75% of accounting and finance professionals are enhancing their job skills since the pandmeic, a report by the Institute of Management Accountants (IMA) has found.
The report entitled `The Impact of Covid-19 on the Finance Function’ found that there was significant “concern among survey respondents as to whether their current skills will be relevant in the post-Covid-19 era”.
As a result, there has been an uptick in professionals working to gain new skills in areas such as cost management, decision support, and performance management.
The survey also found that the pandemic has predictably lessened compensation and employment.
According to the IMA, most of the survey respondents have had a reduction in their compensation this year, whether in salary, bonus, or both. Further, approximately half of the companies surveyed have let a portion of their staff go.
Raef Lawson, Ph.D., CMA, CPA, IMA vice president of research and policy said: “The Covid-19 pandemic continues to present businesses with unprecedented challenges and poses new demands on the finance function.”
“Finance professionals are interested in upskilling now more than ever to support their companies during the pandemic and in the post-Covid-19 era.”