Building the skills, behaviours and mindset for change
Finance functions globally are transforming — 76% of organisations are planning, developing or delivering new systems, processes, competencies and capacities for the future. With the focus firmly on improving internal reporting, processing and data analytics, investment in technology is crucial to success. But to fully reap the cost, efficiency and performance benefits, finance must also invest in its people. On average, 59% of finance transformation budgets are allocated to consultants, technology and implementation, and a further 26% on the recruitment and training of new staff. Skills training and development for existing staff make up only 14%.
Yet, despite 34% of organisations reporting that their main skills gaps lie in the emerging areas of digital infrastructure and implementation, most employers are keen to retain and reskill existing staff, with only one-fifth preferring to hire new talent. But in this busy, complex world, skills development often takes a back seat, with time constraints and insufficient investment in both skills training and technology being reported as the main barriers. Employers must take note, redress the balance and ensure that they fully comprehend the pivotal role people play in the success (or failure) of sustainable business transformation. The top three critical success factors for transformation relate to people rather than technology — workforce motivation to make or embrace change, growth mindset and strong leadership.
Leaders have many roles to play; introducing and communicating the need for change, acting as a change champion and enrolling employees in idea generation. The future is unpredictable: ensuring that finance teams have the right mix of digital, technical, business and people skills to deliver insight, influence and impact will be essential if organisations are to successfully navigate the uncharted waters ahead.
'By far the most successful transformation programmes I’ve seen are the ones with very clear sponsorship and leadership at the very top. It’s not a "fire and forget" thing where you launch the programme and then just expect everyone else to go and deliver it without any further input or nurturing'.
Robert Bolton, Partner, Global People and Change Centre of Excellence, KPMG International
Meanwhile, finance professionals must recognise that the skills they developed through their professional training are no longer an automatic passport to a sustainable, lucrative career. Rather, they are a foundation to build upon through CPD and CPE, and this commitment to lifelong learning remains a personal responsibility for qualified accountants, whatever their role. A wide range of support resources is available via online portals such as the CGMA Competency and Learning website.
The ever-changing external business environment demands a flexible, evolutionary and sustainable approach to skills development, as individuals, as employers, as leaders and as a profession.
Digital technology is the most significant enabler in this regard, but the optimisation of outcomes can only occur when finance invests in its people.
Following these principles will help ensure that people remain key to transformation programmes (Table 2).
Table 3
