Emerging Technologies & Changes in Job Trends

The key takeaways observed from the webinar.

Emerging Technologies & Changes in Job Trends Webinar from Ultimate Access on Vimeo.

Ultimate Access  (approved tuition provider of CPA Australia & CIMA UK) hosted the webinar on the 3 April 21 (Click here to access the Webinar)  on the topic of Emerging Technologies and changes in Job Trends.

• Embrace technology as there is plenty of opportunity for accounting & finance professionals
• Have an entrepreneurial mindset with the importance of social IQ
• Build transferable skills
• Positive business outlook 2021 & beyond, Invest in the right skill sets & be prepared

To predict the next five years we need to look at the trends over the past five years. When we look at this, we can effectively observe a shift in the emphasis from narration to analysis.

Finance professionals are not just expected to just gather and present data, but to generate insights into the data by acting as a strategic partner.

This change however brings along with it a lot of uncertainty and fear over job security but this is part and parcel of the transformation that will, sooner or later, affect every industry.

The shift from a clerical function to an interpretational function is scary, but a welcome change, according to Russell Raihan (CFO Etex Australia). He feels that it is not necessarily a threat, but an opportunity that comes from a new way of doing business. Technology will continue to act as an enabler which helps us create a more efficient output and productivity.

Kelvin (Head of Learning Development Roche), who moved from the finance function to learning and development had some interesting thoughts on the subject too. Even though he completed his bachelor’s and master’s in accounting during his professional career, he found that he prefers to work on the human element within the organization. It was this love for an emotional connection that led to his transition into the learning and development space. His career path is an example of how the skills within finance are transferable adding value to any function in the organization.

Next, Leslie  (Senior Manager Business Development, CPA Australia) shared with us the major economic trends that he has observed in Singapore and other markets that he operates in. After a tough 2020, in which small businesses took a major blow, things seem to be returning to relative normality in 2021 with multiple index surveys pointing towards improving confidence for small businesses.

This confidence will lead to more job creation which again act to bolster the economy. He also perceives a strong confidence level in India, as well as the whole Asia Pacific region, but the economic growth is contingent with the vaccination efforts globally.

As we get used to working remotely employees need better skills in technology to keep up with the trends. The jobs are coming back but the question is whether we are preparing for it.

Russell also shares with us that the employment landscape in Australia is booming right now, contrary world expectations, particularly in the construction industry. In terms of employment, while a massive negative is not observable, the economy is still recovering. The next few years will look like to continue to be strong for Australia and there is a massive opportunity there.

In the UAE and the middle east, 2021 is expected to be the year that businesses reap the benefits of Expo and the Abraham Accord (Israel and UAE new alliance), helping them create more business within the regions.

With regards to the future of learning, Kelvin feels that instead of widening the focus on multiple skills, countries should focus on becoming hubs for particular skill sets and consolidate, which will give them a competitive advantage. He reminds those listening that we are living in a VUCA (volatility, uncertainty, complexity and ambiguity)  world and only those with a growth mindset, as opposed to a fixed mindset, will ultimately survive.

Business leaders of today, also expect their employees to take charge of their own personal development and learning, without depending on their managers to assign training projects and courseware.

Leslie states that while technological skills are necessary, accountants need not become software developers to build in-depth knowledge of coding but instead the focus should go into social improving skills such as negotiation and emotional intelligence.

As selling online becomes more and more relevant, innovation in this area will play an increasingly important role for small businesses’ brand awareness and revenue building potential.

The panel jointly felt that accountants definitely have the skills required for entrepreneurship as they can crunch the numbers but need to practice the strategy element too along with human skill development to secure partnerships crucial to most businesses.