Accountants Worry If They Have the Skills for a Post-COVID World

Corporate accountants say the global pandemic has caused them to shift work priorities and forgo pay or bonuses – sometimes both – as they wonder how relevant their existing skills will be in a post-COVID world.

These are among the findings of a five country survey of finance professionals conducted by the Institute of Management Accounting (IMA). The organization set out to learn how the pandemic has affected the business finance function, surveying 1,481 management accounting professionals who were almost evenly divided among China, India, Saudi Arabia, the United Arab Emirates (UAE), and the United States.

The report — The Impact of Covid-19 on the Finance Function — found differences across the globe in staff cuts and pay reductions, but similarities in where the finance function has shifted its focus.

By large margins respondents reported reductions in their organization’s revenue, with those working at companies with more than $10 billion reporting the deepest decline. Tourism and hospitality was the most seriously impacted, while the percentage of those in accounting who said revenue was down somewhat or considerably was the smallest.

While accountants in all countries and all industries reported staffing cuts and pay reductions, US companies were the least likely to have laid off workers or cut the pay of their finance professionals.

On the other hand, the survey found a great deal of consistency across industries regarding the shifting priorities of the finance department.

The largest increase in emphasis was in risk management with 44% of finance professionals reporting spending more or much more time in this area. This was followed closely by those who say they are spending more time in cash forecasting/management.

The biggest decrease was in the time finance previously spent on business partnering and decision support.

Accountants upskilling - blog.jpg

More personally, a quarter of finance professionals expressed concern about the relevance of their skills in a post-COVID world — 12% believe their skills will not be relevant, and another 10% are unsure.

US finance professionals were in the minority here. Just over 5% were unsure or believe their skills will not be relevant. US professionals were also the least likely among those in the other countries to express an interest in upskilling and were also the least likely to have improved their job skills during the pandemic.

“The COVID-19 pandemic is presenting business with a challenge not seen in recent times,” writes the report’s author, Dr. Raef Lawson, professor-in-residence and vice president of research and policy at IMA. “The impact has been global, affecting every country and organizations of all sizes.”

Soon, he says, the business environment will change again, so “companies need to consider how they will compete in the ‘new normal.’

“One thing is clear,” he concludes, “The field of finance is changing faster than ever, and finance professionals must work to enhance their skills in order to maintain and advance their careers.”

Photo by Carlos Muza

How Wellness Initiatives Can Strengthen Your Workforce
General Interest Green Key News Leadership + Management Worklife

How Wellness Initiatives Can Strengthen Your Workforce

#WeAreGreenKey: Spotlight on Alexis Schumacher
Accounting + Finance General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Alexis Schumacher

Women in Leadership at GKR
General Interest Green Key News Leadership + Management Worklife

Women in Leadership at GKR

Spain Becomes First European Country to Offer Paid Menstrual Leave
General Interest Green Key News Human Resources Worklife

Spain Becomes First European Country to Offer Paid Menstrual Leave

Green Key Unlocked: Benefits of Travel Nursing
General Interest Green Key News Healthcare Worklife

Green Key Unlocked: Benefits of Travel Nursing

How to Maintain Culture in Remote Environments
Architecture + Engineering General Interest Green Key News Worklife

How to Maintain Culture in Remote Environments

Tips to Strengthen Time Management
General Interest Green Key News Leadership + Management Worklife

Tips to Strengthen Time Management

#WeAreGreenKey: Spotlight on Katie Kressel
General Interest Green Key News Human Resources Leadership + Management Professional Support Worklife

#WeAreGreenKey: Spotlight on Katie Kressel

Workplace Trends 2023
General Interest Green Key News Human Resources Leadership + Management Worklife

Workplace Trends 2023

#WeAreGreenKey: Spotlight on Jason Kien
Accounting + Finance General Interest Green Key News Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Jason Kien

How to Use ChatGPT to Build a Resume
General Interest Green Key News Information Technology Marketing Technology Worklife

How to Use ChatGPT to Build a Resume

Green Key Unlocked: Data Roles in IT
General Interest Green Key News Information Technology Worklife

Green Key Unlocked: Data Roles in IT

The New Marketing & Sales Team
Marketing Technology

The New Marketing & Sales Team

#WeAreGreenKey: Spotlight on Matt Schirano
General Interest Green Key News Information Technology Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Matt Schirano

Green Key Unlocked: The Effect of Tech Layoffs
General Interest Green Key News Information Technology Leadership + Management Worklife

Green Key Unlocked: The Effect of Tech Layoffs

How to Prepare for a Recruiter Interview with a Staffing Agency
General Interest Green Key News Human Resources Leadership + Management Worklife

How to Prepare for a Recruiter Interview with a Staffing Agency

5 Ways to Make Your Job More Meaningful
General Interest Green Key News Worklife

5 Ways to Make Your Job More Meaningful

Minimum Wage Increases in 2023
Accounting + Finance Architecture + Engineering Financial Services General Interest Green Key News Healthcare Human Resources Information Technology Leadership + Management Legal Support Marketing Technology Pharma Professional Support Worklife

Minimum Wage Increases in 2023

2023 Recruitment Trends
General Interest Green Key News Human Resources Leadership + Management Worklife

2023 Recruitment Trends

#WeAreGreenKey: Spotlight on Carissa Iacona
General Interest Green Key News Marketing Technology Worklife

#WeAreGreenKey: Spotlight on Carissa Iacona

Latest Blog Posts
View All Posts
How Wellness Initiatives Can Strengthen Your Workforce

How Wellness Initiatives Can Strengthen Your Workforce

Establishing an inclusive culture and focusing on employee health can boost productivity, encourage teamwork, and increase better communication.
Read More
#WeAreGreenKey: Spotlight on Alexis Schumacher

#WeAreGreenKey: Spotlight on Alexis Schumacher

Her natural ability to communicate, along with some professional experience in public relations and outreach, has allowed her to flourish...
Read More
Women in Leadership at GKR

Women in Leadership at GKR

Although being a woman in a leadership role comes with its challenges, those at Green Key also note the feelings...
Read More