Digitalisation was already altering traditional working models and is now further accelerated by the pandemic. Organisations need to apply lessons learned to make their workforce more resilient in preparation for the next crisis. The accelerated digitalisation experience could be a springboard to meet the increasing challenge of attracting and retaining a new generation of digital natives with different expectations and approaches to work, especially in finance and accounting functions or practices.
In Singapore, Accounting professionals will get more support in upskilling and redesigning their job roles to meet the challenges of a post-Covid-19 world – notably those posed by digitalisation and climate change. Minister Indranee Rajah on Wednesday (Jan 5) introduced The New job transformation maps for the industry by the Singapore Accountancy Commission (SAC) and the Economic Development Board (EDB) that is also supported by Workforce Singapore (WSG) and SkillsFuture Singapore (SSG) following new trends include the accelerated rate of technology adoption, changing aspirations of job seekers who want more job satisfaction, and environmental, social and governance (ESG) concerns.
The new maps identify key technologies and their impact on individual job roles in finance and accounting functions and accounting practices. It also lays out the pathways for employers to transform jobs and workers to get the needed skills as new job roles emerge and existing roles evolve. Increased demand in tax, risk advisory, mergers and acquisitions, financial forensics, and business valuation. The in-house finance and accounting segment will also be critical in supporting firms as they expand overseas.
Technology skills that are increasingly in demand include the application of artificial intelligence, cloud computing, data analysis and interpretation, and robotics and automation. Soft skills required include adaptability, creative thinking, and customer orientation.
SAC, EDB, WSG, and SSG said that the job transformation maps are vital for the sector as the demand for new roles and services continues to grow, with a projected demand of 6,000 to 7,000 new accounting jobs by 2025.
ForBis see a growing need to plan the workforce and implement a talent strategy to keep up with constant changes in the workplace. We shape the business for sustained growth now and take a holistic view of the workforce from strategy and organisational design to cultural adaptation. It’s partly about rightsizing organisations, transformation, and technology, including in HR, but it’s also about transforming the people using this technology and upskilling them.