Mumbai: More than 50 per cent of finance professionals increasingly see a career in shared services as a long-term option, a development opportunity and a gateway to other business careers, according to the latest report from ACCA (Association of Chartered Certified Accountants). The report ‘Finance shared services careers: opportunity or end game?’ provides an insight into how the finance function may evolve in its career pathways.
ACCA surveyed over 260 shared service executives worldwide to gain their insights about what attracts them to a finance role in shared services or in a more encompassing Global Business Services (GBS) model. The findings of the report suggest that taking up a role in finance shared services is no longer viewed as career limiting, but rather a unique opportunity to broaden the capabilities and soft skills increasingly sought by a diverse set of finance businesses.
India has become a global hub for shared services, serving many global companies in search of lower costs, more efficient processes and effective business transformation. It has been changing their approach to shared services, understanding the vital role they play in enabling growth. ACCA’s report clarifies that shared services are becoming an integral part of the business model instead of just an efficiency enabler.
Other interesting insights of the survey are as follow:
- More than half of respondents plan to follow a shared services career path, due to the growing maturity of the model and the increasing influence of shared services and global business services
- The skills required for success in a shared services leadership role generally start – but do not end – with finance and accounting. Finance mastery alone is insufficient. Broader business and particularly, soft skills such as influencing, communicating, change management and a keen sense of the customer are of paramount importance.
- Influence of shared services/GBS in large organisations is slowly increasing. Shared services are now being seen as a strategic imperative and a real creator of business value.
- The finance shared services model, however, is sometimes still perceived as a ‘transaction factory’ for the organisation. Respondent of the survey believe that their retain team colleagues and the business do not always understand the concept or value of shared services.
- Technology may ‘change the game’. Respondents believe the application of technology, automation, artificial intelligence (AI), and other, is the natural purview of shared services operations, which are charged with continually improving processes and creating efficiencies.
Jamie Lyon, Head of corporate sector, ACCA says: “As new finance operating models mature, finance leaders increasingly see time spent in shared services as a long term development opportunity and less as career limiting. Shared services offer a unique opportunity to broaden their capabilities and soft skills increasingly sought by the business.”
Md. Sajid Khan, Head of International Development, ACCA, says: “It is increasingly apparent that shared services models diversify career options for finance professionals. With their aspirations no longer being confined to climbing the traditional path to CFO, shared services leaders have a plethora of options. With the Indian economy poised for growth, adoption of shared services may increase manifold.”