Why CPD is key to enhancing skills, but also enhancing understanding in the workplace

In a rapidly changing world, it can be easy to get lost in changing technology, changing attitudes and even changing language. As the demands of the workplace evolve, employers are more wary than ever that some of their employees may struggle to keep pace.

It’s important to remember that evolution is a real by-product of the environment and the world around us – it’s never change for the sake of change. Working with businesses closely in my day-to-day role, it’s clear why adaptation is so key. As technological capabilities improve, as budgets change and the cost-of-living crisis takes its toll, businesses are constantly looking to redeploy skillsets, incorporate new processes and adapt to moving priorities.

Technology

Of course, the question on everyone’s lips is around automated intelligence – better known as AI. There is a lot of concern about the possibility of job roles becoming redundant as seemingly life-like chat-bots take on tasks and complete them to a surprisingly good standard.

The first thing to remember is that none of this is new – we all saw Terminator (1984), Blade Runner (1982) and some may even be old enough to have seen 2001: A Space Odyssey (1968) when it came out. There has been panic around the robots outsmarting us for a long time, but rather than replace our roles, it has always been the case that our roles simply change and adapt.

I see this being no different for the accounting sector. We may find new efficient ways to take care of processes, but this will mean that finance jobs start to incorporate new functions. Often more creative aspects of the role will arise in such situations and most importantly, whether you are newly qualified, or you indeed did qualify when A Space Odyssey came out – there will always be opportunities to upskill and develop to ensure you stay ahead of the curve and equip yourself with the latest skills employers demand.

Terminology

I also mentioned changing language in my introduction, and new research by AAT shows that over half of UK finance workers (57 per cent) are confused by financial terminology on a weekly basis – but two out of five (42 per cent) are too embarrassed to admit they don’t understand a term. In addition, two thirds (63 per cent) would rather use Google than ask someone, and others just nod along and pretend all is well (24 per cent).

Commonly misunderstood – or not-understood-at-all terms include: liquidity ratio, accrual accounting and variable costs.

The data (and the above examples) clearly show there is a complexity to financial language and phrases, but the worry is that so many people would rather sit in silence and do not feel comfortable trying to address the issue, due to fear of embarrassment or even fear of losing their job.

Cultivating change

Nothing will change without changing attitudes, but the shift must come from both employers and employees.

This is because the most engaged and thriving workplaces will harness an atmosphere that promotes the technical upskilling of staff, but also encourages a culture where people can at any stage of their career, feel comfortable asking questions, requesting help, or admitting to gaps in their knowledge, whether technical or linguistic.

Financial skills to support financial success

The relationship between employers and the professionals they work with of course goes both ways, and by having supported and skilled professionals in their ranks, a business has a much better chance of thriving in terms of efficiency and of course financially.

Having strong commercial acumen and sharp, relevant finance skills is especially vital in the current economic climate as companies look to navigate the cost of living crisis and come out on the other side.

Value of learning

An overwhelming 98% of those surveyed in our research feel it’s important to continue to learn and understand workplace terminology, which we hope employers will encourage more learning around. The courses of course also help professionals to upskill themselves technically to meet the evolving demands of modern roles.

It is important that professionals are signposted and supported in their CPD pathways, and that they feel like they have adequate time to work on their skills alongside fulfilling the daily responsibilities of their roles. The benefit to this is of course much more apparent in the long-term but very much worth any short-term sacrifices.

Ultimately, this is all about continued learning and constant development, ensuring our people stay ahead of the game. By doing this we ensure that accounting professionals and our community are always contributing to flourishing businesses and economies.

AAT offers a wide range of accountancy and bookkeeping qualifications and short-courses which enable businesses to offer training and development opportunities to their staff. All of AAT’s qualifications and courses are open to everyone across the UK, regardless of age or previous experience. Employers can find out more about CPD and development opportunities for their staff by visiting the AAT website.