Page 50 - Finanancial Management_Feb_Apr23

Digital skills

gap: A threat

to prosperity

By Andrew Harding, FCMA, CGMA

he economist Paul Krugman thought these skills would be effective at taking a look at some of our digitally
was right when he famously increasing their productivity. focused resources:
said: “Productivity isn’t This is a global problem. McKinsey & y You can access the Making the Case
everything, but in the long Co. research released in 2021 found that for Data Analytics course in the CGMA
Trun, it is almost everything.” 87% of companies globally were aware that Store and in the AICPA Store. It will
If we want the benefits of economic they either already had a skills gap or help you show your organisations
growth, we need to make productivity would have one within a few years. what data analytics can achieve for
enhancements. These arise from new Unless we can upskill the workforce in them.
technologies combined with the ways that employers need, we will be y The Data Analytics Core Concepts
workforce learning the skills to exploit unable to generate productivity increases Certificate, which you can find in the
them. and therefore struggle to achieve CGMA Store and in the AICPA Store,
It is therefore surprising that you hear economic growth. This is especially true in will allow you to identify and frame
far more about the latest advances in the age of digital disruption. The a problem and then recommend
artificial intelligence than about the technology to enhance productivity exists data-driven solutions.
number of workers being trained in digital or is being developed. It is the skills to y I would also recommend The
skills to take advantage of them. Growth harness it that are missing. Importance of Cybersecurity course
requires both those things to happen, but available in the CGMA Store and in
PHOTO BY STEVE FORREST/STEVE FORREST PHOTOGRAPHY
we are falling short on skills. Upskilling the finance profession the AICPA Store. This will help you
It is not all gloom. Members of our understand how the traditional
The skills gap profession can proudly say we place a high accounting and finance role is
AICPA & CIMA research in the UK found value on upskilling. Mastering the CGMA affected by cybersecurity issues.
that four out of five UK SME employers say syllabus and achieving CIMA’s CGMA Equipped with these resources, our
there are skills gaps in their workforce. Professional Qualification requires members can be confident that they will
Despite this, just one in three SME aptitude and dedication, and, even then, thrive in a world where those skills are a
employees undertook any skills training or we never stop honing our skills. In precious commodity. ■
professional development in 2022. accounting and finance, learning,
There is also a mismatch between the unlearning, and relearning skills is now
skills employers say they need and the the norm, and AICPA & CIMA are proud to Andrew Harding, FCMA, CGMA, is chief
skills their workers think they need. For provide high-quality CPD resources to executive–Management Accounting at
example, 40% of employers want more facilitate this and support maintenance of AICPA & CIMA, together as the
digital and information technology skills, your CGMA designation. Association of International Certified
but only 23% of the workers who said they To thrive in the age of digital Professional Accountants.
were supportive of more in-work training disruption, I would especially recommend
6 I FM MAGAZINE I April 2023