The challenges of a changing profession

Every profession is facing evolutionary pressures with the advent of digitalisation and AI. As the lower value-added roles are being automated, streamlined or outsourced, accountants need to be aware of the evolving scope of sustainability reporting, valuation, change management, financial system automation, story-telling and strategic business partnerships – to name a few.

Balancing traditional expertise with new skills

Accountants in traditional roles require skills such as an eye for detail, scepticism for potential errors, risk management, corporate governance and technical knowledge. But for transformational projects, I look for creativity, the ability to think out of the box, interpersonal skills, good communication and people who have basic governance and financial planning and analysis skills. These people are normally managers, with upwards of 15 years of experience.

Common mistakes finance professionals make in a changing world

I tend to see finance personnel who have stayed too long with an organisation or remained in a narrow scope for too long and haven’t upgraded themselves since leaving school. This situation is exacerbated if their knowledge comes chiefly from predecessors or bosses who are in the same situation. Over time, these professionals run the risk of becoming obsolete as their roles are automated.

Staying relevant takes work

Fortunately, there are ways for finance professionals to continuously develop their skillset and stay relevant. Membership of professional bodies is important. Their constant push of information, and seminars and workshops are great sources of updates to keep abreast of the changing landscape. I also read, network and benchmark a lot with industry professionals whenever I change jobs. Every industry has its own idiosyncrasies and finance leaders need to understand these to be a strong supportive member of their leadership team.

Take control of your development

To avoid facing tough times, employees need to anticipate and adapt to change within the finance department. This can be achieved when employees take charge of their own training needs even if their organisation doesn’t pay for training.

Use what’s available to you

The Institute of Singapore Chartered Accountants (ISCA) has training roadmaps that guide financial professionals on ways to upgrade their skills. Most other professional bodies have similar resources, and even alumni universities offer lifelong learning courses. The government of Singapore also helps with the SkillsFuture Credits given to all Singaporeans. Do use them well!

An unexpected learning opportunity

Every year, I try to take in at least 10 interns and I have found them to be great assets. They have provided me with new knowledge and they are digital natives – adept at navigating the online world and acquiring self-learned skills and knowledge. Moreover, interns are not in the hierarchy, so they are not fearful of speaking up.

The danger of ignoring feedback

If people cannot see their own inefficiency nor take feedback positively, change and growth will be limited. If a leader stagnates and is laid off, it may take longer to find another job because every employer is looking for strategic, transformative, forward-thinking personnel.

Recalibrating career expectations

Practical options for people in this situation may include taking a lower position in a large company or taking on a leadership role in a smaller set-up. The problem is that they may not recognise their limitations, and still hope to get the same title, pay and status as their previous role. But with larger pay comes larger responsibilities requiring more, rather than less, ability.

The future of finance leadership

From my perspective, the biggest upcoming changes in the finance industry that will impact leadership roles involve sustainability reporting, system implementation and change management. Over the next five to 10 years, the role of a finance leader will evolve towards greater people orientation. People follow leaders who can uplift them to be better versions of themselves.

Structuring for flexibility

Employees are no longer loyal to companies but to individual career opportunities and an upwards trajectory. Employers will be fortunate if anyone stays for five years – expectations would be 2-3 years per role. So, finance leaders need to future proof their systems, processes and procedures almost akin to running a production assembly line. When one operator leaves another can take over, following Standard Operating Procedure (SOP) to continue with minimal disruption. Soft skills will also be critical for future finance leaders, especially in sustainability reporting, carbon accounting and people management.