New report highlights the impact digital transformation will have on businesses and recruitment strategies
Robert Half’s new report, Digital transformation and the future of hiring has found that digital processes will be extended to manual, data entry tasks such as financial modelling (41%), generating financial reports (40%), project management and reporting (38%) within the next three years. As a result, payroll (37%), financial planning (33%), accounts payable (38%) and accounts receivable (32%) are expected to be the roles impacted by automation by 2022.
Digitalisation has already emerged as a business priority and is set to impact the future of business by offering new technologies to address threats and opportunities for a competitive advantage. Overall, 87% of executives have recognised the positive impact that the growing reliance on technology holds for organisations.
“Digitalisation will offer a new approach where labour and time-intensive processes can be shifted to allow for more value-added work to take place,” explained Matt Weston, Director at Robert Half UK. “Automation is impacting traditional business functions in a big way. Finance is no exception and professionals will need to be prepared to hold a more prominent and integrated influence on the wider business, gaining new skills that will see them through the technological shift.”
The main benefits that businesses are expecting, or already achieving from digital transformation, include improved efficiency and productivity, better decision-making and employees taking on more value add work leading to more fulfilling careers in the long-term. Overall, finance executives believe digitalisation will increase the productivity of each individual (59%), enable employees to focus less on data entry and more on the execution of tasks (53%), providing opportunities to learn new capabilities (51%).
“While a technical understanding will remain the core competence that provides professional credibility, it will need to be enhanced with soft skills,” added Peter Simons, head of future of finance, CIMA (Chartered Institute of Management Accountants). “We are already seeing this move occur within the finance department with the shift from technical to commercial skills. In the future, financial insights won’t just come from financial analysis but collaborating with other areas of the business. Traditionally labelled ‘professional services’ executives will need to engage with people, ask questions, have empathy and communicate in a compelling way to make informed business decisions.”
Time for the adaptive profession – APM reveals findings of its Projecting the Future report
The project profession is at the forefront of change, but needs to continually develop skills to stay relevant
15 September, 2020 – Association for Project Management (APM) has released the findings of its year-long conversation with the project profession in its latest Projecting the Future1 report, The Adaptive Project Professional.
The report, which draws on contributions from APM members, project professionals and external organisations, sets out a series of ideas and insights to help shape the future of project management. It also highlights that now is the time to focus on the ‘adaptive’ project professional.
The adaptive project professional must be able to adapt in an era of unprecedented technological, social and environmental change. As the project profession will be at the heart of creating and delivering such change, adaptability is key. Adaptive professionals are characterised as being responsive to the shifting contexts in which they work, having the right skills set, continually learning, able to utilise new technology, engage with stakeholders, highly proficient communicators, leaders and managers of their project teams.
The coronavirus pandemic has demonstrated how adaption is so important in keeping up with the pace of change, from the building of the NHS Nightingale hospitals, the Ventilator Challenge, the government’s furlough scheme, and the race to find a find a vaccine for Covid-19 – and project professionals have been at the heard of making these innovative changes happen. As the report also highlights, the project profession will need to respond and adapt quickly to the other major challenges facing the world including climate change and the transformation of the economy by new technological advance.
Tim Banfield, chair of the Projecting the Future group which oversaw the debate said: “Project management already plays a pivotal role in the changing world and contributes an estimated £156.6 billion2 of gross value added to the UK economy. Moving forwards, adaption will be vital, both in how we help organisations adapt, delivering successful projects, and in how we adapt ourselves, continually developing and evolving our skills and behaviours to keep pace.
“The report sets out eight ideas to support a more adaptive profession3, one which will be centre stage in the effort to bounce back from the coronavirus pandemic and adapting to the challenges of the fourth industrial revolution, climate change and increasing human longevity.”
Debbie Dore, chief executive of APM, added: “The ideas and recommendations presented in the report are a result of APM listening to our members, and conversations about some of the most profound changes under way in our economy and society. Although we continue to face very challenging circumstances, the project profession should face them with confidence. Projects are how change happens and have played a vital role in the crisis response and will be every bit as important in reshaping, reviving and rebuilding the economy.
“Adaptive skills are essential, and it’s important for today’s professionals to take learning and training seriously, right the way through their careers. As the chartered body for the profession, APM continues to offer a range of qualifications and training to support a successful career in project management.”
Other core ideas to emerge from the report range from a need to build the profession’s talent pipeline, from starter to chartered: providing new routes into the profession both for young entrants, and for more mature professionals and mid-career changers. Hand in hand with that, there is a need to strengthen the culture of professionalism through life, supported by employer commitment to training and an ambitious new policy framework that caters for learning at all stages of life.
The Projecting the Future debate also demonstrates the desire of project professionals to have a more influential role in shaping the strategy of projects. Projects are how change is delivered, and so they are critical to strategy, and need to be a bigger part of strategy development across all industry sectors.
Promoting the profession and building its impact is also highlighted in The Adaptive Professional report, continuing to champion the importance and influence of the profession as an agent of change across the economy and society.
Staff training crucial for SME recovery post-COVID
- 47% of UK’s top performing SMEs provide regular, formalised training for all staff
- Despite this, 15% of small businesses report to never training staff
- New findings come as part of an independent, holistic study into small business success, commissioned by Allica Bank to support British businesses
A new study, commissioned by business bank, Allica Bank, shows that the practice of regular training correlates strongly with high performance in SMEs and will be vital to businesses’ prospects of a swift recovery post-COVID. The study analysed data from over 1,000 companies and ranked their success on a scale that evaluated factors including productivity, growth, consistency and outlook.
Post-pandemic, many businesses will be focussing on day-to-day survival; it might be easy to forget long-term planning, of which staff training is a key component. Allica Bank’s findings indicate that small businesses should incorporate training programmes into their recovery strategy to ensure long-term viability. Training will improve morale, retention and boost the company’s credibility.
The study showed that routine staff training is a common characteristic among the most successful SMEs. 47% of the 100 highest scorers on the SME Performance Index provided training for employees at least on a quarterly basis. However, nearly half of all small businesses (46%) only provide training once a year or less, inadvertently hindering their growth and success prospects.
Frequency of training also differed across sectors. 34% of legal businesses provide training for staff once a month compared to just 6% in the hospitality and leisure sector. Whilst there will always be sector-specific disparities, firms in all industries can benefit from boosting and improving their training programmes.
Chris Weller, Chief Commercial Officer, Allica Bank, said:
“With so many concerns and barriers for small businesses to navigate in the immediate term, it can be difficult for managers to focus on the training and development of their teams. However, if COVID has taught us anything, it is that adaptability and resilience are invaluable.
“The provision of regular training not only builds these characteristics into teams but serves to maintain a sense of value and togetherness that will boost morale, aide retention and improve performance – all of which contribute to the ongoing success of a business.”
“There is no one-size-fits-all approach to training, but it’s vital for business longevity that staff are supported with a formalised programme of some description. Customers will respond well to a company whose employees demonstrate enthusiasm and competence. Employees also need to feel that their skills are constantly being improved and expanding. These skills will contribute to the success of a company and this will feed through to the bottom line.”
Allica Bank’s SME Guide to Success identified six ‘rules to success’ that were more likely to be displayed by top-performing SMEs compared to their counterparts. The full report contains a wealth of additional data and insight into each of these topics.
As part of its mission to empower small businesses, Allica Bank is making the findings freely available and running a series of free online workshops with relevant partner organisations for businesses to attend.
Aliya Vigor-Robertson, CEO, JourneyHR, the expert partner for Allica Bank’s training workshop, adds:
“Staff need direction and the knowledge that they are advancing in their career to stay motivated and engaged at work. An unmotivated, disengaged team is no recipe for long-term success and will ultimately hamper a business. Team members that lack tangible support from above are less likely to identify with their role and its duties, which is a completely natural reaction.
“Regular staff training is a key component of tangible support and will make the team feel secure in their career development. A happy team with purpose and direction will contribute to a thriving business”
What Is Globalization
What is globalization? Globalization, or inter-connectedness, is the ever-growing process of integration and interaction among countries, individuals, businesses, and even governments all over the world. Globalization has rapidly accelerated in recent years because of advances in communication and transportation technology. This allows us to be able to get from one country to another quickly and easily. This also allows us to communicate freely use the Internet to connect with our friends and families around the world.
So what is globalization and why is it important? Globalization will benefit many people around the world who are looking to travel more freely, save money on their monthly expenditure, be able to meet new friends and relatives from different parts of the world, learn more about a new culture, and take part in trade and commerce.
Globalization will benefit all of us because there will be more opportunities for everyone to participate in global markets. People in different countries have access to resources, information, and products they wouldn’t have otherwise been able to afford. There are also many opportunities for people to work at home.
Globalization is not just an economic boon, but it can also benefit all of us in other ways. As globalization continues, the boundaries between individuals, states, and countries will become less porous. There will be fewer political conflicts in the world, less violence, and a greater sense of cooperation, tolerance, and peace. These are all positive impacts of globalization.
However, globalization has also created some negative effects as well. It has caused people from one country to move to another to take advantage of globalization. This is also leading to some negative consequences such as a reduction of jobs in some countries. The effects of globalization also include increased competition and unemployment in many countries. Due to this decrease in jobs, wages are dropping.
The only way we can stop globalization is to make sure that we know what it is and what its benefits are. We must understand globalization and its impact on our lives and make sure we are ready to accept the changes that it may bring. if it is inevitable in the future.
The key is to be educated about globalization. There are plenty of books, websites, and television shows that explain how globalization is impacting us and the rest of the world. Globalization is not always bad, but we must be careful not to lose sight of its positives.
In the end, globalization is here to stay, so we must learn to live with it and embrace its benefits. We cannot fight it and try to fight it off, but we must learn to deal with it. And we can do that by educating ourselves. Globalization is here to stay for the long term but we must learn to adapt to it and learn how to live with it.
Globalization can be beneficial for all of us, but it has also caused many problems in the past. There were many cases of unfair trade practices and there was the rise of unfair labor practices. Some people argue that globalization has also reduced the pay of most Americans. So while globalization is definitely not all bad, we should understand that the benefits of globalization are not unlimited. and that we must be willing to give it some limitations and accept some sacrifices.
The biggest benefit of globalization is the ability for all of us to communicate with each other easily. The ability to connect with other people across borders makes it possible to share ideas, information, and knowledge. Since we can communicate with each other, the chances of getting a good price for our goods or services goes up dramatically. and it also allows us to save money by buying in bulk. This also translates to more savings on our end.
As mentioned earlier, globalization has brought about a change in the way people work and live because people are no longer tied down by jobs. They now have the freedom to travel and do what they enjoy.
As globalization continues, there will always be some people who are unhappy with globalization and are afraid to open their eyes to new opportunities that are available to them. But that is okay; this is part of the process of globalization.
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