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.”
AUTHOR
Malavika Santhebennur
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
