A practical approach to the retirement wave: How federal CFOs can minimize the impact

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Over the past decade, waves of baby-boomer retirements and budget-induced staffing reductions have put combined pressure on what were already lean public-sector financial teams.

In a 2016 study underwritten by the advisory firm Grant Thornton, 90 percent of public sector respondents said human capital and workforce issues are the number one challenge for their organizations.

Increasing scrutiny over the use of public funds, a larger number of federal reporting mandates, and public demands for more comprehensive, transparent reporting are forcing understaffed teams to produce more work than ever.

If you’re a leader managing this unprecedented situation, you have few avenues for guidance. Your workforce is retiring, you have smaller budgets, and you are getting asked to do more. You need tools and methods to streamline the financial reporting processes while preparing your office for a transition of leadership to a younger generation.

In this white paper, we cover what these issues mean for financial compliance and transparency, and how smarter technology and better processes can help teams improve productivity in the face of growing responsibilities. But first, let’s take a step back and examine the factors contributing to these trends.