Digital transformation is a concept virtually every company is familiar with today. In finance, all professionals, from entry-level accountants to high-level CFOs, rely more on technology. In fact, according to ICAEW, around 70-80% of finance leaders believe cloud computing, AI, and automation tools will be crucial to business resilience in the future.
However, only around a third of respondents in the same report said that their finance professionals had the skills they needed to excel in increasingly digital roles. This issue is further exacerbated by the fact that countless finance professionals are beginning to retire, leaving significant skill absences in businesses that organisations struggle to fill with new candidates.
This is a significant challenge for business leaders, but it’s also an urgent opportunity. By proactively upskilling and developing their teams, business leaders can bridge the digital divide, enhance operational efficiency, and maintain a competitive edge.
The Digital Skills Gap In Finance Teams
Finance professionals have always needed strong technical skills, but as technology and processes in the sector evolve, the competencies these employees need to develop are changing, too.
Beyond traditional financial reporting and compliance expertise, there’s a growing demand for professionals proficient in data analytics, machine learning, and automation tools. Yet, according to reports, around 29% of finance managers have little or no digital skills.
At the same time, business leaders are hiring teams are increasingly struggling to find new employees with digital proficiencies as the war for talent becomes more intense.
About 69% of employers say that skill shortages make it harder for them to infuse their teams with the right skill sets to thrive in a new era. That’s why countless companies are refocusing their attention –upskilling existing employees rather than trying to fill the gap with new talent.
Upskilling existing team members helps organisations overcome the challenges of a competitive talent market, boosts employee engagement, enhances productivity, and improves retention rates, ensuring companies can stay competitive and thrive in the digital era.
Essential Digital Skills For Modern Finance Teams
Success in today’s finance landscape requires employees to have a specific blend of technical and soft skills. Your team members still need high levels of emotional intelligence, strong resilience, communication, and collaboration skills to thrive.
They’ll also still rely on traditional finance technical skills linked to mathematics, forecasting and financial reporting. However, business leaders will need to focus more heavily on a few key areas in the years ahead, such as:
Data Analysis and Proficiency With Visualisation Tools
Finance teams must interpret and present data effectively to remain efficient and agile. Tools like Microsoft Power BI and Tableau have revolutionised how finance professionals analyse complex datasets. Knowing how to use these tools will allow employees to create interactive dashboards and generate real-time insights, facilitating a deeper understanding of financial metrics.
Confidence With Automation Technologies
In one report, around 64% of finance leaders said they use tech to automate accounting and data analysis tasks. However, automation isn’t replacing finance roles; it’s augmenting them. Employees who know how to use these tools effectively can save time on repetitive tasks and improve the accuracy of reports, minimising risks.
Skills With Relevant Software
Most finance employees use various software solutions and tools in their day-to-day roles. They need to be able to use ERP solutions to oversee financial operations and enhance cross-departmental collaboration. They should also confidently use integrated platforms, collaboration tools, and reporting systems to streamline tasks.
Cloud-Based Financial Management Skills
Transitioning to cloud-based financial systems can help businesses become more scalable, agile, and data-driven. Cloud platforms provide secure storage solutions and facilitate remote access, which is advantageous in today’s flexible work environments. Understanding cloud computing is essential for finance professionals who use these systems daily.
Cybersecurity Awareness
Thanks to the increasing digitisation of financial data, cybersecurity has become a critical concern. Finance teams must be vigilant about potential threats and use new security measures to protect sensitive information. Awareness of cybersecurity best practices is essential to safeguard against data breaches and ensure compliance with regulatory standards.
AI and Machine Learning Skills
Artificial intelligence influences every aspect of the finance landscape, transforming recruitment, upskilling, and day-to-day processes. Finance professionals need to learn how to work with them to ensure they can’t be “replaced” by bots. They should be confident using AI to analyse data, identify risks, and automate repetitive processes.
Programming Basics
Finance professionals might not need to be expert coders, but they should have a basic knowledge of programming languages like SQL and Python. Knowledge of those languages will help experts more effectively manipulate and analyse larger data sets, leading to better financial modelling and reporting processes.
Building An Effective Upskilling Strategy
The first step is to identify which skills you should prioritise when upskilling your finance teams. After that, you need to determine how to implement your strategy to drive the best results. Here’s how business leaders can dive in.
Step 1: Assess Current Skills And Identify Gaps
Start by evaluating the existing competencies of your finance teams, looking for obvious gaps now, as well as potential gaps that could emerge in the future as you embrace new technologies. You can use surveys, interviews, and practical skills to learn more about your team’s skill pool.
Remember to consider your company’s priorities when gathering this data. For instance, if you plan to integrate advanced data analytics tools into workflows, determine if your team already knows tools like Power BI or Tableau.
Step 2: Establish An Upskilling Budget
Training employees to master new technologies and skills requires an investment of both money and time. Ensuring a clear budget allows you to implement your learning strategies more effectively.
If you’re worried about financial restrictions, try using your internal resources. Use mentorship programs or collaborative learning programs to reduce the cost of paying for expert assistance. Explore cost-effective platforms for online learning – some digital platforms even allow users to take certain courses for free.
Focus on prioritising the upskilling strategies that matter most to your team first—identifying opportunities that will impact business outcomes.
Step 3: Create Personalised Learning Paths
Today’s finance professionals aren’t just looking for development opportunities and personalized learning experiences that cater to their specific strengths and weaknesses. Focus on creating individualized upskilling strategies for each employee based on their skill gaps and preferences, showing them their growth is valued.
Consider a wide range of diverse upskilling methods and resources. Some team members might prefer formal training programs, internal one-on-one mentoring experiences, or access to dedicated traditional certification pathways. Others may prefer the flexibility and agility of self-directed learning or micro-learning opportunities.
Introducing a range of learning methodologies ensures that you can help professionals gain widely recognised certifications and hands-on experience with technical skills in different ways.
Step 4: Address Resistance To Change
Change can be daunting, and resistance is a natural response. Many financial professionals may feel uncomfortable learning new software, automation tools, or AI, particularly if they believe these new tools will impact their job security.
Address this issue head-on by clearly communicating the benefits of upskilling and linking them to personal and organisational growth. Involve teams in the planning process and ask for their input on the types of learning experiences they want to explore. Ask learners to share their success stories with their colleagues after completing a training initiative.
Also, foster a constant learning and innovation culture by celebrating your teams’ successes and rewarding those who embrace growth.
Step 5: Integrate Upskilling With Performance Management
Embedding skill development into performance management ensures it remains a priority for your entire team. Set clear, measurable goals for upskilling and incorporate them into regular performance reviews. Recognise and reward progress, reinforcing the value placed on continuous learning. Gather insights into training results you can share with stakeholders and team members.
Tracking key performance indicators (KPIs), like increased efficiency, error reduction, or improved productivity, can help highlight the benefits of learning programs. Tracking the return on investment of learning strategies, from improved performance to reduced turnover, can help supervisors and managers validate their strategy with stakeholders.
Remember to gather feedback from employees regularly, too, to ensure that your programs meet diverse learner needs.
Future-Proof Your Finance Team With Digital Upskilling
Any finance team cannot afford to ignore digital transformation. Everyone on your team needs to be equipped with the right skills to analyse larger volumes of data, embrace new technologies, and adapt to changing standards.
Don’t wait until the skills gap in your organisation impacts your performance to start implementing a strategy. Proactively search for ways to empower and augment your team with new skills that can drive your business forward.
The finance leaders who take action today will build agile, tech-savvy teams ready for the challenges ahead. Investing in upskilling your teams will give your company an edge.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we understand and match employer and employee needs perfectly.
To learn more, contact one of our team members today or call us at 01282 930930.
