Ongoing digital disruption is changing the skillset required by finance and accounting professionals. How can employers provide the right training?
The 2018 World Economic Forum report, The Future of Jobs, found that more than half of all employees around the world will need reskilling or upskilling in the next three years, as the world adapts to the ongoing changes brought on by the Fourth Industrial Revolution, otherwise known as Industry 4.0 or Globalisation 4.0. And indeed this has become even more relevant now in light of the COVID-19 pandemic.
In Australia, for example, employers want three million more people with digital literacy skills than are available, and by 2030 the average finance professional in Australia will be two to three critical skills short of what is required for their job.
In this context, it is very clear that technology will continue to drive the need for continuing professional development (CPD) in businesses of all shapes and sizes.
In a rapidly changing world, knowledge is a competitive advantage. Whether it’s technical knowledge areas such as fringe benefits tax, soft skills such as communication, or digital capabilities like algorithmic forecasting, accounting and finance professionals need to understand the latest developments and better meet client challenges, in order to become a ‘trusted adviser’.
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