Work, but not as we know it?

According to the WEF, technology-related roles such as big data specialists, fintech engineers and artificial intelligence (AI) experts constitute the fastest-growing job category in percentage terms. The number of green and energy transition roles, including environmental engineers, is also growing rapidly. Clerical and secretarial workers are expected to see the largest decline in absolute numbers.

Meanwhile a McKinsey Global Institute study, A new future of work, highlights the likely impact of automation on the workforce. It predicts that by 2030, up to 30% of current hours worked could be automated, a trend accelerated by generative AI.

Skills mix

As a result of the far-reaching shifts in work and how it is done the WEF estimates that, on average, workers can expect two-fifths (39%) of their existing skillsets to be transformed or become outdated over the next five years.

It goes without saying that core technological skills – including AI literacy – will be critical in future. But these must be complemented with other skills. ‘With automation, you need to be able to understand the processes and ask the right questions,’ says Jamie Lyon, head of skills, sectors and technology at ACCA. ‘What’s more, the complexity of today’s business landscape, and the speed at which it’s changing, mean that decisions need to be made quicker and more authoritatively. That’s why agility, creativity, problem-solving, resilience and sustainability knowledge should all be part of the skills mix.’

Companies have three main options for acquiring the skills needed in the new work landscape: retraining existing employees; hiring new talent with, for example, specialist technology or data science knowledge; or bringing in experts on contract to handle specific projects.

The McKinsey Global Institute research found that those executives who plan to address their skills mismatch through retraining expected to upskill 32% of their workforce on average. There is a wide range of retraining options, from formal courses and CPD through to coaching, mentoring, experiential learning and secondments.

Finance teams

In addition to being AI-literate, finance teams of the future will need to be able to assess geopolitical risk, understand evolving regulations and interact with a broad range of stakeholders. They should also have sustainability knowledge – for example, awareness of circular economy business models. A deep understanding of data, data governance, cybersecurity and technology transformation will be key.

At the same time, strong interpersonal skills will be critical as finance teams draw on their data, technology and sustainability expertise to help shape organisational strategy. They will need skills in change management, collaboration, influencing and relationship building, while project management expertise will also prove invaluable. ‘Most of the business problems that finance teams are solving are not constrained to finance,’ Lyon explains, ‘because they’re working with both financial and non-financial data, so they must be able to collaborate and work across functions.’

In practice

A similar picture emerges for auditors and other finance professionals working in practice. AI and machine learning are being increasingly integrated into their processes, requiring them to be curious and confident about using the technologies, according to Sandra Oliver, EY’s global assurance talent leader. Practitioners also need the ability to analyse and interpret complex data, and interpersonal skills are more important than ever.

‘It might seem counterintuitive, but as the role of the auditor expands, and as technology advances, people skills such as negotiation, collaboration and being able to communicate complex issues will be just as critical as technical financial skills,’ Oliver explains. ‘Auditors are working with a broader range of stakeholders and across increasingly diverse teams, making interpersonal and inclusive leadership skills key to their success.’

EY has invested in training staff in future-focused skills in areas such as sustainability reporting and assurance, transformative leadership, understanding emerging technologies and account leadership. ‘Our learning programmes and their paths are purposely designed to keep pace with the evolving skills needed by all auditors, not just new ones,’ Oliver says.

Output insight

Deepti Vohra, partner and early careers leader for PwC UK’s audit practice, says that greater use of automation tools will drive the need to understand their output. ‘Increasingly, accountants will be reliant on outputs from processes that they haven’t performed themselves,’ she explains. ‘The skill of review will be very important in ensuring that the outputs are accurate and reliable.’ She warns that accountants also need to be aware of the risk of ‘AI hallucinations’.

Demand for practitioners’ fundamental technical expertise will nevertheless remain high. Vohra says that as manual activities and processes are increasingly automated, junior auditors will be expected to complete more advanced work sooner in their careers. PwC UK has accelerated its core technical training for new auditors as a result. ‘The core technical skills remain paramount from a quality perspective,’ Vohra says, ‘but they will no longer be the only differentiator or value-add.’