Singapore’s CFOs are confident they have the skills capability to manage digital transformation and automation initiatives. Read more here.
- 87% of Singapore’s businesses are confident they can teach the skills needed to respond to digital transformation and automation.
- The top skills required by finance professionals in light of digitisation: Data analysis (51%), financial reporting and analysis (38%), and data forecasting (35%).
With traditional job roles within the financial sector set to become more complex due to the impact of digital transformation and automation initiatives, Singapore’s finance leaders are confident their organisations have the capability to manage the transition.
Independent research commissioned by specialised recruiter Robert Half reveals almost nine in 10 (87%) Singaporean CFOs believe they can train and upskill employees to respond to the changes being wrought by digitisation.
Automation and digitisation initiatives are putting increased pressure on financial institutions to respond to the latest technology trends. According to the survey of 150 Singaporean CFOs, the new skills required by finance professionals with the onset of digitisation in the workplace include data analysis (51%), financial reporting and analysis (38%), and data forecasting (35%).
In response to recent innovations such as blockchain, artificial intelligence and virtual banking, Singaporean employers are taking a proactive approach to upskilling their employees. According to the survey, the top methods of professional development are: external training (61%), employee membership of professional finance bodies (37%), internal training (36%), sponsoring of professional qualifications (35%) and working with industry bodies (35%).
Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore said: “Disruptive technologies are increasingly changing the face of the financial industry with companies already experiencing the benefits, such as Robotic Process Automation, cloud technology and innovative interfaces designed for enhanced customers experience. Yet the pace of disruptive technologies within the financial sector means the industry needs to adapt – and fast.”
“With digitisation set to dramatically transform the modern workplace, financial employers need to start developing the skills of their existing staff and new hires from their first day. To maintain an organisation’s long-term future, learning and development programs need to be an ongoing initiative to equip staff with the skills and ability to adapt to the workplace of the future.”
“Whilst arming staff with key skills needed to tackle digitisation in the workplace, professional development programs also incentivise staff to remain with the company and highlights the organisation as an employer of choice. This is particularly relevant to successfully attract career-driven Millennial professionals.”
About the research
The annual study is developed by Robert Half and was conducted in December 2017 by an independent research firm, surveying 150 CFOs in Singapore. This survey is part of the international workplace survey, a questionnaire about job trends, talent management and trends in the workplace.