In this Special Edition, we consider what lies ahead as technological advances reshape roles. Any discussion about the future of work must start with the premise that humans will remain in the workplace, at least for the foreseeable future. The ongoing changes that we are all experiencing are related to how we work and what the work is rather than whether we actually work at all. In all senses these changes are an evolution not a revolution.
There are opportunities for every finance professional
This evolution is being driven by several factors, each of which interact with the others. Above all, work in the future will be driven by human analysis and trust. Ultimately, though, the work we do is work that as individuals we see reward from. That reward comes in the form of a balance of factors, some monetary and some emotionally based.
Professional potential
There is no denying that enhancements in technology are impacting how we work. The technological element of this evolution is not simply about artificial intelligence, but also about how complementary technologies can streamline workflows.
There are opportunities for every accountancy and finance professional to take advantage, but that requires an initial working knowledge of the potential so we can capitalise on what each of us are good at. What we need to explore is the potential of the how and why, rather than the what, recognising that there are new and adjunct roles where our skillsets can be applied.
In any discussion about the future of work, while we may initially focus on the impact of technological innovations, these are only enablers. The real discussion is about the choices that we as individuals and as a society need to make. The economic capacity to work needs to be matched with the desired productivity of work. The four-day week may be a reality if technology, for example, assists us in maintaining, or enhancing, productivity.
The future of work is what each of us chooses to make it
As advances in healthcare raise life expectancy, so the choice (or necessity) becomes how long you wish (or need) to remain economically active. Demographics vary wildly around the world – the median age in Europe is 45 years, whereas in Africa it is around 19 years – but many countries need the baby-boomer generation to be economically active just as much as they need Gen Z or Gen Alpha.
A series of choices
The future of work is what each of us chooses to make it. It can be said with a fair degree of certainty that career progression is now more flexible and less linear that it might formerly have been. What does this mean for each of us?
Traditional ladder-based career structures are breaking down
The first thing is that we have far more choices available to us. We each need to decide where we want to specialise, and as a result what skills we need to develop.
Second, the responsibility for developing those future-fit skills is increasingly passing to us as individuals. As the traditional ladder-based career structures continue to break down, so employers need to offer more flexible learning opportunities.
Finally, choosing when and how to work is important. We must embrace technological advances in ways that are relevant to our own roles. We need to ensure that we focus on how we effectively deliver our work and why it is important, rather than simply understanding what the technology is. The future of work is a human-machine partnership. Each needs the other to deliver value.
More information
See reports on related topics from ACCA's Professional Insights team in Professional accountants – the future
