A survey by ACCA and PwC shows that more Irish finance professionals are suffering from mental health and wellbeing issues compared to their global counterparts.
The Association of Chartered Certified Accounts and the finance consultancy surveyed 3,064 ACCA members and affiliates, PwC contacts and various CFOs globally, including 146 in Ireland.
Asked if finance has become more relevant as a result of the pandemic, only 28% of Irish finance professionals felt that is true — the vast majority, at 72%, felt that they been unable to improve their influence and relevance for stakeholders.
But 58% said the most significant issue facing their finance function is the mental health and wellbeing of their employees — a much higher proportion than their global counterparts, at 48%.
“The unrelenting demands of the last year have placed a strain on the mental health and wellbeing of finance professionals globally and in Ireland,” says the report and warns that they must ensure their own wellbeing if they are to remain valuable.
In Association with
ACCA head of business management Clive Webb said: “Finance professionals must concentrate on investing in their own capabilities in data, technology, innovation, collaboration and strategy to step up their pivotal role in the post-pandemic era.
“Those organisations that had already started to adopt a digital transformation strategy had managed the pandemic better. There is an opportunity to build an even more relevant function, based on data, insights and collaboration. Finance teams cannot afford to lose sight of this.”
Globally, interviewees reported that teams were feeling fatigued, having worked harder in the last 12 months than they have ever done before. Adapting to 100% remote working has also proved difficult and draining for many, with around a third saying the most significant issue facing their finance function is productivity.
However, new ways of working are beginning to emerge that increase productivity, collaboration and employee engagement.
The pandemic has edged climate issues into the back seat for many finance professionals, with just 19% of Irish respondents saying environmental, social and corporate governance considerations were the top priority for their finance function, just three percentage points less than the global figure.
“However, stakeholder interest in this area is growing rapidly and finance teams have an important part to play in explaining the organisation’s journey,” said the report.
Irish respondents had more faith in technology, with 73% saying the pandemic has had a lasting impact on the technologies used in the finance function, seven per cent more than the global average. They believe there will be even greater focus on cyber risk, cloud based solutions, cloud based computing, scenario modelling and predictive analytics.
Just over a third in Ireland said the pandemic has had lasting impacts on the mix of skills needed in the finance function, and among all respondents 32% will emphasise digital upskilling, 25% will redesign roles and career paths, 22% will establish virtual teams for the long term, and 21% will introduce more flexible working.
PwC director Jens Gladikowski (pictured) concluded: “We have seen many finance teams step-up to the challenge, gaining greater respect and influence in the boardroom by bringing valuable insight to help tackle a wide range of business issues. Those who have invested in their people, technology and processes over recent years were clearly best able to adapt.
“The challenge now for finance functions is to build on the progress made during the pandemic and take a central role in defining business strategy and direction. It is critically important they do this at a time when business models are changing and stakeholder interest in broader measures of business performance is increasing.”
The report includes a post-pandemic plan of action for financial professionals, and the entire publication is available here.
