New skills needed for global finance workers?

Paul Roche our consultant managing the role
Author: Paul Roche

The world of modern finance has been in flux in recent years, with new operating models set up and a drive towards sustainable business growth meaning that accountancy professionals need to reconsider how they approach their role.

Helen Brand, chief executive of the Association of Chartered Certified Accountants (ACCA), recently introduced a report by noting that many traditional career paths for finance workers have been disrupted, with many firms rethinking their approach.

"The advent of finance shared services, outsourcing and more recently global business services, has fundamentally changed the traditional talent equation," she added.

ACCA's study, entitled 'Talent and Capability in Global Talent Functions', noted that a broad skill-set is now necessary for people who wish to make themselves valuable to their organisations.

However, it also suggested that accountants and other people working in the finance sector of companies have got an unprecedented opportunity in front of them to take up the wheel at their businesses.

"Increasingly a higher value is placed on the development of skills in areas such as analytical capability in response to growing data management challenges and the need to drive financial insight," the report claimed.

On the bright side, more organisations appear to be linking up career paths and offering on-job training, allowing finance workers to improve their skill levels and potentially move into a wider variety of areas.

Specific interventions, such as the creation of finance roles that bridge operations, are helping drive this connectivity - according to ACCA, this is especially important as outsourcing and increased use of web services change how traditional finance roles are perceived.

Economist Andrew Hill, writing in the Financial Times, recently offered further succour to accountants and finance workers when suggesting that the criticism of the banking sector seen in the media recently is unlikely to prevent younger graduates from moving into the industry as it attempts to revive its reputation.

http://www.accaglobal.com/content/dam/acca/global/PDF-technical/human-capital/pol-afb-tacgff.pdf

11/04/16
posts

Related articles

Glimmers of hope for accounting and finance
Glimmers of hope for accounting and finance

** DEFAULT postresults.teaserlabel - en-GB **

Financial Services

** DEFAULT postresults.contenttypelabel - en-GB **

General

11/01/21

** DEFAULT postresults.summarylabel - en-GB **

I don’t think anyone would disagree that 2020 was a tough year. In recruitment we are usually on the sharp end of economic turmoil, so I’m very empathetic to people’s struggles, especially those seeking new employment.   However the good news is that over the last couple of months we have seen some glimmers of hope. Since last September there has been a slow but steady incremental demand for accounting & finance talent in London. This was precipitated by the gradual reopening of offices, and clearing the hiring backlog which was created in the late spring and summer months due to the COVID restrictions and the extreme uncertainty. Candidate needs have changed Whilst firms were constrained and had conservative hiring plans, the risk appetite among candidates for a new role, company, or location change surprised us - this has no doubt been triggered by the enormous lifestyle changes that we’ve all been contending with recently. Many people have decided to escape that city in search of open, more green spaces, and the vast majority of candidates we speak with are expecting a new level of work flexibility to support their personal and family interests.A large dichotomy between company attitudes to hiring!   Some firms are making the hiring process so cumbersome that both parties lose interest half way through the process.  It’s not uncommon to see a candidate going through six or seven rounds of interviews, without receiving an offer at the end of the saga. Whilst other organisations are very quick to bridge the skills gap, recognising that finance departments need enough resources to operate effectively. The overwhelming message that we are receiving is that accountants are feeling jaded, given they are working harder than ever with less moral support and fewer resources. Now businesses are starting to see cracks appear and recruitment is back on the agenda. " It has largely been an employer’s market lately, where candidates have very realistic expectations and businesses have been able to secure strong candidates quickly. We are also seeing a fresh demand for niche skillsets, such as: Regulatory Reporting,  IFRS 17, and Technical Accounting, which has led to competing offers and a shortage of candidates with the right skills. The projects that were put on the long finger are now back in focus.In contrast to the 2008 crisis, we haven't seen many redundancies within financial services firms. Nevertheless, businesses are reassessing what skillsets they require from senior finance leaders in this uncertain environment. Unfortunately we have seen some cost cutting at the very senior end of the market with opportunistic or knee-jerk removal of CFOs and Directors who may have been seen as an expensive luxury in a stale economy, however these people will be an absolute necessity to have in place when businesses return to growth mode. We’re expecting risk appetite to accelerate Going into spring 2021 we fully expect that positive news on a vaccine will spur a newfound confidence, and risk appetite will accelerate the need for additional resources and new expertise, leading to a war on talent. Our advice would be to really look after those star employees who you want to keep as they will be approached by other companies! If you are thinking about growing your team or department, it may be worth getting ahead of the game and kicking that process into action before you lose out, or have to pay salaries over the odds.If you are considering recruitment options, or want to discuss your own personal circumstances, then please feel free to call me for a chat on 079 6337 0126, or drop me an email.

** DEFAULT postresults.teaserlabel - en-GB **

In recruitment we are usually on the sharp end of economic turmoil, so I’m very empathetic to people’s struggles, especially those seeking new employment.

Read full article
Paul Roche

by

Paul Roche

Paul Roche

by

Paul Roche

Survey results: Business response to Covid-19
Survey results: Business response to Covid-19

** DEFAULT postresults.teaserlabel - en-GB **

Financial Services

** DEFAULT postresults.contenttypelabel - en-GB **

General

31/08/20

** DEFAULT postresults.summarylabel - en-GB **

‘The only constant is change’ has never rang more true and there is no facet of business that has not been changed dramatically by this year’s global events. It is not about adjusting to any ‘new normal’, it’s about making sure you can adapt adequately to this new, more rapid pace of change'. During May 2020, we produced a survey for our contacts to understand how their business was reacting to the pandemic and to gauge overall market sentiment. We received over 130 responses to key questions relating to their thoughts, reactions and predictions regarding the unprecedented level of change we are experiencing. Although market conditions are changing daily, the ease of lock down has brought a wave of positivity as we look to rebuild on the disruption of the past few months. With this in mind, the below report outlines some of the findings from our research, and our predictions for the future. Covid-19 survey

** DEFAULT postresults.teaserlabel - en-GB **

The only constant is change’ has never rang more true and there is no facet of business that has not been changed dramatically by this year’s global events. It is not about adjusting to any ‘new normal’

Read full article
David Harvey

by

David Harvey

David Harvey

by

David Harvey

The business case for a robust diversity and inclusion strategy in your organisation
The business case for a robust diversity and inclusion strategy in your organisation

** DEFAULT postresults.teaserlabel - en-GB **

HR

** DEFAULT postresults.contenttypelabel - en-GB **

General

05/08/20

** DEFAULT postresults.summarylabel - en-GB **

The past few months – and indeed, years – have demonstrated just how important diversity and inclusion are in modern society. Through the #MeToo and Black Lives Matter movements, a light has been shone on the inequality and injustice that persists, not just in our day to day lives, but also in the workplace. We can no longer ignore how important diversity and inclusion are to businesses, nor can we expect things to get better without actively working to improve conditions and outcomes for everyone. And while promoting diversity and inclusion is absolutely the right thing to do for employees, there are also business benefits to doing so.  What is diversity and inclusion? Diversity and inclusion aren’t just a priority for HR departments – it should be a key business strategy for all organisations. Workplace diversity can be defined as the understanding, acceptance and promotion of differences between people. This includes those of different genders, races, ages, sexual orientations, disabilities and religions, as well as people who have different educational, socioeconomic and experiential backgrounds. Meanwhile, inclusion is about creating a supportive and respectful work environment that values collaboration and participation of all employees, helping everyone to feel included. Together, diversity and inclusion make companies more welcoming, accessible and harmonious for everyone, not to mention more profitable and competitive. Why is diversity and inclusion important? First and foremost, diversity and inclusion are essential to make workplaces better for everyone. Purely from a compassionate perspective, it’s the right thing for employers to create environments where people feel comfortable to be themselves and can succeed without limitation. Commercially, diversity and inclusion have a significant number of benefits. Firstly, a strong focus on D&I can significantly widen the candidate talent pool , giving you access to more candidates who may be excluded by non-diverse hiring strategies. With 70% of job seekers looking for a company’s commitment to diversity when applying for new roles, it’s clear that you may be missing out on top talent if you neglect to address D&I in your organisation.  On top of that, diverse organisations have better business results, higher employee satisfaction and are more innovative, according to Business in the Community . McKinsey research shows that executive teams in the top quartile for gender diversity were 25% more likely to have above-average profitability than those companies who perform poorly in terms of executive-level gender diversity. This figure jumps to 36% when analysing teams with ethnic diversity. Diverse teams have also been proven to be more innovative, solve problems faster and have more engaged employees.  Small steps to move the dial on D&I in your organisation The current emphasis on working from home presents a key opportunity for employers to rethink their D&I hiring strategies, with current conditions potentially opening up more flexible, part-time opportunities for those who may not have otherwise been able to commit to a 9-5 office job. To welcome more working parents and caregivers, disabled people and those with neurodiversity requirements, consider whether vacancies could be flexible, remote working or on part-time hours. Now is the perfect time to rethink your workspace and how it can be made more accessible to more people.  A dedicated diversity and inclusion policy, taskforce or officer can help to highlight its importance within your business. You could perform a D&I audit, examining the levels of diversity that exist within the company and specifically at the executive level, and set goals to achieve a more balanced, inclusive environment within a certain time period. Have open conversations with your team members about D&I and ask them what would make them – and new team members – feel more welcomed. It’s also important to acknowledge the diversity that already exists in your company, such as by celebrating different cultural and religious events, greeting bilingual employees in their mother tongue or inviting families into work.  Finally, while diversity and inclusion should be championed at the very highest levels of your business, it’s crucial that every single team member feels safe to contribute to these discussions and voice their opinions and stories. Prepare to tackle some difficult topics and be questioned. While subjects like the gender pay gap, lack of executive-level diversity and opportunities for progression can feel difficult to address, they are important conversations that need to be had in the process of making real change.  Marks Sattin can help to diversify your talent pool. By partnering with a specialist recruitment agency which has a strong focus on diversity and inclusion , you’ll benefit from having access to more candidates and guidance on how to actively recruit from diverse talent pools. At Marks Sattin, we can help you identify, attract and retain exceptional people across financial services, technology, change management and more.  Contact us here to have a chat about how we can work together. 

** DEFAULT postresults.teaserlabel - en-GB **

The past few months – and indeed, years – have demonstrated just how important diversity and inclusion are in modern society.

Read full article
Becky Hughes

by

Becky Hughes

Becky Hughes

by

Becky Hughes

jobs

Related jobs

Senior Management Accountant with FX Experience

Salary:

£55,000 - £60,000 per annum + Gym membership, PT, Language classes

Location:

City of London, London

Market

Financial Services

Job Discipline

Newly Qualified Finance

Industry

Investment Banking & Capital Markets

Salary

£60,000 - £70,000

Qualification

Fully qualified

Contract Type:

Permanent

** DEFAULT listwidget.vacancypartial.description - en-GB **

A global market leader in commercial foreign exchange are looking for a senior management accountant to join their centralised London finance team.

** DEFAULT listwidget.vacancypartial.reference - en-GB **

BBBH162569

** DEFAULT listwidget.vacancypartial.expirydate - en-GB **

09/02/21

Rebekah Froom

** DEFAULT listwidget.vacancypartial.author - en-GB **

Rebekah Froom
Rebekah Froom

** DEFAULT listwidget.vacancypartial.author - en-GB **

Rebekah Froom
Find out more
Assistant Accountant

Salary:

£28,000 - £32,000 per annum + study support

Location:

City of London, London

Market

Financial Services

Job Discipline

Part Qualified & Transactional Finance

Industry

Investment Management

Salary

£30,000 - £35,000

Qualification

Part qualified

Contract Type:

Permanent

** DEFAULT listwidget.vacancypartial.description - en-GB **

A global asset management company are looking for an Assistant Accountant to join their London office.

** DEFAULT listwidget.vacancypartial.reference - en-GB **

RF1001

** DEFAULT listwidget.vacancypartial.expirydate - en-GB **

04/02/21

Rebekah Froom

** DEFAULT listwidget.vacancypartial.author - en-GB **

Rebekah Froom
Rebekah Froom

** DEFAULT listwidget.vacancypartial.author - en-GB **

Rebekah Froom
Find out more
View all jobs