The changing nature of the world of work

The environment in which we live and work is complex. From emerging technology and rapid digital advancement to political conflicts and elections, every sector is affected by myriad disruptions.

Case in point: COVID-19. The pandemic and subsequent financial crisis profoundly affected Sri Lankan lives and careers, which reduced confidence in the economy and increased anxiety about upcoming general and presidential elections. 

From 2020 to mid-2023, leaders in business and industry were focused on the health and wellbeing of their staff. However, as time moves on, focus has shifted to results. Companies must produce results faster, but employees are fatigued from the profound disruption of a global pandemic and lockdowns, and then having to adjust to new operating models at work. 

Companies run the risk of losing talented employees if they don’t support staff properly, including being supportive of their personal lives and providing opportunities for professional development. 

At the same time, employees shouldn’t wait for a nudge. All should be proactive in pursuing professional development, either through their employer or independently.

Seek opportunities in the modern business world.

As an accounting, finance or business professional, the first step in seeking opportunities is to understand self and environment. Understanding yourself includes knowing the areas where you can improve. Understanding your work environment includes knowing your company’s strategic goals and the challenges leadership strives to overcome.

The next step is to move from a fixed mindset to a growth mindset. 

A growth mindset is one that embraces challenges. Keeping your eyes open to unaddressed needs and taking stretch assignments will advance your skills. The ability to perform a range of projects, collaborate and problem solve with peers is invaluable.

A third step to enhance your ability to respond to new opportunities is to learn from criticism and feedback. You may even extend your awareness to observe others’ successes and failures; it’s a gift to learn from mistakes you didn’t make. Understanding lessons learned and best practices will allow you to pivot quickly if your project takes a turn.

Lastly, in a world of qualified people, you want to create a unique sales proposition for yourself. What’s your brand? You secured your current position because of your knowledge, skills and experience. Continue to develop yourself and build your reputation; what got you to where you are will not be enough to hold you steady or propel you further.

If your employer does not provide opportunities for continuing professional development (CPD), you must invest in yourself. You could explore LinkedIn or another professional platform to complete learning modules and expand your professional network. 

In 2024, deepen your skills and knowledge in key areas.

To stay current with pressing topics and to cultivate relevant skills, consider one of the following areas:

• Environmental, social and governance (ESG)

Insights and solutions to address climate change were discussed at the IFRS® Sustainability Symposium 2024 in New York, and the European Union launched guidelines in 2023 for generating transparent and compliant reports.

Management accountants are instrumental in advising leadership how to efficiently spend money and reduce waste. Each company is different, but every company can create ESG initiatives to incorporate into their business operations. And once ESG initiatives are established, they must be monitored, with clear metrics for accurate reporting. 

Ironically, in Sri Lanka, during a few discussions I have had about ESG and sustainability, I observed that it is the board and top management that need to understand the essence of ESG first.

• Emerging technology 

We can’t hide from technological advancements. In fact, we must embrace change and learn to leverage technology. Cloud computing, artificial intelligence, digital assets and more have demanded management accountants to adapt and become knowledgeable of various technological resources.

Consider learning about robotic process automation or software that could increase your team’s proficiency. 

• Data analytics 

Management accountants can drive growth by gathering the right data and producing clear reports. Data analytics leads to strategic decision making. And data-driven decision making is key to creating sustainable business operations. 

For more guidance, look to the AICPA & CIMA Future of Finance 2.0, our collection of research and resources providing you insights, articles and papers regarding workplace evolution, organisational sustainability and ESG, and the digital journey.

(The author is FCMA (UK), CGMA, MBA and is the Country Manager — Sri Lanka & The Maldives, AICPA & CIMA, together as the Association of International Certified Professional Accountants)