Workplace Evolution: Support of hybrid
The evolution of the workplace is directly linked to the hybrid work environment, and our research of this emerging theme reflects the paramount importance of the hybrid work model in the evolution of the workplace. Over the past few years, changes in the workplace have been concerned with communication and leadership skills. DEI initiatives have also been key developments for the workplace of the future. Hybrid ways of working have only heightened the focus on these aspects of workplace evolution.
This evolution includes navigating multiple changing drivers, including an awareness of culture, business partnering, shared services, and well-being. It also involves enhancing skills in coaching/mentoring, leadership, creativity, agility, and communication. Finance professionals and management accountants continue to maintain excellence in financial and accounting technical skills, reporting, forecasting, and regulatory requirements.
Skill support
Without the foundational technical basics of accounting and finance, credibility does not exist. Although our research uncovered the need to broaden management accountants’ skill sets, excellence in accounting and finance abilities is still foundational. The fundamental skills necessary include understanding of accounting rules and regulations; cost management; revenues; expenses; market share; productivity and analysis; and a deep understanding of policies and process to effectively manage financial performance and position. Our research shows that the reliance on finance professionals and management accountants has increased as the workplace evolves. Solid technical skills remain the foundation, but the manner and speed at which they are obtained and the opportunities present have grown exponentially.
This evolution has created centres of excellence within finance to continue to maintain these necessary skills and includes the expansion of technology, digitalisation, and automation. The bar continues to be the highest in the area of technical skills. To obtain the necessary technical accounting and finance skills at the rapid pace required by organisations, a variety of techniques, departmental structures, and processes enable success. As a colleague from Ireland notes:
So, we are moving our graduates between the group finance, internal audit, and the operating companies to give them a flavour of what each area does in the hopes that they will be more rounded. Yes, we probably will have those people that would like to specialise and that is fine, but we’ll also have those people that understand the different types of roles within finance and will be able to really help the business to develop.
Communication is the greatest challenge of the new work environment, our research showed, but good communication involves many soft skills. Though our research confirms that the use of soft skills varies based on job levels, organisational cultures, and environment, the list of skills needed is extensive. It ranges from how to be a finance business partner to leading and teaching creativity and agility, and includes emotional intelligence, mindset, resiliency, leadership, and more.
Our research has confirmed that different skill sets are needed for in-person and virtual communication and leadership. Managers must achieve intangible goals first, such as creating a sense of belonging and inclusion for all. This enables them to achieve the tangible outcome of effectively managing teams and meetings that include both in-person and remote attendees.
The bottom line is that the rules of engagement are new and changing. Often, these must all be activated simultaneously and collectively. The hybrid work environment requires dedicated efforts and expertise to manage and create an inclusive work atmosphere with team members in office and remote, and potentially all over the globe.
The need for collaboration is at an all-time high, and the challenges of having the team in varying locations and times zones and both in office and virtual can result in high turnover, burnout, and disengagement if not addressed appropriately and quickly. This emerging theme research has indicated that excellent communication and a high level of emotional intelligence enable an engaged team. Success in this area addresses the problems of disconnection, burnout, and lack of enthusiasm and provides a host of valuable attributes.
Finance training must go beyond awareness in finance operations to actual practice. The transition to a mostly remote workforce has left a gap in individuals knowing and practicing business etiquette and communication for varying circumstances. For example, for the auditor who works remotely, the change from on-site to remote management requires new skills, both technical and soft. The methods of communication have changed and, often, individuals are ill-equipped to handle the change in venue.
For those who entered the workforce during the pandemic, various models — partnering, teamworking, and communication skills, including presentation skills — are minimal because these are often displayed and experienced on-site. This has created unprecedented levels of stress and burnout with many floundering to learn wellness skills.
Across the globe, respondents in this research voiced the need for resilience, flexibility, agile mindsets, insightful communication, psychosocial abilities, and leadership across all levels to move forward successfully and proactively in the workforce.
The landscape of our workplace is more complex and more competitive than ever. Attention to skill development is critical. As an economic development executive in the US put it, ‘If you really want to have impact for the business, you have to understand the business, you have to understand how your company works, how the environment/ culture works, how the industry works, and that requires an investment’.
Talent support
Recruiting, retaining, and retraining are and will continue to be a challenge as we move into the future as current projections and experience supports. The technical and business acumen skills addressed previously guide employers as they hire, train, and upskill finance professionals. With five generations currently in the workforce, varied understandings, experiences, and cultures are the norm. Attention to work-life balance and diversity, equity, and inclusion are factors that most employees are focused upon.
Respondents noted that newly hired recruits should have a rapid learning programme to quickly integrate them into their positions, teams, and organisation. Awareness of the organisation’s core values, mission, and strategies should be included in the initial training. Also crucial are providing defined work plans; assigning a mentor or coach; outlining clear expectations for work and culture, including hours and flexibility; explaining business etiquette; and providing technical training updates.
Many have experienced the newly created expectation of being available 24/7/365 in a hybrid/remote environment. This expectation is unacceptable, and our research found that employees around the globe have developed a concern over how to deal with this expectation and the burnout that often ensues. At the same time, it is recognised that strategies must be developed to evolve the organisation’s workplace culture in meeting the changing needs of business. Rising in importance is the need for well-being, work-life balance, and empathy for employees. An important factor that enhances well-being is that many functions have become automated or digitalised, allowing accountants to move into high-level analytic, forecasting, and literacy activities.
DEI support
Don’t assume that the 25-year-old knows how to fix all the technology or don’t assume because somebody’s 65 or older they can’t embrace technology.… Just make sure nobody feels like they’re being singled out all the time for any reason, regardless of age, race, sex, anything….
Recruiting and retention requires entities to address DEI in the workplace environment and culture, developing policies, procedures, and attitudes necessary to support all employees regardless of their race, ethnicity, sexual orientation, gender, ability, or religion. Organisations will lose talent and knowledge by failing to implement DEI initiatives. That loss can be avoided or minimised in any organisation when they provide a welcoming place for everyone. Entities need governance and specialised training to successfully create a diverse, inclusive, and equitable culture. For example, training on how to include transgender individuals in the workplace would address even mundane things like writing an email, where employees could replace ‘Dear ladies and gentlemen’ in email correspondence with ‘Dear colleagues’. Strategic targeted actions like this can often yield positive results.
Wellness and, in particular, mental health are an increased focus as the workplace evolves. The flexibility that a hybrid working plan can provide addresses some of the stress of childcare, elder care, and other responsibilities outside of the workplace. Neurodiversity, another emerging area of focus within the DEI area, is also receiving heightened engagement.
Neurodiversity describes the idea that people experience and interact with the world around them in many different ways; there is no one "right" way of thinking, learning, and behaving, and differences are not viewed as deficits.
Candidates and employees are seeking equitable services and actions. Health and safety policies, human rights, security, and the environment are concerns included within DEI initiatives. Organisations should make their changes and improvements in areas of DEI apparent to both potential candidates and employees along with active training, equitable service studies, awareness, and initiatives to demonstrate the organisation’s commitment to what is becoming a global focus.
Trust and transparency build diversity. Actions support equity and inclusion. The research within this emerging theme is by no means conclusive but demonstrates a strong direction for the future.
