The public finance sector faces a radical and ongoing change driven by a diverse set of macroeconomic, social, and demographic factors. Considering the nature and scale of these trends, it is important for the public sector to develop a comprehensive strategy to respond to these changes, create a favorable investment climate, and facilitate people’s participation in the economy.
The recent global financial and economic crisis has drawn attention to the poor quality of financial management in the public sector, compelling government institutions to bring about profound changes in how they work. While better management of available resources and more detailed and accurate planning are imperative to effective public financial management, institutions should also focus on improving their reporting practices to build customer confidence.
Globally, many governments have replaced cash-based accounting with accruals accounting, which is an encouraging trend as it facilitates transparency and accountability. While this shift is likely to help the government make more accurate spending decisions, pursuing this reform will require public institutions to reconfigure their systems and practices. To make a successful transition to accruals accounting, public institutions must invest in the skills of their workforce, as well as recruit more competent leaders to improve their governance and management processes.
The aging population of developed countries has also led to significant increases in healthcare and pension budgets. People are demanding better healthcare and retirement security from the government. As a result, governments are compelled to deliver improved services with the same amount of taxes. To overcome this challenge, public institutions need best-in-class leaders who have the insight and experience required to make tough strategic decisions.
Finding financial leaders who can drive organizational success is a key practice area for Allen Austin. We help local and state governments, as well as nonprofit corporations, find the right people who have experience in public finance and community development. Utilizing our extensive expertise in the industry, we help our clients identify and recruit top-quality talent that can help them improve their financial management, reporting, and accountability practices.
At Allen Austin, we understand that the role of financial executives working for public institutions has become more complex over the years. They are not only expected to deliver tangible results to their organization but also exhibit integrity and ethics. Therefore, we provide superior-quality executive search services to help public financial organizations find leaders who have the required technical expertise, as well as excellent diplomatic skills. We recruit, assess, and train financial executives who are capable of navigating through turbulent waters and deliver improved outcomes with limited resources.