Compensation and Benefits

Navigating the Talent Shortage: The Role of Just-in-Time-Talent and Virtual CFOs

Page from June 2023 GFR

As demand for local government public finance officers grows, local governments are facing challenges in recruiting and retaining top talent in this field. A report from GFOA and Lightcast, “Meeting Demand for State and Local Government Finance Jobs,” demonstrates that demand for state and local public finance officers is outstripping the current supply of workers in the sector and that increasing the pace of hiring and the breadth of recruitment will be necessary to reverse the growing gap between supply and demand. Local governments are also facing the prospect of a wave of retirements, which is expected to exacerbate the shortage of public finance officers.

As local governments struggle to find and hire skilled finance directors and key finance staff, the use of virtual CFOs and just-in-time talent are becoming increasingly popular options.