Redesigning job key to address challenges in accountancy sector
This is due to the changing aspirations of young professionals and the digitalisation shift.
The accounting industry should “pay serious attention” to job redesign and the well-being of their employees as young professionals are now changing their aspirations, Minister in The Prime Minister's Office and Second Minister for Finance Indranee Rajah said.
During her speech at the Launch of The Jobs Transformation Maps for The Finance and Accounting Functions and Accounting Practices, Rajah said job seekers are re-evaluating what they want from working lives and there is a desire for “better work-life balance, more flexible work arrangements, and a greater sense of fulfilment.”
She also noted that the United States and the United Kingdom are already experiencing “The Great Resignation,” with the US recording 24 million workers resigning from April to September 2021, citing data from Bloomberg.
“While we have not quite seen the same phenomenon here, professional services – which typically involve long working hours under high pressure – should not ignore these signs,” she said at the launch of the Jobs Transformation Maps.
“If firms want to take advantage of the growth opportunities that are on the horizon, they should pay serious attention to job redesign, the well-being of their employees, and strengthening of their internal culture to be in tune with the aspirations of accounting professionals,” she added
Rajah also noted that the industry is entering a “post-pandemic world” that is driven by digitalisation and technology as well as threats posed by climate change.
“These drivers are set to reshape the accounting profession, while at the same time creating opportunities for those who are nimble enough, adaptive enough and willing enough to seize them,” she said.
New skill sets are needed to use new tools and analyse data as the pandemic accelerated the rate of technology in the Finance and Accounting sector, she said.
Environment, social, and governance is also an emerging area of interest of the sector due to climate change, Rajah said, adding that companies would need individuals that know sustainability reporting standards and disclosure and understand the impacts of sustainability on their financial performance.
Furthermore, the government launched the Accountancy Job Redesign initiative which will aid the industry in their transformation plan through the Productivity Solutions Grant for Job Redesign which will fund up to 80% of the companies’ consultancy costs with a limit of S$30,000 per business.
"Jobs transformation is critical to prepare businesses and the workforce in staying relevant for the future," Rajah said.