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Whether you are an employer hiring new talent to fill a skills gap or a hiring manager looking to plan your hiring strategy for the next 12 months, it has never been more important to understand which competencies and attributes are the most sought-after in Finance. In uncertain times, innovative solutions are increasingly needed to solve complex problems.
With this in mind, we have collated a list of some of the top skills which are set to shape 2021 in Finance. These are the skills which teams will need to thrive and succeed this year. For team leaders, they illustrate areas that may require focus and may highlight skills gaps.
However, this should not be viewed as an issue but also as an opportunity to upskill teams and individuals to take advantage of the trends which will define the years ahead. The other articles in this eBook will help you hire with skills in mind, and help you understand why upskilling and reskilling are so important in a modern organisation.
With the political and economic climate remaining uncertain, finance professionals in a range of roles will need to remain adaptable to changes in the market. Those with specialist knowledge will be in particularly high demand, along with experts in cross-border issues, and regulatory changes. In complex times where effective collaboration is essential, stakeholder management skills are also highly valued.
Relationship management
Finance professionals must build and manage strong relationships across the business.
Working with stakeholders and building strong working relationships is now key for any finance professional. No longer just a supporting or back office function, finance teams are now expected to build and manage strong relationships across the business. By boosting awareness around costs within the operational side of the business, finance professionals can help improve compliance and manage efficient processes. The proper management of stakeholders, ensuring that they are engaged with the purpose of the finance team, can also help raise the profile of the function.
Effective communication
To act as an effective business partner, individuals must be able to communicate clearly.
The ability to communicate effectively, negotiate, and influence, are crucial skills in finance. Explaining the more complex processes of finance in layman’s terms is a skill in its own right, and one that is crucial in ensuring business functions are aligned. With finance professionals now being required to engage more with the wider business, this will become increasingly important. Effective business partners need to be seen as trusted advisors, which is why a deep understanding of their audience and an ability to deliver information clearly is so important.
Technical accounting
This is key in navigating new regulations, business processes, and unprecedented challenges.
Technical accountants are responsible for many of the day-to-day tasks within the accounting function and are fundamental to the successful running of an organisation. Moving into 2021, technical accounting skills will be key in navigating new regulations, business processes, and unprecedented challenges. With Brexit in full swing, cross-border issues are only expected to rise and talented technical accountants will become increasingly sought after.
Audit project management
Effective project management is key in ensuring business objectives are achieved.
Strong project management skills ensure efficient commercial corporate finance delivery. Core competencies include budgeting, progress monitoring, and time management. Those who are responsible for developing and overseeing finance projects are key in ensuring deliverables meet the business needs and that all deadlines are hit. In an audit, a great deal of attention to detail and organisation is needed, and therefore it is highly beneficial for firms to employ someone to manage the process in its entirety. Professionals who are competent in managing these audits are key in determining whether a business has met the agreed goals and objectives.
Technical finance systems
Almost every business is now digital in some form. Finance systems are fundamental to many roles.
Today, individuals skilled in fintech software applications such as CCH, Alpha Tax, and Xero are highly employable. Such systems ensure accounts are aligned with new standards, which lowers business risks, and facilitates integrated collaboration and a real-time view of business cash flows. Whilst it is important to be on top of the programs in play today, it is also key to be adaptable to new systems and stay up to date with the latest processes and platforms.
Commercial value add
Key to remaining competitive in an ever-evolving market, professionals need to prove their value add.
Sound commercial skills enable professionals to more accurately price and run projects, and truly add value to a business. This is particularly key for actuarial, retail banking, and insurance roles. These professionals not only possess a deep understanding of the business and knowledge of key competitors, they can also identify how trends in the market might impact the business. This is crucial in adapting to changing consumer demands and remaining competitive in an ever-evolving market.
Change management
Business transformation projects require professionals adept in change management.
What works today may not work tomorrow, so strong change management skills are essential for creating contingency plans and strategies that are flexible enough to allow agile responses to a turn in the market. A proven track record in such endeavours will always impress a prospective employer. Those who are skilled in assessing and implementing solutions to manage both unexpected changes and large-scale business transformations will be key moving forward in 2021.
Presentation skills
How do you capture attention when presenting the complex processes of finance?
Holding an interesting and memorable presentation is a crucial skill today. Not only do professionals need to be engaging and able to capture the attention of the room, they also need to ensure they are presenting in such a way that attendees leave with a full understanding of what was being discussed. In finance this is key, particularly as professionals are now expected to adopt a business partnering approach to working across the business.
