According to Colin Coulson-Thomas, who is an author and expert on the future of business and chairman of business consultancy Adaptation, "Fashionable obsessions" such as talent management are doomed to disappoint.
He encouraged finance chiefs to challenge HR and other colleagues who jump aboard "expensive bandwagons that cannot deliver".
Speaking at CFO Top International gathering held in the Conference Centre of Henkel AG in Düsseldorf, Germany, this week, Coulson-Thomas said: "One should not follow the herd and adopt a new approach just because it sounds good, appears trendy, and lots of high status suppliers champion it.
"Talent management and transformation are good examples of where hype can lead to expensive, time consuming and frustrating journeys that lead to dead ends or quicksand, when much better, cheaper and proven alternatives exist."
His research has involved a three-year comparison of data sets covering key corporate activities in over 2,000 companies and over 400 professional firms, and an examination of what certain alternative approaches deliver.
He said: "Talent management is often adopted for noble reasons, but without thinking through the practicalities and implications. Its aspirations sound good. Across Europe people in talent management roles, struggle to recruit what is termed "top talent".
Many get into bidding wars. So-called 'top talent' can be expensive to hire and difficult to manage and retain. Do too much of it and you break the bank and get an organisation of misfits. "Compared with other football teams Manchester City has deep pockets. However just buying the world's eleven most expensive footballers would not create the best possible team.
A top goalie might not be the most energetic winger. Some, such as an attacking mid field player, might excel in more than one area of the pitch, but in general particular strengths are needed for each team role. "Most football teams also work with what they have. They develop talent through academies. Companies are businesses rather than indulgences.
A cost effective approach is to build the talent people need to do jobs that contribute directly to key corporate goals. This can be done by providing 24/7 support to make it easier for them to excel at difficult jobs, by adopting proven approaches of high performers." He went on to argue: Many boards fail to adequately question proposed corporate initiatives.
If accountants are to become business advisers, and CFOs are to make a more rounded contribution in boardrooms they must learn to challenge HR and other colleagues.
If they probe and add value in terms of better outcomes, CFOs could assume wider responsibilities for commercial activities and corporate services.
"Many HR practitioners use talent management to grab the CEO's attention and secure a more strategic role. They must now deliver. Looking beyond the heady experience of being a 'flavour of the month', many need to change direction.
To be a key member of the boardroom team they must avoid affordability traps and demonstrate quick improvements of multiple objectives Colin Coulson-Thomas was speaking on 'Creating and leading high performance organisations.'
