WEATHERING STORMS AND TRANSFORMING FINANCE CAREERS
Weathering Storms & Transforming Finance Careers
World Bank Group President David Malpass stated ominously on Oct 13,2022 that
The growth rate – we've lowered our 2023 growth forecast from 3 percent to 1.9 percent for global growth. That's dangerously close to a world recession.
In the post pandemic era, wherein 6 million lives lost (source John Hopkins University Data), thereby at least 24 million households affected and about 200 Million are in the unemployment pool, as per a UN Study and 70 Million are in the deadly poverty trap.
Russian-Ukraine war has further fueled matters seriously by not only about 20,000 casualties but also serious infrastructure damages, as well of bringing the world to the brink of a nuclear war. Energy crisis, supply chain disruptions and chaos in most economies are evident.
It is in this backdrop, with such upheavals and disruptions, our Professionals (and others) have to survive and battle out their future careers.
Impact of the above may briefly be spelt, if we crystal gaze:
• Slowdown in output
• Losses in Industry
• Layoffs
• Changes in roles
• Disruptions in Technologies
Tech majors have been having a virtual bloodbath with layoffs, restructuring, hiring freeze etc. and much worse to come.
How does the Finance Professional weather the storm:
• Equip oneself with a Professional Qualification like CMA/ACCA/CPA or any such courses.
• Finance Professional(FP) must seek additional qualification to add value to his profile.
• As the expectations of the employers change and accordingly the business support approach must be honed.
• As businesses are financially stressed the FP would need to act as an advisory to top management on Costing, Pricing and Decision-making processes.
• FPs should skill for remote & hybrid and learn to interact with various teams/agencies.
• The FPs would require good communication and soft skills.
• Future of Work and readiness thereof as per a recent Mckinsey study states that the dynamics have changed forever in respect of work infrastructure with AI, BI causing organisations to re-evaluate many aspects of work.
Way forward
In such turbulent times, the Finance Professionals/ aspirants have to be quick to bridge the knowledge gap, hone skills and sharpen the saw to make themselves industry ready, as only the fittest will survive the storm and rule the world!
This article was written by " SriKumar Gopinath, Formerly Director with JRSCA Consulting & Advisory Pvt Ltd ,Independent Director (IICA)and managerial roles with Volvo /Tata Motors and many more “