As businesses navigate ongoing economic and geopolitical uncertainty, many are increasingly relying on their tax and finance functions to provide strategic direction and create value. A recent survey conducted by Ernst & Young (EY) reveals a significant shift in how finance leaders are approaching talent management, with 89% of respondents planning to upskill their current workforce over the next two years to meet evolving demands.
Stuart Lang, global tax and finance operate leader for EY, emphasized the importance of “fusion” skills, which blend traditional accounting expertise with technological and data capabilities. “How do we actually put our training program in place to not replace but upskill, recognizing that the skills of tomorrow are different from the skills of the past?” Lang asked in an interview with CFO Dive.
This focus on upskilling comes at a time when finance teams are expected to offer critical insights into strategic decisions, such as potential deals and supply chain adjustments. According to EY’s 2025 Tax and Finance Operations survey, 79% of executives identified enhancing capabilities in these areas as a top priority for the next two years. The survey, conducted between July and September and involving 1,600 finance and tax professionals, highlights a growing expectation for finance leaders to provide clarity amid complex challenges.
David Helmer, partner at EYEA LLC, noted that companies are striving for greater strategic engagement. “How can I get my team to spend at least twice as much time on high-value strategic activities and reduce the time spent on routine compliance activities?” he asked. This shift is crucial as businesses face continuous macroeconomic and geopolitical challenges, with 81% of companies indicating plans to modify their supply chain processes in response to geopolitical changes, which will also affect tax outcomes.
However, the talent landscape poses additional challenges, with a notable “widening of the talent gap.” Helmer pointed out that fewer accountants are entering the industry, which puts pressure on tax functions. He cited that 61% of tax leaders believe the impending retirement of senior tax professionals will have a “significant impact” on their operations.
In response, finance leaders are increasingly prioritizing “intangible” skills in their hiring practices, with 81% of survey respondents indicating a preference for candidates with abilities beyond technical tax skills. Problem-solving and critical thinking were highlighted as the most essential skills to cultivate, with 85% of respondents emphasizing their importance for future tax professionals.
As artificial intelligence (AI) becomes more integrated into business processes, companies are also seeking diverse capabilities within their finance functions. Helmer noted that there is a growing interest in hiring data scientists and AI specialists to complement traditional accounting and tax roles, enabling teams to leverage advanced technologies more effectively.
Finding the right balance between finance and data expertise is crucial as the landscape evolves toward an AI-driven future. “Being able to translate the data the AI is telling them, apply it to a business context and make recommendations to their business and their clients is super important,” Lang stated.
Despite the optimism surrounding AI, EY’s survey revealed a disconnect between ambition and execution. While 86% of companies ranked the ability to utilize generative AI and technology for innovation as a top priority, only 16% expressed high confidence in their ability to implement a robust data strategy. Furthermore, fewer than one in four companies reported having a mature data management framework within their tax function. Sixty-four percent cited the absence of a sustainable plan for data and technology as a significant barrier to fulfilling their operational vision.
Lang highlighted the need for organizations to address data handling deficiencies, stating, “How do we take large data, how do we fill gaps in the data, and how do we automate the processes and train automation?” He acknowledged that many finance teams still face considerable hurdles in overcoming existing limitations, pointing to a lingering “data rust” that needs to be addressed.
As the demands on finance and tax functions continue to grow, the integration of technology and a focus on developing both technical and intangible skills will be imperative for organizations striving to maintain a competitive edge. The evolving role of finance leaders reflects a broader trend toward strategic engagement and adaptability in an ever-changing business landscape.
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