The 2017 key focus areas for Singaporean companies have been revealed in a new study by Robert Half, a specialised recruitment company. The research findings show, majority of Singaporean CFOs to be focusing on implementing new technologies and updating internal financial policies this year.
Almost half (45 percent) of CFOs respectively say applying new technologies and updating their company’s internal financial policies and procedures will be their top priorities for the year ahead.
Increased focus on implementing new technologies highlights the progressively important role technology has to play in the finance function of Singaporean businesses, as 46 percent say it will top their agenda in 2020.
Matthieu Imbert-Bouchard, Managing Director at Robert Half Singapore said: “As companies endeavour to explore new ways to increase innovation and streamline business practices, Singaporean businesses are adapting their finance function to harness new technologies and continuously update internal procedures. These processes allow companies to remain competitive in an increasingly uncertain market – those quickest to adapt will inevitably be able to maximise their company’s future growth and market share.”
Key findings from the research are:
The growing influence of technology and digitisation is seeing the finance function undergo significant change, and finance companies will need to recruit highly skilled professionals who are able to keep up with these dramatic developments.
In order to utilise new technologies and streamline processes, businesses need finance teams made up of professionals with the right experience, technical and business acumen as well as adequate soft skills to take full advantage of new opportunities.
Almost half (47 percent) of the CFOs will make talent management their key focus area in 2020. The focus on staff acquisition, retention and development bodes well for future jobseekers and employees eager to embrace professional development opportunities.
“Looking ahead, a company’s success depends mostly on the performance of its staff, highlighting the critical nature of talent management for Singaporean businesses. Confronted with skills shortages in many functional areas, companies will not only need to source highly skilled professionals, but also focus on further staff training and development, which will in turn positively impact their staff retention programs,” concluded Matthieu Imbert-Bouchard.