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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.

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