Building a Finance function for the future

Our client, a 30k employees APAC headquartered Global Insurance Company, partnered with Faethm to build a Finance function for the future, unlocking the possibilities for optimising technologies to inform investment in new workforce capabilities.

KEY CHALLENGE

To plan and shape the future of the Finance workforce through analysis of the impact of both Augmenting and Automating technologies.  Aiming to assist leaders to forecast and plan accurately to ensure they have the rights skills, jobs and composition for the future of the Finance function.

SOLUTION

Scoping out a transformation technology roadmap to implement Process Automation and Predictive Analysis technologies. These emerging technologies will drive cost optimisation, redeployment, capacity gain and the increase of tech implementation job addition across the Finance function

DATA SCOPE

To understand how technology can assist in redefining the Finance function information must be collated on:

  • How many FTE’s are required to perform in a roles once automating or augmenting technology are deployed?
  • What are the Augmenting technologies that enable productivity gain and how can this be leveraged?
  • How can re-skilling opportunities be leveraged to mitigate redundancies?

OUTCOME

The transformation team developed an understand the jobs within the function most subject to risk of Automation:

  • Bookkeeping, Accounting and Auditing Clerks
  • Secretaries and Admin Assistants
  • Accountants
  • Credit Analysts
  • Claims Examiners

In acquiring this information the execution of re-skilling programs have begun through the development of in house capability programs. The learning and development teams have been able to produce an analysis of job attributes required to pivot between at risk jobs and more secure career paths. For example:

  • An Accountant (41.8% Automation risk at year 10) transitioning towards a target job as a Fraud Examiner and Investigator, Strategy Manager, Personal Financial Advisor or Pricing Manager. 
  • A Credit Analyst (41.7% Automation risk at year 10) transitional towards a target job of a Market Research Analyst and Marketing Specialist, Compensation and Benefits Manager, Customer Experience Manager or a Sales Agent in Securities and Commodities.

The Talent Acquisition team have also utilised the analytics to drive workforce planning to develop long term sourcing programs. Assessing both the investment and influx of in demand for jobs required for future organisational grow and strategic agendas.