Organisations allocate less than 10% of their training budget to address employees’ most significant skill gaps during finance transformation, according to a report by KPMG and three accountancy bodies.
The Association of International Certified Professional Accountants (the Association), the unified voice of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA), recently launched Finance transformation: the human perspective, its newest joint study with KPMG International.
The study of more than 670 senior finance and HR professionals shows that 76% of organisations currently planning, developing or delivering finance transformation programmes.
The lack of investment in skills, particularly digital skills, could hinder the finance function’s transformation and its ability to support effective decision making within business, according to the report.
Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at the Association said:
“Digital transformation is not solely about investing in new technologies but is largely about training staff, so your employees have the necessary skills to perform their roles now and in the future,”Andrew Harding, FCMA, CGMA, Chief Executive – Management Accounting at the Association pointed out. “People are key to the success of finance transformation programmes and building sustainable success.”
When it comes to the finance function, the research shows that we are yet to close the most significant skills gaps, he said.
“It’s therefore key that organisations reverse the current trend and focus on developing their existing talent pool to make the most of digital transformation and ensure long-term benefits,” he advised. “Equally, finance professionals must commit to lifelong learning, upskilling and continuous professional development to keep up with the demands of the global digital business world.”