Automation will create finance jobs
The majority of chief financial officers (CFOs) and finance directors in Australia agree workplace automation will create more jobs rather than just replacing old jobs, according to Robert Half.
The recruitment consultancy’s research showed 46 per cent of the CFOs surveyed were planning to expand their permanent staff headcount to aid in implementing their company’s finance digitisation and automation efforts over the next 12 months, while 36 per cent planned to increase temporary/contract staff.
The survey also showed 86 per cent agreed workplace automation would not result in a loss of jobs but would require a shift in skillsets needed.
Robert Half Asia-Pacific senior managing director, David Jones, said: “Increased automation within Australian workplaces is not about destroying jobs, but rather, adapting to change – which in turn leads to new opportunities”.
“Finance professionals will need to develop skills that complement and leverage the capabilities of automation – rather than simply hand over control. More advanced technology requires additional, well-developed skills, such as advanced data analysis, interpretation skills, and decision-making skills.”
The top skills finance professionals would need to focus on as a result of automation are problem-solving skills (56 per cent), strategic vision (46 per cent), commercial acumen (44 per cent), and communication (37 per cent).
“While automation may diminish some routine manual roles, it will lead to faster decision making, reduce the risk of errors, and eliminate stresses associated with laborious task-management responsibilities,” Jones said.
“These benefits are available to those companies who embrace workplace automation rather than resist it.”
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.