Swiss CFOs see advantages in the automation of finance departments
Automation in finance departments is unsettling many employees because it is accompanied by structural changes and an increased need for new skills. However, job worries are mostly unjustified, as the current survey of 100 Swiss CFOs as part of Robert Half's labor market study revealed.
Automation also brings benefits for companies. Productivity and speed increase, processes become more efficient. But there are also controversial points: What does digitization mean for employees - new opportunities or job losses? The 100 CFOs from Swiss companies surveyed by Robert Half primarily see benefits for employees. Specifically, these include:
workload reduction, for example through less data entry, and the opportunity to acquire new skills more quickly due to digitized processes. And this is already a reality, they say: 78 % of finance managers say that the new technologies and digital processes are already helping their team to do their jobs better. What's more, one-third of respondents (34 %) believe that automation is even improving their work-life balance.
Robert Half asked 100 CFOs about their agreement with the following statements:
- "The increasing reliance on technology and digital processes is having a positive impact on the finance department." (92 % Agree)
- "New technology and digital processes have been implemented in my company's finance department to help my team do their jobs better." (78 % Agree)
- "The management and executives of our company are fully behind the digitization of the finance department." (79 % Agree)
Source: Robert Half, Labor Market Study 2017, Respondents: 100 CFOs in Switzerland
Insecure employees
Finance employees themselves, on the other hand, are skeptical about the changes. As 69 % of CFOs state, employees perceive their jobs as less secure due to increasing digitization. However, the employees' concerns are unfounded, as the majority of the CFOs surveyed (73 %) confirm that automation will require a significant adjustment of the necessary skills, but that this will not result in any job losses in the finance team. "Automation, digitalization and artificial intelligence will significantly change our workplaces. The concerns and worries of many employees are understandable," explains Yeng Chow, Senior Manager at Robert Half in Zurich.
"But digitization also brings benefits to employees. More efficient processes and the automation of routine tasks mean more time for innovative projects. In the future, repetitive tasks will be taken over by machines, and people will be able to bring their creativity, innovative and decision-making power to work."
End-to-end digitization culture
The automation of the finance department thus brings many positive changes for companies and employees. That is why it is particularly irritating that one in five CFOs (21 %) cannot count on the full support of their management and executives when it comes to driving automation forward in the company. "Younger executives have recognized the need for digitization. But among some top managers, there are apparently still skeptics regarding the innovations," explains Yeng Chow. "This is all the more unfortunate because the necessary skills already exist in companies and could be used." After all, 74 % of those surveyed say the finance department is well trained and adept at using new technologies.
You can find out more about the Robert Half labor market study or about the study "Finance 2020 - Planning the future" under this Link
