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Singapore Launches Jobs Transformation Maps to Upskill Accounting Professionals

Accounting professionals will get more support in upskilling and redesigning their job roles to meet the challenges of a post-COVID-19 world. The Singapore Accountancy Commission (SAC) and the Singapore Economic Development Board (EDB), supported by Workforce Singapore (WSG) and SkillsFuture Singapore (SSG), launched the Jobs Transformation Maps (JTMs) for In-house Finance & Accounting (F&A) functions and Accounting Practices.

JTMs identify key technologies that are driving change; the impact on individual job roles; and the pathways for employers to transform jobs and for workers to acquire requisite skills as existing job roles evolve and new job roles emerge. The JTM studies indicate the need to embrace technology and acquire new skills at all levels to remain competitive and relevant in today’s increasingly complex business and regulatory environment.

With the emergence of new job roles, there is a strong demand for accountants qualified in diverse areas. Professionals who commit to continuous learning, and firms that prepare for the future of work by investing in technology, redesigning jobs and training staff will benefit by remaining relevant in the long run.

The JTM studies indicate the need to embrace technology and acquire new skills at all levels to remain competitive and relevant in today’s increasingly complex business and regulatory environment. Professionals whose jobs are less impacted by technology will benefit from the automation of some tasks to enhance their ability to focus on higher value-adding tasks requiring judgment, deep technical knowledge and business acumen.

Job roles that focus on process-oriented tasks will benefit from greater automation for improved efficiency and accuracy; job redesign to allow employees to add greater value to the business; and training in skills in demand. New initiatives will be launched to support employers and employees in their efforts to be competitive and ready for the future of work.

Accounting Practices will see accelerated growth in demand for manpower due to increasing digital maturity of both clients and accounting practices; rise in clients’ demand for advisory services; and increasing emphasis on non-financial metrics in valuing businesses. Increased demand is expected in Tax, Risk Advisory, Mergers and Acquisitions, Financial Forensics and Business Valuation.

The JTMs also indicate the need for upskilling in technology and soft skills. Technology skills that are increasingly in demand include the application of Artificial Intelligence, Cloud Computing, Data Analysis and Interpretation, and Robotics and Automation. Soft skills required include adaptability, creative thinking, and customer orientation, amongst others.

The Accountancy Job Redesign Initiative is launched today by WSG, SAC and the Singapore National Employers Federation (SNEF) to enhance the roles of F&A professionals and improve the productivity of F&A functions by leveraging on technology. Enterprises with In-House F&A functions and Accounting Practices will be able to review accounting work processes to streamline transactional or repetitive tasks and improve productivity, increase job value and attractiveness through job enrichment and implement accounting technology solutions.

As reported by OpenGov Asia, Workforce Singapore (WSG) and the Singapore National Employers Federation (SNEF) have introduced an HR Tech Transformation Programme (HRTTP), as well as an HR Job Redesign toolkit. These two initiatives are part of the recommendations under Singapore’s Ministry of Manpower’s HR industry transformation manpower plan and HR JTM.

Launched in conjunction with the HRTTP, the HR Job Redesign Toolkit looks to enable enterprises to self-help at scale for HR job roles to enable digital transformation, and job redesign at their workplace. This toolkit is a broad-based interactive tool to support HR in job redesign methodology and change management with downloadable templates and will help HR professionals apply HR technology to different HR practices, and understand its benefits and potential.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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