Many factors contribute to a skills gap, but whatever their source, they can prove to be highly damaging in any sector. In the incredibly competitive world of finance, this skills gap would be keenly felt. If there is a skills gap between finance professionals and the roles they are expected to work in, then bridging that gap with training and knowledge has to be a priority for colleagues, candidates and employers.
Technological changes in our working society have affected how everyone organises their finances, not just companies! Telephone banking and the internet allow transactions and business decisions to be made within seconds, investments and market options to be updated within the hour, and new trends to be exploited quickly. Finance professionals now have to be tech-savvy and more reactive than they ever have been.
Over half of the largest companies in the UK have reported that they need help finding colleagues with the correct skill set for their roles. This is a view that is backed up by the opinion of over three-quarters of the young, incoming workforce who recognise that digital skills will be vital to whatever field of work they choose to undertake. That’s why, above all else, an ever-improving digital skill set is a must-have for finance professionals.
Having a solid working knowledge of Microsoft Excel is no longer enough…
A skills checklist for aspiring finance professionals
- Analytical and numeracy skills. Being able to interpret figures and understand what they are saying to you is a crucial core skill. To do this, it would be very helpful for the best candidates to know Python, a finance language that is used as a tool for analytics and modelling.
- Modelling. The ability to create patterns that can be understood or put into a coherent model for others to view is key.
- Staying on the right side of any compliance regulations is essential. Therefore, having the ability to recognise and adapt data and working practice to fit in with these non-negotiables is a skill in itself!
- Strategic planning. Taking all of the available data and making it into a cohesive and definitive plan is also an overarching skill that considers all of the above. The use of the R system is another example of a strategic planning and data visualisation tool that employees need to be able to use effectively.
- Then there are the soft skills that make such a difference in the workplace and the Teams / Zoom room. An analytical mind is one thing, but the ability to show and tell the right story to the broader world of colleagues and other potential purchasers and partners is crucial to the company and the individual’s success.
- To reduce the mundane tasks of finance, employees need to be skilled in the use of accountancy and bookkeeping tools like Xero, Sage and SAP. These, as well as the usage of Power BI and Python, significantly improve speed and performance.
- Being skilled at solving problems and finding quick and fair solutions plays well with adapting and being fast-paced to changes in this fast-paced environment.
For employers, a lack of skills in any of these key areas is critical. If they cannot find employees who can provide these skills and keep up with the changing market, they may see a downturn in efficiency and profitability and even run the risk of falling foul of the regulators, which can result in a considerable fine.
It also needs to be said that the changes that might require finance professionals to have additional skills are not just limited to the realm of technology. Yes, changes in the regulations set by the FCA, IFRS, and the Bank of England for financial working practices always need to be taken into consideration and there is today a greater focus on how a company operates and what it invests in. Finance professionals need to be able to operate in line with whatever regulation prioritises. However, one of the most prominent areas of change that has affected the role of the financial professional is the ability to be able to help set out a company’s Environment, Social and Governance agenda or ‘ESG’ for short. Candidates can help the companies they work for become more attractive to clients by developing and implementing an ESG strategy. Candidates who are familiar with the rigours of the BCorp application process, for example, could be a real asset to their employers.
This is where the services of an ethical recruitment agency, such as Core3, are in demand as when we are seeking out the best talent for a company’s needs, we can ask the right kinds of questions. If you are looking for an accountant or finance professional, Core3 can find those with a specialism in developing a fledgling ESG agenda. We realise that the requirement of companies can centre around a costed approach to generating an ESG agenda that also illustrates the social payback that such a scheme can provide.
The most highly skilled candidates are also likely to have a sense of wanting to work for an organisation that shares their values and aspirations for the world and society. They are most likely to come to an ethical recruitment agency to place them where they want to be.
So, to bridge the skills gap and find the people with the skills you need, the choice is clear. Either invest in a training program for existing employees, seek good candidates through traditional methods, or, to secure the best quickly, why not use an ethical recruitment agency such as Core 3? You’ll have a much better chance of getting the right people into your organisation who can hit the ground running and provide you with the skills you need from the outset.
We are committed to finding you the right kind of person to bridge any skills gaps you might have in your company!
