The shift to virtual finance functions: What are the opportunities and the skill sets needed?

The transformation of businesses across the globe in response to Covid-19 has seen big changes in finance functions. The automation of processes and more effective business partnering structures are trends that will continue to drive the function forward.
 
As lockdown restrictions are being eased, and some businesses are planning the return to work, it is important to consider how this period will have changed the way finance functions and professionals operate in the longer-term. Of course, the full impacts of the pandemic are yet to be realised, but significant shifts have occurred around continuous learning and remote working.

The evolution of remote working

Before the global pandemic, just one in three people said flexible working arrangements were available to them*. Another 18% said they could work remotely for specific reasons, and the large majority (48%) said they did not have this option available to them.
 
As Covid-19 hit the UK, many businesses became completely dependent on remote working. This rapid switch enabled continued output through newfound working processes and often more efficiencies.

Looking forward, when professionals were asked in our candidate pulse survey whether they would want to work from home more than previously, 60% said yes. When considering which work benefits will be more important when looking for their next role, 77% listed flexible and dynamic working (including working from home and flexible hours).

These changes and extended periods of working from home will have longer-term impacts on company culture and team morale. If companies are to implement more flexible ways of working, coordination and collaboration will be key. 

Could remote finance functions be the future?

While there is a clear desire for an increased ability to work from home, our pulse survey also found that just 10% of professionals would want to work from home full time, with the majority saying they would like to be able to work from home as and when they need to.
 
When determining a new or amended work from home policy/set up, businesses will need to assess the capabilities of their teams, what their employees want and need, as well as how the business environment is evolving.

Opportunities

•    Improved access to talent
•    A more inclusive working set up 
•    Improved working culture, employee empowerment, and trust
•    Operational efficiencies
•    Enabling technology 
•    Cost savings

Challenges

•    Achieving fairness between those in the workplace and employees operating remotely
•    Mix of SSP leave, furlough leave, and active workers
•    Managing annual allowances
•    Workforce cohesion 

The evolution of finance skills 

Our survey found that more than a third of people had been proactive in upskilling themselves during lockdown by participating in webinars, taking a course to boost existing skills, or a course to develop new skills.
 
However, not all skills developed through this period have been via formal training. Throughout the pandemic, employees have had to quickly come to grips with a host of new skills, including learning how to:

  • Implement and run new programs
  • Facilitate online learning
  • Manage virtual/remote teams
  • Maintain work-life balance and manage care responsibilities while homeworking
  • Work in a way that supports wellbeing and productivity
  • Stay connected and continue to collaborate with colleagues

RELATED ARTICLE How many of these 10 skills have you developed during the lockdown period?

                                                                      
What skills might be needed in a new-world finance function?

In a new world finance function, if businesses continue to operate with a large part of their workforce working from home, the skills required to be successful will be different.
 
Key skills for professionals operating in a remote finance function may include:

  • Adaptability and flexibility – The ability to adapt to the way your team works to reflect the new needs of the business.
  • Tech savviness – The ability to pick up and implement more efficient working practices that are coming through as a result of everyone working at home.
  • Creativity and innovation - Looking at things differently concerning the changing working environment to drive the business forward. 
  • Leadership - Being strong and inspiring leaders, which is crucial in a crisis. 
  • Emotional intelligence - The ability to understand others’ emotions as well as your own.
  • Data and analytics - Understanding the customers’ needs and wants, using data to enhance services.

Combined with these skills, professionals operating in more remote working environments will need to demonstrate resilience, independence, empathy, and patience, while also being able to have engaging virtual discussions and presentations.
 
If you would like any more information, or to find out how we can support you at this time, please get in touch.

Alternatively, explore our insights capabilities and get your FREE job market report from Page Insights here. 

Dominic Tivey
Manager, Michael Page Finance 

*PageGroup candidate pulse survey conducted in July 2020, including 1,713 professionals. Results include responses from 1st July – 12th July.