The finance function has evolved. No longer just responsible for reporting and compliance, finance teams today are expected to act as strategic advisors, helping businesses navigate economic uncertainty, regulatory complexity, and digital transformation. However, finding and retaining top finance talent has never been more challenging. With the increasing complexity of financial operations and the rapid pace of change, companies are realizing that traditional hiring models no longer offer the flexibility they need. More businesses are leveraging contract and interim finance professionals to fill critical skill gaps, manage high-stakes projects, and bring specialized expertise on demand. These professionals offer companies a cost-effective, efficient way to execute major initiatives while maintaining daily operations. Yet, while contingent talent provides agility, long-term success requires a balanced workforce strategy that incorporates both permanent and contract hires. Permanent employees bring leadership, institutional knowledge, and continuity, while contract professionals provide the ability to scale quickly and bring in expertise when needed. This article explores how companies can optimize their finance teams by effectively integrating contract professionals into their workforce strategy. 1. The Strategic Advantage of Contract Finance Professionals The ability to scale a finance team up or down based on business demands is becoming a competitive advantage. Businesses no longer need to carry excess headcount during slower periods or struggle to find talent when needs increase. Contract finance professionals provide a solution that allows organizations to remain agile while managing costs effectively. Flexibility to Scale Up or Down One of the most significant advantages of contract finance professionals is their ability to step in during peak demand periods and step out when the workload decreases. Businesses with fluctuating financial needs—such as those undergoing system implementations, mergers and acquisitions, or audits—can leverage contingent talent to avoid overburdening their permanent teams. Instead of hiring full-time employees for temporary needs, organizations can bring in highly skilled contract professionals for specific projects or periods of rapid change. This allows businesses to stay agile without making long-term financial commitments. Cost-Effectiveness Without Long-Term Commitment Hiring full-time finance professionals comes with long-term costs, including salaries, benefits, and professional development expenses. In contrast, contract finance professionals allow businesses to access specialized skills without these additional overhead costs. For companies that need highly skilled expertise for short-term projects, hiring a contract professional can be a more economical solution than recruiting, onboarding, and training a full-time employee. Access to Specialized Skills Finance teams are facing growing demands in areas such as digital transformation, compliance, and financial risk management. In many cases, companies need highly specialized finance professionals who can step in and deliver results immediately. For example, an organization undergoing an ERP implementation may require a finance systems expert to oversee the transition. A company preparing for an acquisition may need an M&A specialist to handle financial due diligence and integration planning. Similarly, businesses dealing with complex tax planning and compliance issues can bring in contract tax professionals with deep regulatory expertise to optimize their tax position and ensure compliance with evolving laws. These are not necessarily roles that need to be filled permanently, but they require deep expertise that is not always available in-house. 2. Enhancing Business Agility with a Contingent Workforce The ability to adapt to change quickly is a defining characteristic of successful finance teams. Businesses that rely solely on permanent hires may struggle to respond to evolving financial challenges. Contract finance professionals allow businesses to pivot quickly and execute financial strategies with precision. Improved Agility in Financial Planning Companies that leverage contract finance professionals can adjust budgets, forecasts, and financial strategies as market conditions change. Unlike permanent employees who are tied to specific roles, contract professionals can be brought in for targeted financial planning initiatives, such as cost optimization projects or strategic growth assessments. For example, companies facing economic downturns may need contract finance experts to help reassess budgets and identify cost-saving opportunities without disrupting core business operations. Strengthening Financial Controls and Risk Management As businesses expand, financial risk becomes more complex. Contract finance professionals specializing in compliance, audit readiness, and regulatory reporting can help strengthen financial controls without disrupting day-to-day operations. For instance, an interim SOX compliance expert can ensure that internal controls are aligned with evolving regulations before an external audit. This targeted approach reduces the risk of compliance violations while allowing existing finance teams to focus on core business functions. 3. Any Role Can Be Suited for a Contractor—If It’s Done Strategically Traditionally, businesses categorized finance roles as either permanent or contract-based, but that’s changing. In reality, almost any finance role can be suited for a contract professional, depending on business needs, timing, and the specific expertise required. Rather than deciding whether a role should be full-time or contract, businesses should ask: What is the immediate business need? If the need is project-based, a contract professional may be the best solution. Is there existing internal expertise? If the company lacks a specific skill set, bringing in a contract finance professional with deep expertise may be the most effective approach. What’s the long-term business outlook? If the role requires ongoing responsibility and leadership, a permanent hire may make more sense. Many organizations are rethinking workforce structures to incorporate a mix of contingent and full-time employees, allowing them to build a more adaptable and cost-effective finance function. 4. Implementing a Hybrid Finance Talent Model Deloitte highlights that the gig economy is now a permanent fixture in workforce planning, and finance teams must embrace a hybrid model that combines both contract and permanent hires. To make the most of contract professionals, finance leaders must evaluate their workforce strategy and determine where contingent talent fits best. Companies that proactively develop a pipeline of trusted contract professionals will be better positioned to bring in the right talent quickly. Conclusion Finance teams that integrate contract professionals strategically can scale more efficiently, execute high-impact projects, and enhance financial agility. The companies that embrace this hybrid workforce model will be better positioned to navigate evolving business challenges. The real question is no longer whether to hire contract finance professionals—it’s how to do it strategically. Horizon’s accounting and finance recruitment division is a trusted leader in Canada, connecting top financial talent with organizations across industries such as insurance, healthcare, manufacturing, mining, and more. Our expert team specializes in sourcing professionals who drive financial performance, compliance, and strategic growth. Discover how our tailored recruitment solutions can strengthen your finance team or connect with one of our experts today . 

Artificial intelligence (AI) and data analytics are transforming the finance industry. Companies are using these technologies to enhance financial forecasting, improve risk management, and drive strategic decision-making. However, there’s a significant challenge standing in the way: a growing shortage of AI and data talent in the finance sector. Finance leaders are feeling the pressure. The demand for professionals who possess both deep financial expertise and strong data analytics or AI skills is outpacing supply. This gap is not only slowing down digital transformation efforts but also putting businesses at a competitive disadvantage. Without the right talent, finance teams struggle to implement automation, leverage real-time data insights, and optimize financial performance. So, what’s behind this talent shortage? And more importantly, what can finance leaders do to address it? Why AI & Data Skills Are More Important Than Ever in Finance The role of AI and data analytics in finance has expanded dramatically. These technologies are no longer just supplementary tools; they are becoming essential for staying competitive in a data-driven business environment. Finance teams increasingly rely on AI and machine learning for tasks such as fraud detection, predictive forecasting, and financial modeling. AI-powered automation can streamline repetitive processes like reconciliation, reporting, and variance analysis, allowing finance professionals to focus on higher-level strategy and decision-making. The reliance on AI-driven insights is growing rapidly. A recent study by IBM found that 83% of Canadian businesses are progressing in their AI strategies , with 42% already seeing measurable returns on their AI investments. This trend suggests that AI and data analytics are no longer optional but rather fundamental to success in modern finance. Despite this clear need, many companies are struggling to find and retain professionals with the necessary expertise. The AI & Data Talent Shortage in Finance: What’s Causing It? There are several factors driving the shortage of AI and data talent in the finance sector. 1. High Demand and Intense Competition AI and data science are among the most sought-after skills across industries, and finance is competing with tech firms, healthcare, retail, and government for a limited talent pool. Large technology companies often offer higher salaries, more flexible work environments, and exciting AI-driven projects, making it difficult for finance teams to attract top talent. A Vector Institute report highlighted a 37% increase in demand for AI-related skills in Canada between 2018 and 2023. However, the supply of skilled professionals has not kept up, leading to intense competition among employers. 2. The Finance-AI Skills Gap Traditionally, finance professionals have not been trained in AI, machine learning, or advanced data analytics. While many have strong technical skills in areas such as financial modeling and Excel-based analysis, these are not enough to fully leverage AI-driven insights. At the same time, data scientists and AI specialists often lack deep financial expertise. Bridging this gap requires either hiring professionals with both skill sets—who are incredibly rare—or investing in upskilling finance teams to develop AI and analytics capabilities. 3. Retention Challenges for AI Professionals in Finance Even when finance leaders manage to hire AI and data talent, keeping them is another challenge. Many professionals in this field seek out roles in industries where AI innovation is at the core of the business, such as fintech, SaaS, and major technology firms. Finance teams that fail to offer engaging projects, career growth opportunities, and competitive compensation often find that their AI specialists leave for more attractive roles elsewhere. The Impact of the Talent Shortage on Financial Operations The shortage of AI and data professionals has serious consequences for finance teams and the businesses they support. Slower Digital Transformation – Without the right talent, companies struggle to implement AI-driven initiatives, delaying the adoption of automation and advanced analytics. Increased Workloads on Existing Teams – When skilled AI professionals are unavailable, existing finance teams must take on data-heavy tasks that could otherwise be automated, reducing efficiency and increasing burnout. Weaker Financial Forecasting and Risk Management – AI and predictive analytics are essential for accurate financial planning. A lack of expertise in these areas can lead to less accurate forecasts and higher exposure to risk. Competitive Disadvantages – Companies that lag in AI adoption may struggle to compete with industry leaders who have successfully integrated these technologies. For finance leaders, addressing this talent gap is no longer optional—it’s a business imperative. How Finance Leaders Can Overcome the AI & Data Talent Shortage To attract and retain AI and data professionals, finance leaders must rethink their talent strategies. While hiring experienced AI professionals is one solution, it’s not always feasible given the competition. A more sustainable approach involves a combination of upskilling, partnerships, and workplace innovations. 1. Upskill Existing Finance Teams Investing in AI and data analytics training for current finance professionals is one of the most effective ways to close the skills gap. Many organizations are now offering in-house training programs, AI boot camps, and certifications to help their finance teams develop these capabilities. Providing opportunities for continuous learning not only strengthens internal expertise but also improves employee retention by offering career development pathways. 2. Strengthen Partnerships with Universities and AI Institutes Finance leaders can collaborate with academic institutions and AI research centers to develop a pipeline of emerging talent. Programs like those offered by the Vector Institute provide training for AI professionals, and partnering with these institutions can help finance teams gain early access to skilled graduates. Internship programs, co-op placements, and sponsored research projects are all ways to build stronger connections with AI talent before they enter the job market. 3. Offer Competitive Compensation and Career Growth Opportunities Attracting AI and data professionals requires more than just a competitive salary. While compensation is important, other factors such as career growth opportunities, remote work flexibility, and engaging AI-driven projects play a significant role in talent retention. Companies that position themselves as leaders in AI innovation within finance will have a better chance of attracting professionals who are passionate about working on cutting-edge solutions. 4. Leverage Open-Source AI Tools and Automation For Canadian finance teams struggling to hire AI talent, open-source AI tools can provide valuable solutions. Platforms like IBM’s open source AI initiatives make it easier for companies to adopt AI without needing an extensive team of data scientists. By using these tools, finance leaders can implement AI-driven automation and analytics even with limited in-house expertise. The Future of AI in Finance: Act Now or Fall Behind AI and data analytics are not just buzzwords—they are the future of finance. Companies that successfully integrate these technologies will gain a competitive edge through better forecasting, stronger risk management, and more efficient operations. The talent shortage won’t resolve itself anytime soon. Finance leaders who act now—by investing in upskilling, building academic partnerships, and creating AI-friendly work environments—will be the ones who stay ahead. Those who wait risk falling behind as their competitors leverage AI-driven insights to outperform them. The question finance leaders must ask themselves is simple: Are we adapting fast enough to win the AI talent war? Horizon’s accounting and finance recruitment division is a trusted leader in Canada, connecting top financial talent with organizations across industries such as insurance, healthcare, manufacturing, mining, and more. Our expert team specializes in sourcing professionals who drive financial performance, compliance, and strategic growth. Discover how our tailored recruitment solutions can strengthen your finance team or connect with one of our experts today .