers are expected to do more, do it quicker, and do it without any extra help.
In a recent study of controllers conducted by Dimensional Research and sponsored by FloQast, 95 percent of those surveyed said their role is becoming more important and strategic. Almost as many (90 percent) spend more time on strategic planning than they previously did. Sound like a banner year for controllers moving up in the world? Not so fast.
Most also say they’re expected to complete a higher volume of work, turn it in more quickly, and complete the monthly close faster than before. Talk about stress! It’s like getting a promotion and being expected to do your old job too.
Fortunately, it looks like controllers are getting some extra love from employers. In the past year, 88 percent were approached with an opportunity at a new company. Whether you’re interested in moving or not, it’s good to be wanted and should be good for your future income, as well. The same cannot be said for their current employers. Retaining top talent was hard before, but in demanding more of controllers, businesses are in effect driving them to look for opportunities.
So, what can controllers do to keep up with demand and fill their own ever-growing shoes? How do you maintain compliance and speed up your monthly close so you can spend more time on strategic planning and adding value to your company? By streamlining day-to-day processes and guaranteeing the numbers reported are accurate, consistently.
Diminishing stress levels and better results? Now that's a win-win situation.