Future finance skills: how to prepare your workforce

Future finance skills: how to prepare your workforce

Systems have always played a central role in the way that finance teams operate. They support many key processes which are integral to the overall finance operation. As a recruiter in the finance sector, many of whom are former finance professionals, we have seen these systems evolve and modernise and also seen the way we operate alongside them. The use of these systems has increased significantly over the years.
With more and more organisations now turning to automation and artificial intelligence in order to streamline processes and identify trends and opportunities, tasks once carried out by humans are quickly being absorbed by systems and new technologies. We are experiencing a rapid transformation in the way we work and this is sure to increase in the future as technology continues to evolve rapidly. The skill sets that are sought after are changing and by the year 2030, it is expected that the requisite skills set to work in the financial sector will have completely transformed.
So how do we prepare the future workforce? While there may be some contention around the humans vs machines debate, how can we ensure that our workforce remains ahead of the curve and is ready to adapt with the increasing role that technology will play?

The changing face of finance roles

Research conducted by PageGroup in partnership with futurologists The Foresight Factory, has found that by 2030, increased automation will spur new innovation, which will see a completely new landscape of jobs emerge as a result. Many entry-level roles will be revolutionised by AI and the workplace as we know it will be a blurred mix of physical offices and virtual spaces. While many of the tasks and responsibilities of junior and clerical positions will be absorbed by technology, this does not mean that those junior positions will disappear; but they will change. If we look at two common roles we can see a better picture of how roles transform.
Junior Accountant
The role of the accountant has already changed significantly. In essence, the role requires the post-holder to receive data, process it, generate an action, and to analyse and report on the process. Much of that can now be done by machines, with almost guaranteed accuracy, much faster than a human is capable of. So surely this means that the machines have taken over? Not so. These technologies have their limits, they lack reasoning and intuition. It is these human qualities that make a truly good accountant and that will not change.
Auditor
Historically, a junior auditor may have been sent out to the back of beyond to count inventory – unpacking boxes, climbing ladders and asking supervisor upon supervisor where they are likely to find a particular part or piece of equipment. These mundane tasks are now becoming more sophisticated, with some big firms testing drones which use AI and image recognition technology to analyse information and automatically relay this data back to head office. Clearly, the industry is changing and those working within it will have to adapt as well.
With new technology emerging faster than ever before, flexibility is now a fundamental skill for finance professionals. The need to adapt to new systems and meet changing demands means that professionals are constantly learning, adapting and developing new skills, in line with business needs and evolving processes.

What do these trends mean for the future workforce?

Our research has found that 64% of people believe that those who are not proficient with relevant technologies will find it more difficult to find a job in the future. Just as there is high pressure on today’s professionals to continually up-skill, so too is there the expectation that employers ensure that the necessary resources are available. Those organisations at the front of the AI revolution will be those that are constantly looking for ways to bring their team along and ensure that they are facilitating the development of new skills.
What this means, for both employers and employees alike, is that flexibility and the ability to adapt will be key requirements in the workplace of the future. Technology will have a significant impact on every industry and finance will be no different. PageGroup research on the future of the workforce revealed that while jobs we know today may change or be absorbed by AI, human skills are still and will continue to be, irreplaceable. The key will be the ability to adapt to the ever-evolving marketplace.
Career coach, author and MD of Personal Career Management, Corinne Mills had this to say about the topic:
“Clearly, continuous learning and career agility are going to be essential. Jobs are changing quickly, as technology starts to complement, redefine and potentially replace many existing jobs. Individuals will need to keep their eyes on potential career options and work proactively to develop the new skills and knowledge required; on-going proactive career management is likely to be essential for continued employability.”
Professionals must demonstrate their adaptability, ability to learn quickly and efficiently, and have a flexible approach to new opportunities. Accepting and demonstrating this skill is key to ensuring that you secure the best opportunities. Employers must demonstrate their commitment to the learning and development of their teams through investing in platforms to support the skills professionals need to thrive in this ever-changing AI environment. As well as identifying where natural intelligence supports artificial intelligence in their organisation and their strategy for this moving forward.
The organisations that will attract and retain the top talent within the financial services industry will be those that support their people. Providing the necessary working environment to enable professionals to continuously develop their skills and build working cultures. Ones that are flexible and readily adaptable in this rapidly evolving digital world.
If you would like to discuss how we can help with your finance recruitment, get in touch with one of our specialist consultants for a confidential conversation today.